Govt of India Budget 2024 – How Does This Budget Works For NRIs, Seafarers, Other Non-Residents

Budget 2024 has made some significant tax changes for NRIs, Non Residents. One of the major change is taxation of long-term capital gain on property (flat, land, residential house, commercial property, etc) where indexation benefit has been taken away and long-term capital gain tax rate is reduced from 20% to 12.5%. Also, wrt listed shares, capital gain tax rates increased from 10% to 12.50% for long term shares (holding >12 months) and 15% to 20% for short-term shares (holding<12 months). Further, there is slight increase in tax slabs under the new regime which is beneficial for Non-residents.

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