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Income Tax On Investment Income And Long-Term Capital Gains Of An NRI

[ Special Procedure of Assessment regarding Income of an NRI from Foreign Exchange Assets. ]

Section 115E provides for the levy of income tax on the investment income and long-term capital gains of a non-resident Indian. It is provided that if the total income of a non-resident Indian consists only of investment income or income by way of long-term capital gains relating to long-term foreign exchange assets, then income tax would be payable on the long-term capital gains @ 10% and @ 20% on investment income.

 

Thus, as per Section 115E income tax 10% only would be charged in respect of long-term capital gains arising any of the assets mentioned in “specified assets”. However, the long- term capital gains on non-specified assets, like property, land, jewellery, etc. would be charged @ 20%.

 

I.T. on short-term capital gains on equities liable to S.T.T. would be 15% as per Section 115 AD.
 
Special Procedure of Assessment regarding Income of an NRI from Foreign Exchange Assets
1. Special Provision Of Computation Of The Total Income Of A Non-Resident Indian
2. Who Is A Non-Resident Indian For The Purposes Of These Special Provisions?
3. Specified Foreign Exchange Assets Income From Which Is Eligible For The Special Provisions Of Assessment
4. Income Tax On Investment Income And Long-Term Capital Gains Of An NRI
5. When Is No Income Tax Payable On The Long-Term Capital Gains Of Foreign Exchange Assets?
6. A Non-Resident Indian Need Not File Any Income Tax Return In Certain Cases
7. When Does The Special Procedure Continue To Apply To A Person Even After He Becomes A Resident In India?
8. NRIs Have The Option Not To Be Governed By The Special Provisions
9. Tax Planning Guidelines For An NRI Having Income From Foreign Exchange Assets As Well As Other Income
 
 
 
 
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