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Anil Rego |388 Answers |Ask -Follow

Financial Planner - Answered on Dec 10, 2021

Anil Rego is the founder of Right Horizons, a financial and wealth management firm. He has 20 years of experience in the field of personal finance.
He’s an expert in income tax and wealth management.
He has completed his CFA/MBA from the ICFAI Business School.... more

Question by Delrun on Dec 10, 2021Hindi

Money

I enjoy reading your posts answering all the tax queries.

I need your expert advice.

I am an NRI. I invest in stocks and mutual funds. Recently in July and August 2021, I switched three equity mutual funds from regular to direct schemes. As a result, a total of Rs 24,000 was deducted as TDS on LTCG @ 10 per cent.

I want to know if I can reclaim the TDS deducted. I do not have other income in India except for interest earned on NRE FDs which is exempt from tax. I am also receiving some dividends on shares but that is of nominal value.

I have never filed my ITR earlier as my income in India has always been below the taxable limit.

I would appreciate if you could answer my tax query.

Ans: Unlike residents, an NRI does not have the option to adjust capital gains against the basic exemption limit of Rs 2.5 lakh. Hence, you cannot claim the TDS.

There are options to avoid double taxation by claiming tax relief if India has signed the Double Taxation Avoidance Treaty (DTAA) with the country of your residency.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Anil Rego |388 Answers |Ask -Follow

Financial Planner - Answered on Jun 14, 2022

Question by Praveen - Jun 14, 2022Hindi

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On Dec 10, 2021, in reply to a question by an NRI on claiming refund of TDS on capital gains, you have relied Unlike residents, an NRI does not have the option to adjust capital gains against the basic exemption limit of Rs 2.5 lakh. Hence, you cannot claim the TDS.” While your reply (on basic exemption limit) is correct, I believe NRIs can still claim LTCG exemption up to Rs.1 lakh on sale of shares/equity Mutual funds. Please confirm.

Ans: Yes, this is on the long-term units of mutual funds the exemption of Rs 1 lakh can be claimed. That is, 10% tax is applicable on long term equity capital gains above 1 lakh

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Financial Planner - Answered on May 31, 2021

Question by upendra - May 31, 2021Hindi

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I am an NRI residing in a Gulf country for over 25 years. I have been investing in Indian mutual funds for the last 4 years. I would like to know TDS deducted from capital gains (10% for equity funds, 30% for non-equity) can be claimed back.

Ans: Yes, NRIs can claim refunds on the deducted TDS. For an NRI to claim a refund on the TDS deducted, he/she must compute their income and tax liability according to existing slab rates and file your IT Returns accordingly.

If there is a refund due as per the returns, it will be paid out to you after processing by the IT Department.

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Asked by Anonymous - Nov 02, 2024Hindi

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Sir , I am a working man ( 52 age) in Govt. project , salary- 75k /m . I invested in MF / ULIP / Term Insurance / LIC etc Also invested in Stock market too and also investing in Crytocurrency ( CoinDX) . all total my corpus is almost 6000K . Now My question is that I submitted the retorn almost 49000/- as ITR , but didn't gt any refund .. My query is now how can i get refund of my TDS ? Pls suggest your valuable advise so that I will get refund my ITR . Thank you and expecting your good response.

Ans: 01. Have you got intimation u/s 143(1) informing you, whether there is a Demand by the department or it has processed your ITR with Refund ?
The process of Refund will start only after that.
02. You are also requested to check, whether you have filed ITR with all complete details & these details are also supported by Form 26AS/AIS/TIS of the department.
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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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