Q: Can I deposit Indian rupees in my NRE account?
A: No, you cannot deposit Indian rupees into NRE account. since NRE saving account is on par to FCNR deposit.
Q: Can NRI transfer money out of India?
A: Interest earned and balances held in NRE and FCNR accounts are not taxed and can be freely repatriated abroad. The RBI allows NRIs to transfer money from NRO to NRE account, subject to an overall...
Q: Can NRI sell inherited property in India?
A: An NRI can gift away the inherited property or sell the same and remit the money outside India. NRI can gift the inherited property, only to a person who is resident in India or an NRI.
Q: At what rates are remittances in foreign currencies made by NRIs converted by banks into rupees?
A: Such remittances will be converted by banks at the market rate of exchange.
Q: Can NRIs send drafts issued by exchange houses for the acquisition of residential flats in India?
A: Yes. NRIs can send drafts issued by Exchange Houses in favor of co-operative housing societies/estate develops for the acquisition of residential flats in India in individual names.
Q: What about tax benefits on funds held in FCNR accounts?
A: Tax Exemption on interest earned on deposits held in foreign currency is available to non-residents and persons who are not ordinarily resident in India as defined under Income-tax Act, 1961.
Q: Are there any tax concessions available to NRIs on deposits held in NRE and FCNR accounts?
A: Yes. Income from interest on money standing to the credit of NRE/FCNR accounts is exempt from Income-tax. Gifts from such accounts to close relatives are also free of Gift-tax.
Q: Is it possible for an RNOR to get an exemption for the allowed two years for his interest income of his FCNR and NRE ac?
A: RNOR are almost treated like NRIs when it comes to taxation. As per income tax rules, the interest on foreign currency deposits in Indian banks is exempt for non-residents and RNOR. Hence interest...
Q: Can an NRI of non-Indian origin hold any immovable property in India acquired through inheritance from a person resident outside India?
A: With specific approval from the RBI, a resident outside India may hold an immovable property in India acquired through inheritance from a person resident outside India, provided the owner had...
Q: What kind of properties can NRI avail home loans for?
A: To purchase a house which is either ready to move in, under construction or bought from another owner, an NRI is eligible to apply for home loans. Additionally, NRIs can apply for home loans