If Equities sold in market from Resident Demate account by NRI, may realized more then 10 lacs in Long term capital Gains .What will be Tax liability on the said Long Tem Capital Gains? Will it be NO tax liability to NRI or
As read in paper that "If your total taxable capital gain is more than Rs. 10 lakh, then a surcharge of 10% is levied on the above tax rate. Also an education cess of 2% is applicable at all times. So for example, if the applicable TDS rate is 20% and the capital gain is more than Rs. 10 lakh, the surcharge and education cess would raise the rate to 22.44% (20% + 2% + 2% of 22%’"
Please tender clear advice on Tax rates on the proposed Long Term Capital Gains to NRI.
Thanks,
Thakkar
CAclubindia
