Budget 2024 Tax Proposals Impacting NRIs... All The Details Here

#nri #nrimoneyclinic #budget2024

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[tarungupta]

I am NRI Moved to India. The taxes are Insane. All you earn for Goverment. Pay tax.. US is far more better Investment it seems

[Mac_cool_]

Very important change of Import Duty reduction in gold and silver was missed in the discussion. Why was it done and who it really benefits ? Households holding gold or gold bonds have lost money due to softening of gold prices which seems to be intentionally achieved through lowering of import duty (as sovereign gold bonds issued by the govt. come due for redemption in August)…

[subramanianvenkatasubban]

The calculation was taken on the basis of 2001. Assume properties bought in 2010 and the property values have crippled. The new taxation is very expensive.

[managoor]

How is capital gains tax calculated for properties bought before 2001? Is it fair market value with indexation until 2001 and then no indexation benefits? How will older / ancestry properties sale be calculated

[PratikAsher]

Hello Sriram, Now that the Capital gain is standardized at 12.5 %, what happens when an NRI tries to sell their apartment? Assuming, he has an earlier capital loss, can he still get a lower TDS deduction certificate through TRACES or standard 12.5% plus cess would be deducted and to be claimed back in returns?

Thank you very much for your valuable content 🙏

[RichAnd]

This feels like a pick pocketer has his/her hands deep in your pockets and keeps robbing your pocket. Be careful if they go deeper in your pocket they will have your (you know what 😂😂) in their hands soon

[AKIM]

Keep on voting and crying! Many nationalities like Philippinos and Singaporeans can vote in their consulate. Singaporeans don’t pay taxes on income outside their country irrespective of their stay in their country. For NRIs, period of stay in India has been reduced to loose their NRIs status, making them liable to pay taxes on their salaries in UAE if their stay in India is extended by any emergencies. What’s meant by the clause NRIs should be staying less than total150 days during previous 5 years? Many NRIs got tax notices while they were stuck in India during COVID. NRIs can’t buy agricultural lands( heavy fines if tax department comes to know - any way you have to declare assets in tax returns), can’t get senior citizens benefits, there are many discriminatory clauses.

[Curious.]

"Tax clearances are already mandatory for non-residents and certain residents leaving India. The no liabilities certificate is mandatory for income tax, wealth tax, expenditure tax and gift tax. Now the government has extended the scope of this to tax liabilities under Black Money Rules, 2015. The tweak is to ensure that no one having tax liabilities under the Black Money rules will leave the country without a clearance from the authorities. However, the rules under Section 230 apply differently to residents and non-residents."

[ranjithomas]

This budget is not about tax it’s about how to loot your wealth. Taxation on property without indexing is very bad idea for property investors.

[Clint]

So if ltcg from stocks of 2L (profit) has been realised in April and 1L tax free limit has been crossed already, how will tax on any ltcg realised after July calculated? ie. Will 25k be tax free or will 1.25L be tax free from the 2L already realised?

[santana]

Since Indexation benefit will go away with the recent budget proposal, how would the purchase price be computed if it was purchased in the 1970's.

[paulhingorani]

What happens if look sabha and/or Rajya sabha don’t pass this budget propsal.?
And if someone make a sake of property interim, will the pay capital gain taxes as per current proposal or the new one, if changed.?

[ilashah]

How much TDS for selling property for NRI after new budget??

[vipanmahajan]

What happens to the debt mutual funds LTCG which were kept immune from the changes brought in a couple of years back

[veeraswamiv]

What about basic taxable limit difference between NRI and residents

[KarunKumar-tl]

Thanks for the valuable information.
Could you please clarify whether indexation and 12.5% options available for NRI's and OCI holders as proposed bills seem to refer to residents only?

[JoeC]

what about Tax clearance certificate mandatory to leave India? whats that for?

[SreenivasuluNarasimha]

Sir not discussed about debt mutual fund taxes.

[krishs]

Sriram, how is 10 lacs - 3.63 becomes 5.37 lacs, should it not be 6.37 and 20% tax on that will be Rs 1.274 lacs whereas under new scheme 9 lacs will be taxed at 12.5% which is Rs 1.25 lacs. You can say they are nearly the same. But your assumption that the sale value is only 10x but in reality it is over 20x which changes the equation heavily.

[vilasg]

How it will impact tax wise, If I sale inherited property build in 1969, inherited in 2005, got re-developed in 2015 ?