Yes filing tax returns on Indian taxes have always been confusing, but thanks to the new changes and tax rules that Indian income tax department has brought. They have brought some new tax exemptions for NRIs, some great tax rates on India’s service tax, wealth tax, property tax, gift tax, income tax, capital gains tax, [...]
Capital Asset: To define simply, capital asset is property (including shares, debentures, government securities, bonds, units of UTI and Mutual Fund, immovable property etc) of any kind held by an individual. The following however is not included in ‘capital asset’: Personal items like electronic items, apparel, furniture etc Agricultural land Specified bonds like 6.5% Gold [...]
Since the time the Government of India began reviewing its policies, thus attracting more and more non-residents to invest in the Real Estate segment, the Reserve Bank of India, in its mid-term economic policy for the year 2006-07: Removed the lock-in period for the sale proceeds of property credited to NRO Accounts with a cap [...]
The recent economic boom being witnessed by India has resulted in the return of many non-residents. Upon return, non-residents need to pay certain amount as tax (as applicable). While the tax rules for non-residents are relatively simpler, we do get queries regarding the same. Hence this section is for all those of you having any [...]
