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.
Q: What are the documents required for an NRI to buy a property?
A: The following are the documents required for an NRI to buy property in India
* Pan card (permanent account number)
* Oci/PIO card
* Passport size photographs
* Address proof
Q: What is the tax treatment for income generated from property selling or renting for NRI?
A: The mere acquisition of property does not attract income tax. However, any income acquiring from the ownership of it, in the form of rent/ annual value of the house (if it is not let out and it is...