Rules for filing income taxes broadly same for NRIs and residents

Photo: Pradeep Gaur/Mint I am based in Kenya and am selling a house in Hyderabad, which I had bought in 2007. How will long-term capital gains (LTCG) be taxed? —Sahil Gupta Sale of a capital asset such as a house results in capital gains. When a property has been held for more than 2 years, the gains are referred to as LTCG. Since you purchased this property in 2007, the gains shall be long term for you. The Income Tax Act has laid down the procedure for calculating long-term gains.…

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Toyota to stop making Camry Hybrid if Indian government does not reduce taxes: MD

Toyota Kirloskar Motors, who recently re-started the production of the Camry Hybrid in India earlier this year. Toyota suspended the production due to increase in tax of the hybrid vehicles, which made the sales go down significantly. Now Toyota MD has commented that the high taxes may affect the future of the vehicle. How is that? The Indian government has imposed a high GST tax rate of 43 percent on the hybrid cars which have increased the prices significantly and the sales have dipped by a considerable number. Toyota sold…

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