Basic exemption to nri

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 June 2016 MY ASSESEE IS A NRI AND HE SOLD HIS PROPERTY TO AN INDIAN CITIZEN ON THAT HE GOT THE CAPITAL GAIN OF RS, 825,000/-
CAN HE CLAIM THE BASIC EXEMPTION FOR TAX PURPOSE
HE DOESN'T HAVE ANY OTHER EXEMPTION EXCEPT INTEREST FROM SAVING BANK ACCOUNT

CA Saurabh Singh

CA Saurabh Singh (Expert)
Follow

30 June 2016 Hello,
if the gain is short term , he can claim benefit of TAx slab,
In case its long term, the same will be taxed @ 20%

Querist : Anonymous

Querist : Anonymous (Querist)

30 June 2016 NO BASIC EXEMPTION IS ALLOWED ?

Upgrade to CAclubindia Pro. Subscribe Now!

CA Saurabh Singh

CA Saurabh Singh (Expert)
Follow

30 June 2016 AS I mentioned if its is short term he would be allowed basic exemption

Querist : Anonymous

Querist : Anonymous (Querist)

30 June 2016 FOR OTHER HEAD OF INCOME SLAB IS ALLOWED ?

LIKE RENTAL INCOME AND OTHER SOURCES

CA Saurabh Singh

CA Saurabh Singh (Expert)
Follow

30 June 2016 Yes, all income are clubbed together and basic exemption is allowed from total Income.
Except the income which are taxed at special rate. NAd Long term capital gain is one of them