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: Does an NRI, FII require any approval from the RBI to invest in mutual funds?
A: No special approvals are required. NRIs/FIIs have been granted general permission by RBI for investing in/redeeming units of funds subject to conditions set out in the aforesaid regulations.
Q: What is the tax liability on redemptions?
A: Under Section 2(42A) of the Income Tax Act, units of the fund held as a capital asset for a period of more than 12 months immediately preceding the date of transfer, will be treated as a long-term...
Q: What is the tax liability for income received from mutual funds?
A: As per Section 10(35) of the Income Tax Act, 1961, income received from mutual fund units specified under Section 10(23D) is exempt from income tax in India and the mutual funds are subject to pay...
Q: Can an NRI have a joint account in mutual funds with a resident Indian?
A: Yes. An NRI investor can jointly own a fund account with a resident Indian or an NRI.
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.