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NRI Taxation | NRIAccount.com

NRI Taxation

Some basic provisions pertaining to taxation of non-residents are briefly given below.

Double Tax Treaties

Double taxation is  levying of  taxes for the same tax payer in two countries for the same income earned in the same period of time.

Tax Heavens

Tax Heavens or low tax areas are the regions which appear attractive to citizens of countries with relatively high tax rates. 
      
Wealth Tax

Wealth Tax Act contains the provisions relating to taxation of wealth of various persons 
      
Capital Gains

Capital gains arising from the transfer of a capital asset being shares in, or debentures of, an Indian company 
     
Advance Rulings

An Advance Ruling enables assessees to know in advance the tax implications of the transactions they have entered into 
      
Gift Tax

Under the Gift Tax Act, 1958, gift tax was payable by the donor upto 30th September, 1998. The Gift Tax Act has been repealed with effect from 1st October, 1998 and therefore the Gift Tax is not chargeable for the gifts made on or after 1st October, 1998. The gift can therefore be freely given by NRIs to residents, but they must be genuine and by an NRI who has capacity to give such gifts.

Summary of taxability

Status

Indian income

Foreign income

Resident

Taxable

Taxable

Resident and ordinarily resident

Taxable

Taxable

Resident and not ordinarily resident

Taxable

Not Taxable*

Non- resident

Taxable

Not Taxable

* Where, it is from a business controlled or a profession set up outside India.

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