Fire your tax related queries and i would get it solved!!!

Dear diosys,

Thanks your for your effort to answer each and every question. I always look in this thread daily.

I have some doubts regarding the taxes relating to NRIs, hope it will help other readers too.

1. How much is the tax % of interest income of deposits under NRO accounts.
2. How much is the tax % of interest income of deposits under NRE accounts.
3. How much is the tax % of interest income of deposits under FCNR accounts.

4. Do I need to pay tax for "short" term capital gain if I am trading shares under PIS (PINS) account. Whats the rate of tax?

5. 4. Do I need to pay tax for "long" term capital gain if I am trading shares under PIS (PINS) account. Whats the rate of tax?

6. Do I need to pay tax for short term capital gain if I am trading derivatives under PIS (PINS) account.

7. Is it compulsory for an NRI to state short/long term capital gain for derivatives trading as business income like a non NRI? Is there any difference in tax?

Thank you,
Haribird.

Dear Hari,

the importance is not whether a person in NRI or resident....Important is where is that income earned....even for a foreigner who has earned income in India is taxable in India !!! even though if any of his fore fathers never came to India...

Where the income arises is critical...Hence if an NRI earns income from indian stock market then they are very much liable to Indian taxation...

As far as the PIS accounts are concerned...Let me confess i have not heard this name....Anyways..As far as i know Income Tax Act i am sure there is no such exemption to such accounts....However give me the full name of these and i would try to search something...

Dear diosys,

I am a salaried employee and already have bank account+demat a/c+trading account in my name and do short term trading.

Now I want to open a joint bank account with my wife name and do short term trading on her account. If we will get any short term capital gain on her account, then this income will add in my return or in account of my wife.

Thanks,

(moneypick)

hi diosys thanx for this post i m opening a commodity trading account in which i will trade only in gold and silver on MCX my query is that my broker told me that i have to say security transaction tax on gold , silver trading i want to know is he right if yes how much i have to pay and could you please tell me what other taxes i have to pay.

If she has the capital to trade then it can be her income....However for precaution sake, make her the first holder and you the second holder.

Yes, I made him first holder and will be deposited some cash in the joint account and use this cash for trading. Then this cash will assume her capital or not. My wife is a housewife and if necessary, I will show in the record that she has earn capital by tuition. Is it right strategy or not.

Thanks,

(moneypick)

Thanx dear diosys for reply u said service tax is their liability but they are charging me service tax and education tax also tell how much income tax i have to pay thanx