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NRI TAX RATES

Jinesh (Proprietor) (35 Points)

12 September 2009

WHAT WOULD BE THE TAX RATES APPLICABLE TAX RATES TO NRI FOR SHORT TERM CAPITAL GAIN (NO STT CHARGED)...

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2 Replies

Juzer Sadikot (CA - innovative solutions for Imports and Exports) (1309 Points)
Replied 12 September 2009

Dear Jinesh;

The income form STCG on sale of shares which are not chargeble to STT shall form part of the total Income and it shall be taxed at slab rate.

In case the investment in Share is from NRE A/c. of from remittance from outside India, it is possible to tax such gains at the flat rate of 20%.

Thanks

Pravin Shinde (Team manager) (31 Points)
Replied 14 September 2009

One of my client has came down to India from US (He is a US Citizen and has PIO card with him) for the F.Y he would be in Mumbai for more tha 180 days. he has some Investments in Stocks and Equities on which he earns interest, dividend etc. I would like to know his Status for F.Y 2009-10 and also at what rate he would have to pay the taxes.

Also as per the new direct tax code what tax implications he would have if he is a US Citizen but having presence in India/Mumbai for more than 180 days each year i.e Resident of India. Please reply back to my query. thanks