If you are an NRI, you would have to file your income tax returns for 2012-2013 in India, if you fulfill either of these conditions:
- Your taxable income in India during the year 2012-2013 was above the basic exemption limit of Rs 2 lakh
OR
- You have earned short-term or long-term capital gains from sale of any investments or assets, even if the gains are less than the basic exemption limit.
What about short term capital gains, like gains from stock market equity sells that you hold for less than a year?
NRIs do not get the benefit of differential exemption limits on basis of age or gender that is available to Resident Indians.
Estimating a flat rate of 10% in fixed deposits, then if you have invested 20 Lakhs in FD, then your annual income from FDs is 2 Lakhs. So, if you hold FDs upto 20 Lakhs, you still no need to pay tax on them. But, if you cross that limit, then definitely you do.
