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Tax Implications of Mutual Funds on NRIs Full

Tax Implications of Mutual Funds on NRIs Full

Applicable Tax Rates for NRI
Category of UnitsTax Rates under the ActTDS Rates under the Act
Short Term Capital Gain
Units of Non-equity Oriented SchemeTaxable at normal rates of taxes applicable to the assesse30% for Non Resident Individuals
Units of an Equity Oriented Scheme15% on redemption of units where STT is payable on redemption (u/s 111 A)15%
Long Term Capital Gain
Listed Units of a Non-Equity Oriented Scheme10% without Indexation OR 20% with indexation, whichever is lower (u/s 112)20% for Non Resident Individuals (u/s 195)
Unlisted Units of a Non-Equity Oriented Scheme10% with no indexation10% for Non Resident Individuals (u/s 115E/112)
Units of an Equity Oriented SchemeExempt in case of redemption of units where STT is payable on redemption (u/s 10(38))Exempt in case of redemption of units where STT is payable on redemption (u/s 10(38))

Short term capital gains

Units of Non-equity oriented scheme such as debt and money market mutual funds should be taxed as per your income tax slab, but the TDS is deducted at the highest applicable rate of 30%, irrespective of what tax slab you belong to; while the units of Equity oriented mutual funds are taxed @ 15%.

Long term capital gains

Units of Non-equity oriented scheme if listed are taxed at 10% without indexation or 20% with indexation whichever is lower but the portfolio manager will deduct TDS at flat rate of 20% for NRIs.

Units of a non-equity oriented scheme if unlisted are taxed at 10% without indexation while Long Term capital gains on units of an equity oriented scheme are exempt from tax as Securities Transaction Tax is payable on redemption.

Conclusion

After going through above details, you would have probably got an idea about the impact of tax on your investment plan. I do agree that taxation can be a complicated matter and to get more details you may want to visit your financial advisor or tax consultant before committing a costly tax mistake.

Tax Implications of Mutual Funds on NRIs Full

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