I am a NRI.
My LTCG in AY2010-11 after indexation is Rs. 5,00,000.
I have no other income from any other source in Inida.
Can I take a standard deduction of Rs. 1,60,000 from Rs.5,00,000 and pay taxes @ 20% only on 3.4 lakh ?
5 Replies
Hareesh H Sharma
(Cleared IPCC..now article)
(894 Points)
Replied 04 December 2009
No sir..only a resident can claim the basic exemption against LTCG...
Iam Singho
(none)
(91 Points)
Replied 07 December 2009
Thanks Hareesh for your reply.
Say my LTCG is Rs 1,10,000. Can I do savings u/s 80c upto a level of Rs. 1,00,000 and pay taxes on Rs. 10,000 only.
Again, I have no other income and I am an NRI.
Max Payne
(employed)
(2574 Points)
Replied 07 December 2009
No.. assessees cant make investments or claim any deductions U/s 80C to 80U against income from long term capital gain.
CA. Megha Topiwala
(Job)
(1534 Points)
Replied 07 December 2009
no deduction u/s 80c to 80u is availble on LTCG... hence u canot claim that even...
Juzer Sadikot
(CA - innovative solutions for Imports an)
(1309 Points)
Replied 07 December 2009
Dear Mr. Ian,
Incase your LTCG is from capital asset other than Residential Property, you can re-invest the sale proceeds (part/full) into residential house property in India subject to certain conditions (Section 54F)
Otherwise you may go for re-investment in Residential properties (Section 54) or Capital Gain exemption bonds (Section 54EC).
Basic exemption limit and Deduction under chapter VI-A are not available to NRI as LTCG shall be taxed at speciall rate of 20% (Section 112)
Regards
Juzer
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