New York, Michigan, California, Florida, Illinois, New Jersey, Texas, Virginia, Pennsylvania, Georgia, Maryland
Country: United States
In this era of open and globalized economy, trends and fashion move seamlessly from one economy to another. In fact, India has always tended to appreciate and pick up the best trends from the western civilization, whether in the field of music, lifestyle, or food.
Car is one of the most important lifestyle trends which have grabbed the eyeballs of almost everyone regardless of their profession, educational background, and economic abilities. Therefore, India has witnessed an ever increasing trend of importing cars across segments.
This article would discuss, in details the formalities, procedures and do’s and don’ts regarding import of cars.
Importing cars to India, both used and new cars, is not a new practice. Many of us have witnessed somebody import a car to India; at least we have followed our rich sportsman doing the same. Certain guidelines and rules that we need to follow and keep in mind while importing a car (whether new or used) are mentioned below as a quick checklist for our readers.
Following the above checklist while importing cars, especially new cars to India would make the process smooth and easy.
There are various situations where importing of used cars to India is considered to be the most favorable option such as when a Non-Resident India plans to return back and keep the car he has been using all these days. We suggest the following checklist in case you plan to import used cars to India:
Keeping these points in mind while importing used cars to India would save both time and hassles for the NRI.
All imported vehicles, including the used imported cars which the Non Resident Indian carries back while shifting base to India needs to pay a customs duty in either foreign exchange or from their Indian bank accounts such as NRE or FCNR accounts.
While importing a car, especially a new car, the customs duty incidence totals to around 181%. However, for a used imported car, the customs duty is calculated on a depreciated price based on the age of the vehicle in consideration.
An NRI might not take the advantage of using the discounted price at the time of purchase of the vehicle while calculation of customs duty. The value of the car is determined by the sales invoice of the car.
Customs duty on used imported cars to India is calculated based on the depreciation allowed depending on the age of the car. The depreciation allowed on import of used cars for calculation of customs duty is as below:
The maximum depreciation allowed for the calculation of customs duty on used imported cars is seventy percent depending on the price of purchase of the car.
Cars from Dubai to India or for that matter from any corner of the world can be imported by following the check list mentioned above. However, there are certain vehicles which are not permitted to be imported into India. These banned vehicles which are prohibited from being imported in India include:
However, two wheelers with engine capacity ranging from 50-500 cc and motorcycles with engine capacity of more than 250 cc are allowed for imports in India.
Q: Can NRI acquire residential property by way of gift?
A: Yes, the Reserve Bank has granted general permission to NRIs/PIOs to acquire or dispose of commercial or residential properties by way of gift from or to a person resident in India or NRI or PIO....
Q: How is the stamp duty payable on purchase/sale of any immovable property determined?
A: Stamp Duty is payable on ‘Government Market Value’ of property or the consideration agreed to be paid for the purchase of the same, whichever is higher. In areas within the limits of the Municipal...
Q: What is e-stamping notarising?
A: Any legal document which is not executed on a stamp paper has to be registered with the Government by paying the necessary judicial charges. This is called e-stamping/franking. Though printed on...
Q: What is the difference between agreement to sell and sale deed?
A: Agreement to sell is a legal document which is executed between the builder and the customer after the customer has paid 20% of the agreement value of the apartment. This document will have the...
Q: Can OCI holders open PPF account in India?
A: OCI holders who are living in India are considered to be residents in India. Their status is no longer that of a Non-Resident (NRI). Therefore they can open PPF account in India.
While we are on...
Q: What are the step by step instructions to replace lost OCI card?
A: Before a lost OCI card can be replaced,
Applicants should file a police report. To apply for a replacement OCI Card, applicants will have to provide a copy of the complaint filed with the police....
Q: Can i repatriate funds in the NRI account?
A: The principal as well as the interest of the funds in an NRI account can be repatriated only if a person holds either an NRE account or an FCNR account. In case of an NRO account, only interest...
Q: Can US citizen with OCI avoid paying Indian taxes on US income?
A: For taxation purposes, normally a person can be considered to be a resident or non-resident (NRI) of India. Where as Indian residents must pay taxes on their worldwide income, NRIs on the other...
Business and Finance
Immigration & Visa
Return to India
India tops list of skilled visa immigrants in Australia - Economic Times
Indian-origin landlord jailed for fire deaths in UK - Times of India
Indian girl among 3 killed as two aircraft collide midair in US - Economic Times
Indian-Americans donate $1 billion a year: Survey - Times of India
No time limit set on North Korea's denuclearisation, says Donald Trump - Zee News
PAN Card Download By Name And Date Of Birth
How to Link PAN Card with Aadhar
How To Check Domicile Certificate Status
Aadhar Card Centers in USA
Stamp Duty on Property in India
How to Get Aadhar Card for NRI
How To Renew Indian Passport In USA
5 Most Famous Hindu Temples in USA
OCI Tax Implications
How To Apply PAN Card for NRI
4th Conference on Palliative Care and Hospice Nursing
2018-08-27 To 2018-08-28
Yoga & Music Festival
Sukhava Bodhe Yoga & Music Festival 2018
2018-08-31 To 2018-09-03
Dussehra & Deepavali Celebrations
Dussehra And Deepavali Celebrations
2018-10-27 To 2018-10-27
Vivah Bridal Expo
Vivah 2018 Bridal Expo
2018-08-19 To 2018-08-19
Palliative Care Conference - Hospice Conference
Disclaimer - The content on this site is for informational purposes only.
Copyright © 2018 Videshi.com
Please login to make this action
You can save this page with current page title or you can create new page title.