In the case of non-resident Indian (not being a company) income from long-term capital gain is chargeable to tax at __________ when the asset was originally acquired by remitting convertible foreign exchange into India.
CS Executive · Tax Laws and Practice · PYQS · December 2019
In the case of non-resident Indian (not being a company) income from long-term capital gain is chargeable to tax at __________ when the asset was originally acquired by remitting convertible foreign exchange into India.
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B), (D). Official source note: The question specifically not mentioned which type of capital assets i.e. specified assets (shares etc. ) or other assets. If it is specified assets, tax rate is 10%, if it is other assets, the tax rate is 20%. (Section 115E of the Income Tax Act, 1961). Therefore, both option B/D are correct.
Topics: Income Tax
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