NRI & Merchant Navy Personnel Tax Implication

 

Tax implication on debt funds for merchant navy personnel

For merchant navy personnel the tax treatment will be similar to that of an NRI

For merchant navy personnel the tax treatment will be similar to that of an NRI which is as follows

Long term capital gains (holding period of more than 3 years) 

Listed debt funds are taxed at 10% without indexation or 20% with indexation whichever is lower but the fund house will deduct TDS at flat rate of 20%. 

Unlisted debt funds are taxed at 10% without indexation.

Short term capital gains (holding period of less than 3 years)

Debt funds are taxed as per your income tax slab, but the TDS is deducted at the highest applicable rate of 30%, irrespective of what tax slab you belong to.

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