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How to calculate capital gain by residential status

How to calculate capital gain by residential status

As in most of the countries, the liability under the Indian Income tax law is also co-related to the residential status of the concerned tax payer. Section 6 of the Indian Income-Tax Act creates 3 categories as far as residential status is concerned.

Resident : An Individual is said to be resident in India in any previous year if he is in India for at least 182 days in that year or during that year he is in India for a period of at least 60 days & has been in India for at least 365 days during the 4 years preceding that year. However, the period of 60 days referred to above is increased to 182 days in case of Indian citizens who leave India as members of the crew of an Indian Ship or for Indian citizens or persons of Indian origin who, being outside India, come to visit India in any previous year.

Non- Resident : A person who is not a resident in terms of the above provisions isa non-resident.

Resident but Not Ordinarily Resident (RNOR) A person who is otherwise resident as defined in para 10.2.1 would be (RNOR) if he satisfies any of the following two conditions:

(i) He has not been resident in India in 9 out of 10 preceding previous years.
or
(ii) He has not been in India for an aggregate period of 730 days or more in the preceding 7 previous years.

W.e.f. 01.04.2004, the status has been redefined as follows:-An individual shall be said to be RNOR if he has been a non-resident in India in 9 out of 10 previous years preceding or period amounting to 729 days or less during the 7 previous years preceding that year.

How to calculate capital gain by residential status

FEMA provisions for Resident and Non Resident Individuals

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