Tax treatment of Debt MFs & FMPs for NRI

Dear AshalPls help me with this.You seem to be a GURU in taxation.I am a NRI want to invest in DEBT/FMPs.Pls advise the Tax on STCG ( 30%) & LTCG (20%) whether will be deducted at source.Since I am a NRI, I dont have resident income, so in that case can i File IT return and claim refund for the STCG & LTCG amount if interest income is less than the taxable income. Pls advise.

Dear friend, I'm not a guru on Tax matters. The TAX guru is respected Subhash Lakhotiaji. For ur query - As u r NRI, in case of ur investment in DEBT/FMPs, the MFs 'll applied the TDS & 'll issue the Form 16A for the same. As u don't have any other resident indian income (salary, rent, interest etc.), first u can claim the zero tax exemption limit of 1.5L even if there is any more income from STCGs of debt/FMPs, u can still sat off ur 80C investment against such income. To claim ur refund, yes u 'll have to file ur returns.

Thanks

Ashal