1077 Will my NRI Grandfather get age based threshold benefit for his Indian income Video Link - https://youtube/watch?v=uffJrGV2OHo Narration - By Amlan Dutta Case Methodology - Harvard Case Model My grandfather has been residing in California in the previous year 2013 14 . He has FD interest income from Axis bank 10 lac Rs ....If he was a resident , the tax slabs for this previous year implying assessment year 2014 15 would be nil for 0-2.5 lacs , 10 % for 2.5 to 5 lacs , 20 % for 5 - 10 lacs and 30 % for 10 lacs and above However , he wants to know whether the same tax slabs are applicable to him now that he is a non resident ! The answer is no because the threshold benefit in terms of age is available to residents only .! So clearly my grandafther will not get any age based threshold advantage and normal thresholds will apply i.e 0-2 lacs - Nil , 205 lacs i.e 10 % on 3 lacs 30000 RS and 20 % on 5- 10 lacs i.e 5 lacs which is 1 ...so total tax is 130000 plus cess at 3 % i.e total of 133900 .... Hope this helps , \ Cheers , Amlan Dutta
Posted on: Sun, 14 Dec 2014 06:45:41 +0000
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