long term capital gains by any person upto 1lac is exempt.....but why......115E says that NRI investment would be taxable @ 10 % ...?
so can he claim under the 10 38 or pay tax ?
An NRI is given a choice, and if he so decides, then only provisions of said Chapter 115E are applicable to him. As for the provisions, concerned NRI has to file a declaration together with return of income and then only provisions are applicable.
Otherwise, an NRI is to be taxed at par with Residents in said matters.
Refer:: aarrulings/it-rulings
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