Short Term Capital Gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 October 2010 Dear Sir;

My Client is an NRI and for the F.Y. 2007-08 his comprises as under

Short Term Capital Gain Rs.108148.00
(Mutual Fund) STT Paid)

Income from SB Account Rs.971.00

Accordingly my query is as under;

1) Once NRI Files the return he is treated as resident individual. Accordingly whether basic exemption limit available to resident is available to NRI also.

2) If no than on what rate tax has to be charged on STCG 10% or 20%.

3) Mutual Fund Co. Has deducted tax @ 20.60%.

Please reply as i am in dilemnna as reagrds to above.

CA. SUDHARSAN K G

CA. SUDHARSAN K G (Expert)
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17 October 2010 Hello Dear,

You have quoted taxable part as follow

a) STCG 108148
b) OTHER SOURCES 971
GROSS TOTAL INCOME 109119

The GTI is with in the exemption limit.
Hence, you can go for entire refund.