Q: How I check domicile certificate status
Q: Do any documents need to be filed with RBI after property purchase?
A: An NRI / PIO who has purchased residential/commercial property under general permission is not required to file any documents with the Reserve Bank.
Q: Can residential/commercial property be mortgaged?
A: i) NRI / PIO can mortgage to:
(a) an authorized dealer/housing finance institution in India without the approval of Reserve Bank.
(b) a party abroad - with prior approval of Reserve Bank.
Q: How can an NRI/PIO make payment for the purchase of the residential/commercial property in India?
A: Payment can be made by NRI / PIO out of
(a) funds remitted to India through normal banking channel or
(b) funds held in NRE / FCNR(B) / NRO account maintained in India.
No payment can be made...
Q: Can a person who had brought immovable property when he was a resident, continue to hold such property even after becoming an NRI/PIO?
A: Yes, he can continue to hold the residential/commercial property / agricultural land/ plantation property/farm house in India without the approval of the Reserve Bank.
Q: Can NRI/PIO rent out the residential/commercial property purchased out of foreign exchange/rupee funds?
A: Yes, NRI / PIO can rent out the property without the approval of the Reserve Bank. Rent received can be credited to NRO / NRE account or remitted abroad. Powers have been delegated to the...
Q: Are NRIs allowed to make a nomination for their mutual fund accounts?
A: Yes, all the NRIs are allowed to have a nominee(s) in their mutual fund account to whom the Mutual Fund units will be transferred after the holder’s death in case of a single holder. But, if it is...
Q: Can NRIs invest in mutual funds in India?
A: As per the prescribed guidelines, any NRI residing in Canada and the United States of America is not eligible to invest in mutual funds. Also, any resident of Bangladesh and Pakistan will not be...
Q: Is it possible to convert the status of an NRI mutual fund account to a resident Indian?
A: Yes, an NRI client is eligible to convert the status of his account to a resident as per the Section 6(5) of FEMA. But, few formalities are to be fulfilled. The client has to hold the...
Q: What are the tax implications for NRI clients?
A: The dividends of each and every scheme are tax-free for the NRI clients. While long-term capital gains (equity) are tax-free, whereas for short-term capital gains (equity) 15% tax has to be paid....