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Basic exemption limit for nri

Jeetu Kodwani (Consultant) (421 Points)

13 July 2016

can i take the benefit of basic exemtion limit in case of NRI who have LTCG from sale of property...?

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3 Replies

Shreesh Kumar (CA Final) (122 Points)
Replied 13 July 2016

Dear Jeetu,

LTCG arises from sale of property is taxed at 20% separately. No assessee can claim Basic exemption limit while computing LTCG from Sale of property.

STCG can be included in income which is to be taxed after claiming Basic Exemption limit. Howerver STCG from sale of Listed equity share u/s 111A is taxed at 10% separately.

Regards

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Jeetu Kodwani (Consultant) (421 Points)
Replied 13 July 2016

thanx shreesh, can u plz quote the section which says that B.E.L not available..

jaya krishna (Chartered Accountant) (262 Points)
Replied 13 July 2016

As per section 115E

Where the total income of an assessee, being a non-resident Indian, includes—

(a) any income from investment or income from long-term capital gains of an asset other than a specified asset;

(b) income by way of long-term capital gains,

the tax payable by him shall be the aggregate of—

(i) the amount of income-tax calculated on the income in respect of investment income referred to in clause (a), if any, included in the total income, at the rate of twenty per cent;

(ii) the amount of income-tax calculated on the income by way of long-term capital gains referred to in clause (b), if any, included in the total income, at the rate of ten per cent; and

(iii) the amount of income-tax with which he would have been chargeable had his total income been reduced by the amount of income referred to in clauses (a) and (b).]