NRI Tax ⁽²⁰⁾

Background and Limits The Liberalized Remittance Scheme (LRS) was introduced by the Reserve Bank of India (RBI) through A.P. (DIR Series) Circular No. 64 dated February 2004, with the objective of simplifying and liberalizing foreign exchange facilities available to resident individuals. Under the LRS, resident…

Any receipt of money, movable property, or immovable property received as a gift is taxable when it is received: Without consideration, or For inadequate consideration Such receipts are taxable under the head “Income from Other Sources” in the hands of the recipient. Non-Resident Individuals (NRIs)…

Any profit or loss that arises from the transfer of a capital asset is treated as capital gains. Such gains are taxable under the head “Income from Capital Gains” in the year in which the transfer takes place. This applies unless the Income-tax Act provides…