Tax implications for an NRI
Question: I have been staying in Brussels for work since 1st April 2017 and will be travelling to India on 11th November 2018, I will be travelling back to Hungary for work by 31st January 2019. I need to know if i will be considered NRI or Resident for tax purpose for current financial year?
Raju Kanumuri: Your taxability in India depends on what your NRI status is for the current financial year. Any Indian citizen who leaves the country for a job or to serve as crew in an Indian ship for more than 182 days (6 months) in a year is considered an NRI for tax purposes. For example, if you have been sent on a short-term project abroad and you have been earning in foreign currency, then it is taxable in India provided you’ve lived in India for more than six months that year. So being clear about your NRI status for the year is the most important first step to filing your tax returns in India. For further more information you can follow the link https://www.videshi.com/nri-information/income-tax-rules-for-nris
Q: Can residential/commercial property be mortgaged by NRI?
A: The sale proceeds of immovable property acquired by way of gift should be credited to NRO account only. From the balance in the NRO account, NRI/PIO may remit up to USD one million, per financial...
Q: How can an NRI make payment for the purchase of residential property in India?
A: Payment can be made by NRI / PIO out of :
Funds remitted to India through normal banking channels or
Funds held in NRE / FCNR (B) / NRO account maintained in India
No payment can be made...
Q: Is repatriation of the application money for booking of flat/ payment made to the builder by NRI allowed when the flat is not allowed or the booking contract is canceled?
A: The Authorised Dealers can allow NRIs / PIOs to credit refund of application/ earnest money/ purchase consideration made by the house building agencies/ seller on account of non-allotment of flat/...
Q: If the rupee loan was taken by the NRI from an authorized dealer for the purchase of a residential property can an NRI repatriate the sale proceeds of such property?
A: Yes, Authorised Dealers have been authorised to allow repatriation of sale proceeds of residential accommodation purchased by NRIs/ PIOs out of funds raised by them by way of loans from the...
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.