US born child with Indian passport face problems in India
Question: Will US born child with Indian passport face problems in India?
Raju Kanumuri: 1.Yes! you can get a Indian passport for new born child in USA. Once your child is born in USA, you would have the option of applying for an Indian passport for your new born child at the Indian consulate in USA. However, to get Indian passport, you should not have applied for a US passport. If you have already applied for a US passport for your child, then the Indian passport application will be rejected.
Kindly note that even though you may opt to get a Indian passport for your newborn, your child will always be considered to be a US citizen under US law. Unless, on reaching the age of majority, US citizenship is formally renounced.
2.If all your family, including your new born child remain Indian citizens, I can’t foresee any problems your child may face in the early stages. However at some point of time when sensitive government jobs etc. come into play, then there is a possibility that your child’s US citizenship may cause hindrance.
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.