Hai Sreekanth,
I am an NRI holding around Rs.5 lacs in 8 different MF schemes. I have never filed IT return in my life. Is it required to submit IT return hereafter due to the introduction of LTCG tax to MF schemes.? My doubts are as follows :-
(1) How an AMC will calculate my LTCG tax if I have investment with another AMC.? My gain in ICICI Pru Value Discovery fund is Rs.80000/- and the gain from HDFC Equity fund is Rs.70000/-. Suppose I redeem ICICI Pru Value Discovery in December 2018 and HDFC Equity fund in February 2019, how HDFC will come to know that I am liable to pay Rs.5000 as LTCG.? Hereafter all redemptions (after 365 days) will be charged at 10% LTCG and then we will have to file the claim.?
(2) What about NRIs who never filed IT returns but investments in MF schemes.?
Hope you will clarify these doubts.
1 Answers
Hi,
1 & 2 - It is the investor who has to calculate the LTCG/STCG and file tax return. AMCs will not do this!
As an NRI you should file income tax returns in India if you meet the following conditions:
- Your taxable income is above the basic exemption limit of Rs 2 Lakh (OR)
- You have earned capital gains (short term/long term) from sale of any investments (like shares,property,mutual funds etc.,)
- You have to claim a tax refund
- You have a home loan and want to claim tax benefits
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