{"id":7826,"date":"2024-12-13T05:00:20","date_gmt":"2024-12-12T23:30:20","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=7826"},"modified":"2024-10-08T16:22:15","modified_gmt":"2024-10-08T10:52:15","slug":"how-are-nris-taxed-in-india-budget-2024","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/how-are-nris-taxed-in-india-budget-2024\/","title":{"rendered":"How are NRIs Taxed in India After Budget 2024?"},"content":{"rendered":"<p>Navigating the Indian tax landscape as a Non-Resident Indian (NRI) has always been challenging. With the Union Budget 2024 introducing several changes, the complexity has only increased. Whether you&#8217;re dealing with capital gains, property transactions, or simply trying to understand your residency status, staying informed is crucial. This guide will break down the key changes in taxation for NRIs post-Budget 2024, along with real-life examples and expert insights, helping you make informed decisions.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-7867 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2024\/09\/budget2024.png\" alt=\"budget2024\" width=\"500\" height=\"300\" \/><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >In this article, we will discuss about...<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/how-are-nris-taxed-in-india-budget-2024\/#Who_Qualifies_as_an_NRI\" title=\"Who Qualifies as an NRI?\">Who Qualifies as an NRI?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/how-are-nris-taxed-in-india-budget-2024\/#Key_Changes_in_Income_Tax_for_NRIs_Post-Budget_2024\" title=\"Key Changes in Income Tax for NRIs Post-Budget 2024\">Key Changes in Income Tax for NRIs Post-Budget 2024<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/how-are-nris-taxed-in-india-budget-2024\/#1_Increased_Tax_on_Short-Term_Capital_Gains\" title=\"1. Increased Tax on Short-Term Capital Gains\">1. Increased Tax on Short-Term Capital Gains<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/how-are-nris-taxed-in-india-budget-2024\/#2_Uniform_Long-Term_Capital_Gains_LTCG_Tax_Rate\" title=\"2. Uniform Long-Term Capital Gains (LTCG) Tax Rate\">2. Uniform Long-Term Capital Gains (LTCG) Tax Rate<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/how-are-nris-taxed-in-india-budget-2024\/#3_Simplified_Holding_Periods\" title=\"3. Simplified Holding Periods\">3. Simplified Holding Periods<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/aktassociates.com\/blog\/how-are-nris-taxed-in-india-budget-2024\/#4_LTCG_Exemption_Limit_Raised\" title=\"4. LTCG Exemption Limit Raised\">4. LTCG Exemption Limit Raised<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/aktassociates.com\/blog\/how-are-nris-taxed-in-india-budget-2024\/#5_Removal_of_Indexation_Benefit\" title=\"5. Removal of Indexation Benefit\">5. Removal of Indexation Benefit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/aktassociates.com\/blog\/how-are-nris-taxed-in-india-budget-2024\/#6_Abolition_of_Buyback_Tax\" title=\"6. Abolition of Buyback Tax\">6. Abolition of Buyback Tax<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/aktassociates.com\/blog\/how-are-nris-taxed-in-india-budget-2024\/#7_Standard_Deduction_Increase\" title=\"7. Standard Deduction Increase\">7. Standard Deduction Increase<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/aktassociates.com\/blog\/how-are-nris-taxed-in-india-budget-2024\/#Impact_on_NRI_Investments\" title=\"Impact on NRI Investments\">Impact on NRI Investments<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/aktassociates.com\/blog\/how-are-nris-taxed-in-india-budget-2024\/#Expert_Insights\" title=\"Expert Insights\">Expert Insights<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/aktassociates.com\/blog\/how-are-nris-taxed-in-india-budget-2024\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Who_Qualifies_as_an_NRI\"><\/span>Who Qualifies as an NRI?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Before diving into the specifics of how NRIs are taxed in India, it\u2019s important to understand who qualifies as an NRI. According to Indian tax laws, an NRI is someone who resides outside India for more than 182 days in a financial year or has been outside India for more than 365 days over the last four financial years while spending less than 60 days in India in the current year.<\/p>\n<p>This residency status is crucial as it determines your tax obligations in India. If you qualify as an NRI, you are only taxed on the income earned or received in India, not your global income. However, recent changes in the tax regime, particularly those outlined in the 2024 Budget, have added layers of complexity that every NRI must be aware of.<\/p>\n<p><b>Consult CA Arun Tiwari for more information at \ud83d\udcde 8080088288 or <\/b><a href=\"mailto:cs@aktassociates.com\"><b>cs@aktassociates.com<\/b><\/a><\/p>\n<p><a href=\"https:\/\/pages.razorpay.com\/akt-nri-tax-consulting\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-5776 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/07\/Consult-CA-A-Tiwari.png\" alt=\"\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/07\/Consult-CA-A-Tiwari.