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Q.

If an NRI does not have any income in india,but earning regular income abroad and remitting the same to India, whether his over seas income is taxable.

About: Of NRIs and tax returns

Asked by pramod mhaskar, 25 Aug '09 08:33 pm
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Answers (5)

1.

No, not taxable in india at all.
Answered by iqbal seth, 25 Aug '09 09:20 pm

 
  
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2.

No. His overseas income is NOT taxable as long as he is a NON RESIDENT Indian and for further clarifications, should a Non Resident Indian return to India for good at the age of 58 years then too he is exempt from paying any taxes as he/she is granted exemption from payng taxes for another two years by which time he/she will be a SENIOR CITIZEN (resident in India) and is not liable to pay any taxes whatsoever. The new tax slabs(W.E.F. 2011 as announced by FM, Mr. Pranab Mukherjee after the presenting the BUDGET) are in the process of being implemented i.e. from 1,00,000- upto 3,00,000/- there will be no income tax From Rs.3,00,000/- upto 10,00,000/- the tax slab willbe 10% and WEALTH tAX UPTO 5 crores will be exempted from tax as well.
Answered by John Mascarenhas, 25 Aug '09 09:11 pm

 
  
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3.

But why should the overseas income be taxable? Isn't the NRI paying his taxes in the country he is residing in ? Infact our country is benefiting by the money sent by NRI"S although it is to their private families. A lot of NRI"S deposit their surplus income in banks all over India so aren't our banks benefiting from it.? Sorry for my answer contains an array of questions but somehow I feel puzzled and wanted these clarifications..hope you don't mind:-))
Answered by Rupa Swaroop, 25 Aug '09 08:41 pm

 
  
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4.

S i m not familiar oo many terms s i m a kidooo but if u r talking about n remmittance money whch is being depositen in NRE account then no tax.....but if in saving account then yes on the intrest gained on tht money.....(plzz take more info frm others)
Answered by krish, 25 Aug '09 08:37 pm

 
  
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5.

Sec. 115-F provides that long term capital gains arising on certain specified capital assets shall be exempt from tax to the extent the consideration is reinvested in new assets within a period of six months. This facility is not available to Indian residents. The new asset should be as mentioned above or in any savings certificates issued by the Central Government and notified under Sec.10 (4B).

The benefit of Chapter XII-A is available only to non-resident Indians. This benefit is subject to Sec.115-H, which provides a limited exception to this rule. Sec.115-H states that whether a non-resident Indian becomes assessable as resident in India in respect of the total income of a subsequent year, he may furnish to the Assessing Officer a declaration in writing alongwith his return to the effect that the provisions of Chapter 12-A would continue to apply to him in relation to the investment income derived from any "foreign exchange asset" other than shares.
Answered by Jack Johnson, 25 Aug '09 08:37 pm

 
  
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