Does NRI have to update LTCG in schedule 115AD(1)(b)(iii)provisio but this schedule is enabled only for FII/FPI. So, how does NRI declare and specify LTCG details in ITR2?
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For assessment year 2023-24, a resident assessee, an individual, has capital gains on sale of shares of companies registered in Singapore. All investments were made by him when he was in Singapore in Singapore Dollars in 2014. These shares were sold in financial year 2022-23 and proceeds were received in Singapore dollars in Singapore and were deposited in bank account in Singapore. Since for A Y 2023-24 he is a resident and ordinarily resident under Income tax Act, he is required to show capital gain/loss arising from the sale of those shares. Queries are (a) whether the gains/losses can be…
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Dear Sir, I am an NRI and my wife is an Indian resident. I would like to transfer money from my foreign bank account abroad to my wife's Indian bank account to purchase property in her name and for other expenses in India. In this scenario, is it just a simple transfer and nothing else needs to be done, or for my wife's Indian IT returns do I need to create any document like a gift deed for the money transfer? Also, does she need to declare this money transfer in her income tax returns? If yes, then in which…
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How much money father living in India send / gift to his daughter living in UK. What is the amount limit per Financial Year and what are the rules under Income Tax Act / RBI permission / intimation and under FERA etc A person is resident in India but living in London. As on date, he does not have any income in India. Whether he has to file his return in India mentioning Nil income or exempted from filing ITR as he does not have any income. Secondly, whether he has to give the details of assets in India and…
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Regular NRI assessee due to technical reason could not file the ITR for A.Y. 2020-21. TDS is more than the tax liability. Whether in application U/s 119 of IT Act to CBDT for permission to file the ITR can be obtained? Is there any other alternative with the assessee?
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Where a remittance is made to a person by way of salary on monthly basis(for services being rendered outside India) to a NRI employed for overseas branch of a firm resident in India. Whether the same is chargeable to tax under the Head Salary in case of such employee in India or in the country where the employee is based.
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Respected sir, Due to Covid-19 measures in Country X and India including lack of flights, I have not been able to resume my job in Country X and have been in India during the PY 2020-2021 for the period April 2020 to October 2020. I came to India in March 2020 and was to re-join duty in Country X in April 2020. Due to the suspension of international flights from India (and into Country X), I was unable to join duty in Country X. CBDT vide Circular No 11/2020 had clarified that for the purpose of determining the residency under…
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Mr A [resident of India ]went to USA on 11/12/19 and due to covid19, returned to INDIA only on 10/8/21. what is status under ITAX for both asst years ? BS
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From Assessment Year 2021-22, dividends are liable to income tax in the hands of the recipient. In case of residents the dividend received is taxed at the applicable tax slab rate. But it seems that in case of Non-Residents, the dividends received are to be taxed at the flat rate of 20% u/s.115A. The correct position may please be confirmed.
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A person who is an Indian but holds a Singapore citizenship. He has been living in India, for more than 2 years. He still holds NRE account and claims that the interest is exempt from tax. Bank is allowing him to continue to hold the NRE account and is not deducting TDS because he is a foreign citizen. Is the legal position correct?
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Non-Resident and declaring LTCG