I am a seafarer. was out of the country for 190 days in FY24-25.
Total STCG income is 100000, LTCG is 600, Savings bank interest 15789, dividends 15083. I am adding my NRI Income as exempt income
I am trying to file my returns but facing the following issues.
As you are NRI....
Even if the aggregate income of a Non-Resident Indian (NRI) is below the basic exemption limit, Short-Term Capital Gains (STCG) and Long-Term Capital Gains (LTCG) are taxed to NRIs and cannot be adjusted against the exemption limit.
Has this been newly implemented in FY24-25??
For resident individuals, if the total income (other than capital gains) is below the basic exemption limit, the unutilized exemption limit can be used to reduce taxable STCG or LTCG on listed shares/mutual funds.
For NRIs, this benefit is not available. The entire amount of STCG (15% up to 23 July 2024, 20% after that) and LTCG (10% above ₹1 lakh) is taxed at special rates, regardless of whether total income is less than ₹2.5 lakh.
The adjustment of STCG and LTCG against the exemption limit is only allowed for resident taxpayers, not for NRIs.
As an NRI, only your “other income” (like savings interest or dividend) can utilize the basic exemption limit; STCG and LTCG are taxed separately at the specified special rates.
https://www.bajajfinserv.in/investments/section-111a-income-tax-act
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