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/07\/Consult-CA-A-Tiwari-300x64.png 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Changes_in_Income_Tax_for_NRIs_Post-Budget_2024\"><\/span>Key Changes in Income Tax for NRIs Post-Budget 2024<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The 2024 Union Budget has brought in several notable changes that will impact how NRIs are taxed in India. Here\u2019s a comprehensive breakdown of these changes and what they mean for you:<\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_Increased_Tax_on_Short-Term_Capital_Gains\"><\/span>1. Increased Tax on Short-Term Capital Gains<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>For NRIs who invest in stocks, equity mutual funds, or business trusts, there\u2019s an important update: the short-term capital gains tax rate has been increased from 15% to 20%, effective from July 23, 2024. This increase is particularly significant for those involved in frequent trading, as it directly impacts the profits earned from short-term investments in Indian markets.<\/p>\n<p><strong>Example 1: Stock Sale<\/strong><\/p>\n<p>Let\u2019s consider an example to illustrate this change:<\/p>\n<ul>\n<li><strong>Purchase<\/strong>: Mr. X buys 100 shares of XYZ Company at \u20b9100 each.<\/li>\n<li><strong>Sale<\/strong>: He sells them after 9 months for \u20b9120 each.<\/li>\n<\/ul>\n<p>Before the amendment, the short-term capital gains tax would have been \u20b9300 (15% of \u20b92,000 profit). After the amendment, Mr. X now has to pay \u20b9400 (20% of \u20b92,000), reflecting a higher tax burden.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Uniform_Long-Term_Capital_Gains_LTCG_Tax_Rate\"><\/span>2. Uniform Long-Term Capital Gains (LTCG) Tax Rate<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Another significant change in Budget 2024 is the standardization of the long-term capital gains (LTCG) tax rate. Now, there\u2019s a flat 12.5% tax rate across all long-term capital assets. This simplifies tax calculations but also means that different asset categories are impacted uniformly, which may not always be beneficial.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-7775 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2024\/08\/Add-a-heading-2024-08-12T124312.975.png\" alt=\"Long Term Capital Gains Tax\" width=\"500\" height=\"300\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2024\/08\/Add-a-heading-2024-08-12T124312.975.png 500w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2024\/08\/Add-a-heading-2024-08-12T124312.975-300x180.png 300w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/p>\n<h3><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"3_Simplified_Holding_Periods\"><\/span>3. Simplified Holding Periods<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Starting from FY 2024-25, the holding periods to determine whether an asset is short-term or long-term have been streamlined. For listed securities, a holding period of more than 12 months now qualifies as long-term, while for other assets, the threshold is 24 months. This simplification makes it easier for NRIs to plan their investments but also standardizes the tax implications.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_LTCG_Exemption_Limit_Raised\"><\/span>4. LTCG Exemption Limit Raised<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>One of the more favorable changes is the increase in the exemption limit for LTCG on the sale of equity shares or units. This limit has been raised from \u20b91 lakh to \u20b91.25 lakh per year. However, the LTCG tax rate has also increased from 10% to 12.5%, which somewhat offsets the benefit of the higher exemption limit.<\/p>\n<p><strong>Scenario: Lower Tax Outgo on Modest Gains<\/strong><\/p>\n<p>Ms. B sells equity shares, earning a profit of \u20b92 lakh. Under the new rules, only \u20b975,000 is taxable after the \u20b91.25 lakh exemption. The tax liability now is \u20b99,375, compared to \u20b910,000 under the old regime, resulting in a lower tax outgo despite the higher tax rate.<\/p>\n<p><a href=\"https:\/\/aktassociates.com\/nri-lower-tds\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-4926 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/05\/Planning-to-sell-property.png\" alt=\"\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/05\/Planning-to-sell-property.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/05\/Planning-to-sell-property-300x64.png 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_Removal_of_Indexation_Benefit\"><\/span>5. Removal of Indexation Benefit<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>One of the most significant blows for NRIs is the removal of the indexation benefit. Indexation adjusts the purchase price of an asset for inflation, reducing the overall tax liability. The removal of this benefit, especially for real estate investments, means higher tax outflows for many NRIs.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-7777 size-full aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2024\/08\/Add-a-heading-2024-08-12T125433.768.png\" alt=\"Indexation\" width=\"500\" height=\"300\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2024\/08\/Add-a-heading-2024-08-12T125433.768.png 500w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2024\/08\/Add-a-heading-2024-08-12T125433.768-300x180.png 300w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Example 1: Modest Appreciation in Property Value<\/strong><\/p>\n<p>Mr. A, an NRI, bought a property in 2001 for \u20b915 lakh and sold it in 2024 for \u20b980 lakh. Under the old regime with indexation, the LTCG tax would have been \u20b95.11 lakh. Without indexation, the tax liability under the new regime jumps to \u20b98.12 lakh, significantly increasing the tax burden.