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Anil

Anil Rego  |388 Answers  |Ask -

Financial Planner - Answered on Nov 13, 2020

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
Praveen Question by Praveen on Nov 13, 2020Hindi
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I shall be grateful if you could kindly arrange reply to my following tax query.

My daughter was NRI for F.Y. 2018-19 as well as 2019-20. She had some income in India during both F.Y.s by way of Dividend/Interest from her investments, as also capital gains from sale of shares / mutual fund units, total of which was less than Rs.1,50,000 during each of these 2 years. She was a student abroad during whole of F.Y. 2018-19. She was employed during part of F.Y. 2019-20 (less than six months) and drew income by way of salary. 

1. Is she required to file return of Income in India for A.Y. 2019-20 and A.Y. 2020-21?

Anil Rego An NRI whose income is below the basic exemption limit is required to file an income tax return in India if:

  1. One has short term capital gains on equity which is taxable
  2. One has long term capital gains on any asset, which are chargeable to tax
  3. Has any income chargeable to tax irrespective of the basic exemption limit

Please note the above since you have mentioned that there was capital gain in her account.

If yes, which ITR forms should she be using?

Ans: NRIs cannot file return of income in Form ITR-1. If an NRI has income from business or profession then return is required to be filed in Form ITR-3. In all other cases, ITR-2 can be used to file return of income.

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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