Ask, Answer & Discover

Latest Questions

Q: What are the tax rates on sale price if an OCI is selling inherited farm land in India?

A: Depending on the location of the land you inherited, you many not have to pay no tax if you sell your inherited farm land in India. When someone sells their farm land in India, if there is a profit...

Q: Can foreign citizen get agricultural land as gift from father?

A: NRIs cannot acquire agricultural land/plantation property/farm house in India by way of gift. The only way to for NRIs, PIOs to acquire agricultural land in India is by way of inheritance....

Q: How to convert foreign currency to Indian rupees on arrival in India?

A: Foreign currency declaration on arrival at Indian airports is required only in one of the two conditions mentioned below: 1.If the incoming passenger has in his/her possession foreign currency...

Q: What is the capital gain tax in India on sale of property?

A: If the property is ancestral property and held for more than three years in such case in such a case the capital gain on sale of this property would be considered to be a long term capital gain....

Q: Can gold jewelry be taken to India on transfer of residence?

A: While transfer of residence gives a certain amount of relief to those who return to India for settlement, on used household goods etc. Unfortunately, jewelry is not on the list of items where...

Q: Taxes on Canadian pension income when living in India?

A: Kindly note that the Canada pension payments are taxable in Canada and tax is withheld from the monthly payments made. The tax amount deducted is based on the country where the person resides. For...

Q: Limit of amount that can be taken by Canadian citizen to India?

A: There is no restriction on the amount of foreign currency that can be brought into India from abroad. However, in the following conditions, the currency must be declared on arrival by filling in a...

Q: What is the procedure to transfer money from sale of agricultural land in India?

A: On sale of property in India, up to one million US dollars per financial year can be transfered abroad after payment of taxes such as capital gains. A certificate from a chartered accountant is...

Q: Can NRI deposit money from sale of property directly to NRE account?

A: Sale proceeds of property money cannot be directly deposited to NRE account. Sale proceeds must first deposited in to NRO account. After the money is deposited in the NRO account, to transfer the...

Q: How much gold can be taken to India duty free?

A: Up to 1 Kg of gold can be taken to India by passengers as baggage. Passengers arriving in India cannot get exemption from paying customs duty on gold brought into India in solid form. To claim duty...