NRIs seek tax exemption

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NRIs seek tax exemption

By Harpreet Kaur

January 31, 2018

Tax exemption: Non-Resident Indians (NRIs) have appealed to Union Finance Minister Arun Jaitley to provide tax exemptions for senior emigrants, especially those working in the Gulf, in the upcoming budget on Thursday.The tax exemption ofRs. 3 lakh is available for resident Indian senior citizens (60 years and above) and Rs. 5 lakh for resident super senior citizens (80 years). But this special exemption is not available for NRI senior citizens, said K.V. Shamsudheen, UAE- based Pravasi Bandhu Welfare Trust.He said several tax-paying senior citizens resided abroad. Many of them had worked in foreign countries for decades. At the same time they had invested and contributed to the record remittances to the country.In the case of resident Indians too, there is a general tax exemption up to Rs. 2.5 lakh. Many NRIs living abroad doing partnership business or as dependent of their children have taxable income in India from building rent and short term capital gain taxes. They also file tax returns annually.Likewise, when resident senior citizens have taxable income, they get increased exemption whereas this benefit is not made available to NRI senior citizens with taxable income in India. The Centre should offer special tax exemption to NRI senior citizens also, said Mr. Shamsudheen. Source: The Hindu