As per the amendment in PMLA rules by the Government, all bank accounts should be linked with Aadhaar before 31st Mar 2018; failing which the accounts will become inoperative till the time the Aadhaar number is submitted and linked to the accounts. So, what about NRIs who are not having …
Read More »NRIs holding PPF account may be interested to know this information
Why PPF find a place in the investment portfolio of every investor? Simple, the investment in PPF is eligible for deduction u/s 80C of the Income Tax Act (means, if you invest in PPF, you pay less tax), interest earned is exempt from tax (unlike, bank Fixed Deposit interest which …
Read More »Possible tax saving options for NRI selling property in Bangalore
Here is a live case! I just finished a call with Mr.Amar, an NRI staying in USA. I understood from him that he has a flat in Koramangala, which was bought in 2011 for Rs.80 Lakhs which he now intends to sell for 1.52 Crores. Our talk went as under …
Read More »How to repatriate fund by NRI after property sale
Among the many apprehensions that NRIs’ have about investing in property in India, one is about the ways and means of repatriating funds back to their country abroad, after the sale of a property. Any NRI investor, while investing in property in India, should ideally chalk out the process from …
Read More »List of queries asked by an NRI about Capital Gain tax on sale of property
Mr. Abrahim an NRI living at UK is corresponding with me regarding the capital gain tax on sale of property in Bangalore. Here are his queries and my answers – Dear Mr. Abrahim, I am an NRI seller. I want to sell my house in Bangalore and reinvest it in …
Read More »Can an NRI purchase a coffee estate in India?
I come across many queries about acquisition of purchase by Non Resident Indians (NRI) or Person of Indian Origin (PIO) or Overseas Citizenship of India (OCI). Most recently, I have been asked a specific question – Can an NRI buy a coffee plantation? Maybe NRIs have sufficiently invested in …
Read More »Buying property from NRI and consequence of Non Deduction of Tax
Purchase of property in India from Non-Resident Indians (NRI) is a bit tricky when compared to buying it from Resident Indians. TDS at the time of buying the property – You may be aware about Tax Deduction at Source (TDS) to be done at the rate of 20.6% …
Read More »Purchase of immovable property in India by Person of Indian Origin (PIO)
A PIO means an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran or Nepal or Bhutan) who – At any time, held an Indian Passport or either of whose father or mother or whose grandfather was a citizen of …
Read More »Can a Non Resident Indian (NRI) buy properties in India?
A citizen of India resident out of India is called as Non Resident Indian (NRI). Reserve Bank of India (RBI) frames regulations to acquire or transfer immovable property in India by person residents outside India. As per the latest circular issued by RBI (as on 2014) the following …
Read More »Repatriation of funds from India by Non Resident Indians (NRI) and Resident Indians
This question is frequently asked by many clients. Money brought from abroad into NRE and FCNR account – is freely repatriable without any restriction and without any approval from RBI Current Income earned in India – The current income includes dividend earned from shares, rental income, pension, Interest on deposits, …
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