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"6_Abolition_of_Buyback_Tax\"><\/span>6. Abolition of Buyback Tax<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>A notable change is the abolition of the buyback tax from October 1, 2024. Post this date, any consideration received from buybacks will be taxed as dividends. While this increases cash flow for investors, it also means higher taxes for NRIs in the highest tax bracket, rising from 20% to 30% on buybacks.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-7933 aligncenter\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2024\/10\/Add-a-heading-92.png\" alt=\"Buy Back Tax\" width=\"500\" height=\"300\" \/><\/p>\n<h3><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"7_Standard_Deduction_Increase\"><\/span>7. Standard Deduction Increase<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The Budget 2024 has increased the standard deduction for those opting for the new tax regime from \u20b950,000 to \u20b975,000. This offers some relief in reducing the overall tax liability for NRIs, particularly for those earning a salary or pension income in India.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Impact_on_NRI_Investments\"><\/span>Impact on NRI Investments<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Budget 2024 has clearly raised the tax rates on both long-term and short-term capital gains, which will affect NRIs with investments in listed shares and securities. The increase in Securities Transaction Tax (STT) on futures and options transactions by 60% further adds to the cost of trading, potentially discouraging frequent trading activities among NRIs.<\/p>\n<p>Moreover, the removal of the indexation benefit is a major shift, particularly impacting real estate investments. Without the ability to adjust the purchase price for inflation, NRIs may find themselves facing higher tax liabilities, especially on properties held for a long duration.<\/p>\n<p><a href=\"https:\/\/aktassociates.com\/nri-tax-compliance\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-5052 size-full\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/05\/Are-You-Stuck-In-NRI-Taxation-Process455.png\" alt=\"\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/05\/Are-You-Stuck-In-NRI-Taxation-Process455.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2023\/05\/Are-You-Stuck-In-NRI-Taxation-Process455-300x64.png 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Expert_Insights\"><\/span>Expert Insights<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Experts suggest that the changes introduced in Budget 2024 present a mixed bag of challenges and reliefs for NRIs. While the removal of the indexation benefit and higher tax rates are likely to increase tax liabilities, certain provisions like the increased exemption limits and simplified tax slabs offer some cushion.<\/p>\n<p><strong>Key Takeaways:<\/strong><\/p>\n<ul>\n<li>NRIs should reassess their investment strategies in light of these changes.<\/li>\n<li>Consider the impact of the higher short-term capital gains tax on frequent trading activities.<\/li>\n<li>Evaluate the removal of indexation for long-term real estate investments and how it affects overall tax planning.<\/li>\n<li>Take advantage of the increased standard deduction and LTCG exemption limit where applicable.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Union Budget 2024 has introduced several changes that NRIs must navigate carefully. While the increased tax rates and removal of indexation present challenges, the raised exemption limits and simplified tax structure offer some relief. It\u2019s crucial for NRIs to stay informed and adjust their investment strategies accordingly to minimize their tax liabilities.<\/p>\n<p>If you have any questions or need further clarification on how these changes impact you, feel free to leave a comment below. Your feedback and inquiries are welcome as we continue to explore the evolving tax landscape for NRIs in India.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Navigating the Indian tax landscape as a Non-Resident Indian (NRI) has always been challenging. With the Union Budget 2024 introducing &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"How are NRIs Taxed in India After Budget 2024?\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/how-are-nris-taxed-in-india-budget-2024\/#more-7826\">Read more<span class=\"screen-reader-text\">How are NRIs Taxed in India After Budget 2024?<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":7934,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[107],"tags":[1556,1558,1557,1555],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How are NRIs Taxed in India After Budget 2024? | AKT Associates<\/title>\n<meta name=\"description\" content=\"Explore how NRIs are taxed in India after Budget 2024, including key changes in capital gains tax and the removal of indexation benefits.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aktassociates.com\/blog\/how-are-nris-taxed-in-india-budget-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How are NRIs Taxed in India After Budget 2024?\" \/>\n<meta property=\"og:description\" content=\"This article provides a comprehensive overview of the key changes in Indian taxation for Non-Resident Indians (NRIs) introduced in the Union Budget 2024. It explains who qualifies as an NRI, details the increased tax rates on short-term and long-term capital gains, the removal of the indexation benefit, and the impact on real estate investments. The article also discusses the abolition of the buyback tax, the increased standard deduction, and expert insights on how these changes may affect NRIs&#039; investment strategies. 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