A group of non-resident Indians led by the Hindujas has asked the government for tax parity with foreign institutional investors on short-term gains in the stock market. In a pre-budget memorandum to Finance Minister Pranab Mukherjee, the IndusInd International Federation (IIF) said such benefits would enable them to make India the hub for their global activities.
Non-resident Indians are required to pay tax at the rate of 10% on their short-term gains on the Indian stock markets, while short-term capital gains earned by Mauritius-based foreign institutional investors are tax exempt. 'The treatment of taxation on short-term capital gains needs to be on par for both foreign institutional investors and non-resident Indians,' said the IIF, headed by UK-based Hinduja Group Chairman S P Hinduja. IIF's leading members include Ram Buxani from the UAE, K Sital from Hong Kong, Nari Pohani from the US, Vashi T Purswani from Thailand and Kamal Fabiani from Spain.
According to the IIF numerous non-resident Indians would like to make India their permanent home after retirement. 'The Indian tax authorities should not tax the income derived from interest on their investments in savings and pension plans in foreign institutions and foreign countries,' the IIF said.
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