- Benefit of exemption limit u/s 111A is available to resident only. In your case it will be taxable at normal slab rate
1. Yes
2. A5 of Schedule CG
3. No
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Are STCG from T-bills (treasury bills) adjustable against Basic Exemption Limit for NRI (FY 2023-24)
NRIs Individual (not FII) can adjust their STCG against any shortfall in tax exemption limit if the STCG does not fall under Section 111A of the IT Act. As per my understanding only equity/shares, equity mutual funds fall under 111A where as treasury bills (<365 days) do not fall under 111A 1. Can STCG from T-bills be adjusted against shortfall in basic tax exemption Limit for NRI 2. Where in ITR-2 should STCG from T-bills be shown? 3. Does anything change for T-bills for FY 2023-24 since there is change in tax benefits for debt mutual funds.
Asked 1 year ago in Capital Gains Tax
Hello ,
1) Yes, Short-term capital gains (STCG) from Treasury bills (T-bills) can be adjusted against any shortfall in the basic tax exemption limit for NRIs.
2)STCG from T-bills should be reported in Schedule CG (Capital Gains) of the ITR-2 form.
3)There is no changes in tax benefits for T-bills for the FY 2023-24.
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What is the rate of STCG for T-bills for NRI when total income is above exemption limit? If my total income is between 6-7 L, what will be STCG for T-bills?
Asked 1 year ago
slab rates
1) STCG T-bills are taxable at slab rates as these are not equity shares or equity oriented mutual funds. So you can utilize your entire slab limits. Section 111A will not apply. If total income is between 6-7 lakh it will be around 20% plus cess.
2)STCG from T-bills should be reported in Schedule CG.
3)The changes in the budget are around long term capital gains for the debt oriented mutual funds.
As per the Indian Income Tax Act, short-term capital gains (STCG) on the sale of listed securities, including T-bills, are taxed at individual's slab rates.
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