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.
CAclubindia
