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, …
Read More »How to obtain TDS exemption certificate from Income Tax officer in case of purchase of property from NRI
If you are buying property (such as site or house or flat) from a NRI, you have to do TDS (Tax Deducted at Source) @ 20% on the sale value of the property. The seller or the buyer can apply to Income Tax department (International Tax Ward) for determination of the …
Read More »7 things you must know about Income Tax before buying property from Non Resident Indian (NRI)
Check whether the seller has PAN: Seller has to necessarily obtain Permanent Account Number (PAN). So, at the time of finalizing the transaction, we suggest you to take a copy of PAN card of the seller. If the seller is not having one, he has to apply for PAN …
Read More »Can Non Resident Indian (NRI) invest in Partnership firm or a proprietary concern?
The applicable rules for investment in a partnership firm or a proprietary concern under FEMA are summarized below – Automatic route – As per FDI policy of India, A Non-Resident Indian (NRI) or a Person of Indian Origin (PIO) resident outside India can invest by way of capital of a firm …
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