What are the cases under which gifts made by a Non-Resident Indian would attract gift tax?
There is no Gift Tax for the time being in India and therefore the question of application of Gift Tax in respect of gifts made by a non-resident Indian does not arise. Top • If an NRI’s income consists only of investment income or income by long-term capital gains or both, would he be required to furnish a return of his income? If an NRI’s income consists only of investment income or long term capital gains or both and the relevant tax deductible on such income has been deducted at source, it is not necessary for him to file a return of income under section 139(1) of the Income-tax Act (the Act). This is a concessional treatment given to NRIs in accordance with section 115G of the Act. Top • What is the rate at which tax is computed if • the NRI has income only from investments or long-term capital gains or both • when the NRI has income in addition to the income stated above? In accordance with the special provision for computing the total income for non-residents contained in sectio