Funds Transfer Per Se By NRIs Not Taxable

Posted: Sunday, Aug 22, 2004 at 0000 hrs IST
Updated: Sunday, Aug 22, 2004 at 0000 hrs IST

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: I am a pensioner receiving Rs 65,000 as pension per year. In the year 2003-04, I had invested in shares and I sold a part of the shares which I bought in April 2003 in January-February 2004. I have now earned Rs 4 lakh as short-term gains.

Please advise me on how I can reduce my tax liabilities. I would like to donate some money to some organisation on which I can get 100 per cent tax deduction. Please enlighten me on where I can pay to get the deduction.
R Singh
advo71@yahoo.co.in

The best method of saving tax is by contributing Rs 70,000 to PPF and Rs 30,000 to infrastructure-related bonds of ICICI. There is no separate deduction or exemption as such available on short-term capital gains.

However, you may certainly set-off any current or carried forward short-term loss against the gains. Making donations to the following organisations will offer 100 per cent tax rebate: (see table)

• National Defence Fund set up by Central Government
• Prime Minister’s National Relief Fund
• Prime Minister’s Armenia Earthquake Relief Fund
• Africa (Public Contributions - India) Fund
• National Foundation for Communal Harmony
• A university ...

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