I have been investing in mutual funds for the past four years. Last year, I moved to Dubai and am currently a non-resident Indian (NRI). Say, if I exit all my mutual fund investments now, would I have zero tax liability? —Name withheld on request. I am assuming that you qualify as a non-resident (‘NR’) … Read more
I am a seafarer and have stayed in India for roughly 135 days and worked on an Indian-flag ship for the remaining period (approximately 230 days) in the last financial year. I receive my salary in NRE (non-resident external) account. In the last financial year, I sold some part of my ancestral land that was … Read more
My taxable income is below the ₹5 lakh tax rebate limit. If I earn ₹4 lakh in long-term capital gains (LTCG) and have no income from any other source for the relevant financial, how will the gains be taxable? —Name withheld on request As per the provisions of Income-tax Act, capital gains arising from transfer … Read more