My mother has an OCI card. Can I also get an OCI card if I have citizenship of Nepal
Question: My mother has an OCI card.C an I also get an OCI card if I have citizenship of Nepal?
Raju Kanumuri: If your mother has an OCI card and she was a citizen of India before she became the citizen of another country, If this is true, you certainly qualify for an OCI card. In fact, even your children and grandchildren qualify for OCI cards. according to India government act “The Central Government may, subject to such conditions and restrictions, as may be prescribed, on an application made in this behalf, register as Overseas Citizen of India cardholder any person of full age and capacity, who is a child or a grandchild or a great-grandchild of a person who was a citizen of India.”
Overseas Citizenship of India is granted to applicants who have acquired citizenship of a foreign country and who were of Indian Origin, or were or are eligible to become a citizen of India, or are a spouse of an OCI / PIO Holder or a spouse of Citizen of India. Under the Indian Citizenship Act, persons of Indian Origin are not allowed to claim dual citizenship.
Q: What are the tax exemptions incomes for NRIs?
A: * Interest on NRE & FCNR(Foreign Currency Non- Repatriable) account
* Interest on government-issued savings certificates, notified bonds
* Dividends from shares of domestic companies
* Long term...
Q: Why ITR should be filed by NRI?
A: * If the Tax deducted at source is more than the actual tax liability of the NRI, then refund can be claimed by the NRI only after filling return along with interest.
* If the NRI has incurred any...
Q: What is tax consideration of NRE/NRO account?
A: Considering the interest income in NRE/ NRO Account, NRI can file their return in India. The income of NRE Account shall be exempt whereas, Income in NRO Account shall be taxable.
Q: What are the tax deductions that are not allowed to NRIs?
A: * Investment in PPF
* Investments made in NSCs
* Post Office 5 Year Deposit Scheme
* Senior Citizen Savings Scheme
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: Are there any prohibitions on the purpose for which loans cannot be taken?
A: The loans cannot be utilized for the purpose of re-lending or for carrying on agriculture or plantation activities or for investment in real estate business.