I have been investing in mutual funds for the past four years. Last year, I moved to Dubai and am currently a non-resident Indian (NRI). Say, if I exit all my mutual fund investments now, would I have zero tax liability?—Name withheld on request.I am assuming that you qualify as a non-resident (‘NR’) in India, as per the relevant income tax provisions, and also that you do not qualify.
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Foreign investors have withdrawn a massive Rs 28,200 crore from Indian equities so far this month, citing uncertainties about the outcome of the general elections and attractive valuations of Chinese markets. This withdrawal surpasses the net pullout of over Rs 8,700 crore in April, attributed to concerns over a tweak in India’s tax treaty with Mauritius and a sustained rise in US bond yields.
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The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) will be observing a significant closure on May 20. This is due to the fifth voting phase for the Lok Sabha Election 2024 in Mumbai, marking the second holiday of the month. The closure is in line with the seven-phase election, as all six seats in the city are set for polling.
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