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Q: I have PIO card issued in 2011like apassport type prints. is it valid to travel to India?

A: *The government of India has notified that all existing PIO card holders shall be deemed to overseas citizens of Indian cardholder (merger of PIO to OCI) *Until applicants are in receipt of an OCI...

Q: How can NRIs do the sale/transfer of shares held by them with repatriation benefits?

A: In the case of shares /debentures /bonds acquired by NRIs through stock exchanges under the Portfolio Investment Scheme, general exemption has been granted for transfer through stock exchanges...

Q: Are NRIs permitted to transfer/sell their shares held on non-repatriation basis to resident freely?

A: Yes. General exemption has been granted by Reserve Bank for transfer/sale of shares/debentures/bonds by NRIs/OCBs through stock exchanges if such transfers are made in favor of an Indian citizen or...

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

A: No, gold jewelry cannot be taken under transfer of residency, transfer of residence allows duty-free import of used household goods. The only duty-free allowance that can be availed when it comes...

Q: What are the wealth tax rules for an NRI in India?

A: As of March 31,2010 the threshold limit for wealth tax was raised from Rs. 15 lakhs to Rs. 30 lakhs. Furthermore The Indian Finance Minister, Mr. Pranab Mukherjee has proposed in the draft direct...

Q: What are the current wealth tax rules for an OCI if his assets are are owned in abroad?

A: As per the Wealth Tax Act, assets and debts located outside India shall not be included in the net wealth of an individual who is not a citizen of India. The residential Status in this case does...