Gidwani said non-corporate FPIs faced a higher surcharge and hence effective tax. "Surcharge or no surcharge, there should be a uniform rate for foreign portfolio investors because corporate or non-corporate status is a home country creation," he added.
Wealth managers said the latest budget could also spur Indian HNWIs to diversify their onshore investments. Their top offshore investment is still real estate, in countries such as Dubai, Singapore, London and the US.
Restructuring global funds only for Indian tax reasons is not a joke"