Income of a Non-Resident

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CA Ritu Chauhan (Querist)
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26 June 2024 A person has gone abroad for studies. When he was still resident, he had received gift from his mother for further studies in foreign country. This gift amount was then transferred to his bank account held in foreign country. Since the entire course fee was payable in installments, he temporarily parked the surplus funds into a Global Mutual Fund. Then as and when required he used to redeem mutual funds & utilise the proceeds for payment of course fees & his daily routine expenses. The question is, whether capital gain earned on redemption of such global MF will be taxable in India in the hands of the person (the student) where his residential status is 'Non-Resident'.