A Guide to NRI Tax Rules and Tax Deductions in India?

  1. Is it Mandatory to Fill ITR-2?
  2. Can NPS Tier I Contribution Be Claimed?
  3. Can We Claim Health Insurance Premium for Parents if They Are Senior Citizens?
  4. Can We Claim Deduction Under Section 80G for Donations?
    5.Additional Tax Deductions/Exemptions Available for NRIs

Thank you
Vikas Salve

Hey @VIkasDsalve,

Yes, NRIs need to file ITR-2. If you have any business/professional income, then ITR-3 needs to be filed.

An NRI can claim all of these chapter VI-A deductions.

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Hi @Surbhi_Pal,

I hope you’re doing well.

I wanted to update you on my current NRI status and provide some details regarding my financial holdings for tax purposes.

  1. NRI Status and US Equity Market Stocks:

    • I am currently an NRI and hold some stocks in the USA equity market.
    • I receive dividends in my US stock broker account, and I have kept these amounts in USD without transferring or selling them into my Indian bank account over the last two years.

    Could you please let me know what specific documents I need to provide to my CA for this?

  2. ESOP from MNC Company:

    • While I was working in India, I acquired some ESOPs from an MNC company, which I have been holding for the last five years.

    For these ESOPs, what documents should I show to my CA to ensure proper tax compliance?

I appreciate your guidance on this matter.

Thank you!

Best regards,
Vikas Salve