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BB Sir - Compact Nov 24 (CAF) - 396

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23 views1 page

BB Sir - Compact Nov 24 (CAF) - 396

Uploaded by

strangerk2004
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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cf

Taxation of NRI (Chapter XII-A)


Sec. 115C: Meaning of Certain Terms
a) NRI means NR + Indian citizen/Person of Indian origin.
“Person of Indian Origin means if he, or either of his parents or any of his grandparents, was
born
in undivided India”
b) "Foreign Exchange Assets" means
Any of the following assets acquired/purchased in foreign exchange (FOREX); -
Shares of Indian company (Public/ Private)
ONUN

Debenture of Indian public company


Deposits with an Indian Public company
NN

Securities of Central Govt


v_ Any other asset as may be notified by CG
c) LTCG = LTCG from foreign exchange assets.
Investment Income (IT) = Any income derived from foreign exchange assets.

Jdedhebeensdewn ns.
Sec. 115D: Method of computation
# Investment Income: Sec 28 to 44C, Sec 57 & chapter VI-A are not available.
w LTCG: Chapter VI-A not available.
w First proviso to Sec 48: Available.
« Second Proviso to Sec 48(Indexation): Not available.
“ Other incomes = Normal Provisions.

Sec. 115E: Tax Rates M

LTCG Investment Income (II) Other Income

10% Tax 20% Tax Normal Tax Rate

Sec. 115F: Exemption on LTCG


LTCG on FOREX asset shall be exempt if net consideration is utilized for acquiring other FOREX
assets or Saving Certificate u/s 10(4B) within 6 Months from the date of transfer.
Exempt amount: LTCG x Cost of New Asset
=

Net Consideration
Note: New asset should not be transferred or converted into money within 3 years from the date
fs

of acquisition, if it is transferred then exempted LTCG earlier shall now be taxable as LTCG in
+

the year in which new asset transferred or converted into money.


= = =" —i—

CA Bhanwar Borana 373 Compact

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