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Miscellaneous Provisions’ regarding Capital Gains in case of NRI

[Capital Gain of an NRI could be Completely Exempt from Income Tax]

An NRI, as permitted under FEMA may invest in the immovable property or in shares, securities or units of Mutual Funds, etc. Different provisions relating to the complete exemption from income tax particularly the one under Section 54EC applicable to long-term capital gains upto `. 50 lakh only in respect of all types of assets would be of special benefit for the NRJs in particular. We have not discussed the provisions regarding the computation of capital gains in the case of slump sales or on the shifting of industrial undertakings or compulsory acquisition of land and building, etc. NRIs would be able to save substantial money in respect of income tax on capital gains.

 
Capital Gain of an NRI could be Completely Exempt from Income Tax
1. Exemption of Long-Term Capital Gains regarding Residential House Property (Section 54)
2. Exemption of Long-Term Capital Gains from any Capital Asset On Investment In House Property (Section 54F)
3. Exemption of Long-Term Capital Gains On Investment In Bonds of NHAI & REC
4. Exemption to facilitate the Conversion Of Partnership Firm into a Company
5. Exemption from the Levy Of Capital Gains Tax to facilitate Conversion Of Sole Proprietary Concern Into A Company
6. Computation of Capital Gains In Real Estate Transactions
7. Other Important Exemptions Regarding Capital Gains Available to NRI
8. Cost Inflation Index And Computation Of Capital Gains in case of NRI
9. Reduction Of Tax Rate On Long-Term Capital Gains In Regard To Shares And Securities
10. Concessional Rate Of Tax On Income From Certain Global Depository Receipts
11.Tax Treatment Of Capital Gain On Sale Of Shares, Debentures, Etc. Received Under ESOP
12.Provisions Relating To Set-Off Of Long-Term Capital Loss And Carry Forward Thereof ModifiedSections 70 and 74
13. Exemption Of Long-Term Capital Gains On Securities And Lower Tax On Short-Term Capital Gains
14. Issue of Foreign Currency Exchangeable Bonds Scheme, 2008
15. Miscellaneous provisions’ regarding Capital Gains in case of NRI
 
 
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Taxation in Business & Profession [Section 28 to 44]
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Tax Computation with Assessment of Salaried Person, HUF, Individuals
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