"Landep News"
The last date of filing the income tax returns, 31st July is fast approaching and for those NRIs, who are confused if they are liable to file returns in India, then here is the solution. If you are a Non Resident Indian then you will have to file returns in India if either of the conditions are fulfilled.
First of all the income in India in the year 2010-11 must be above the basic exemption limit of Rs. 1.6 lakhs or you must have earned a long term or short term capital gains from the sale of any assets or investment even if they are less than the exemption limit.
However, there are a few exceptions to these conditions also. If the taxable income consists of just the investment income i.e. the interest, and the capital gains and the tax has been deducted at the source, then you do not have to file returns.
Another exception is that if the long term capital gains are earned from the sale of equity shares or equity mutual funds, you do not have to pay any tax.
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