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: If the immovable property was acquired by way of gift by the NRI/PIO, can he repatriate abroad the funds from the sale of such property?
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: Can an NRI own property in India, If I return to India will it be taxed in India and US?
A: Yes, as a PIO, you are eligible to buy property other than agricultural property. On your return to India, you will be an RNOR for 2 years during which your forex income will not be taxable in...
Q: What is the TDS deducted on NRO fixed deposit interest?
A: The interest on NRO is fully taxable at the rates applicable to Residents. But there is no income threshold under which TDS is not chargeable. However, TDS is applicable to @30.6% and nothing can...
Q: Are NRE savings deposits tax-free and fully repatriable?
A: The interest from NRE account is tax-free in India as long as you are NRI and have not returned to India permanently.
Q: If I invest in Indian mutual funds using a cheque issued from my NRE account, are the gains taxable?
A: The gains are always taxable whether the original amount is repatriable or not. However, long-term capital gains from equity-based schemes (over 65% equity component) are tax exempt.
Q: Are all capital gains fully repatriable?
A: All capital gains from whichever source are repatriable after taxes, if due, have been paid thereon.
Q: How long will it take to process an application?
A: can you please mention the application name which you want to process.