Basic Exemption Limit for NRI

This query is : Resolved

sushma (Querist)
Follow

19 February 2009 Dear All

I have a case where the assessee is a NRI and he has only income from capital gains in the previous year. Can he claim basic exemption limit of Rs 1,50,000 on such transaction?

Thanks
sushma

CA. Mahesh Agarwal

CA. Mahesh Agarwal (Expert)
Follow

19 February 2009 No exemption is only for residents only

sushma

sushma (Querist)
Follow

20 February 2009 Hi

Thanks for such a speedy reply. If you don't mind can I also have some case law/reference under the Act where it is specific there is no exemption.

Upgrade to CAclubindia Pro. Subscribe Now!

K V Subba Rao

K V Subba Rao (Expert)
Follow

20 February 2009 I agree with the view expressed by Sri mah_ias

The Querist may check the following link:

http://www.personalfn.com/nricentre/nritax/return.html

I hope the Querist doesn't expect us to copy and paste the entire discussion matter

sushma

sushma (Querist)
Follow

20 February 2009 Dear K V Subba Rao

Thanks for the reply and the same is very much appreciated. As stated earlier I wanted only some references and not entire text. Thanks again for the reference.