NRI Guide

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FEMA Guidelines For Outward Remittance

Every country has its own guidelines on the money going in and going out. This includes India which is a country...

What Happens When You Declare Money At Customs

International traveler need to mandatory undergo customs check while traveling through international passages and...

How To Exchange Indian Rupee To US Dollar In USA

With the growing population of visitors (for various reasons such as education, career, and medical, among others) to...

Checklist For Travelling To USA From India

Every country has mandated instructions for any visitor visiting the country which needs to be followed by the...

Temporary Green Card Travel Restrictions

Green Card or a Permanent Resident Card is issued to all the permanent residents of USA which serves as a proof that...

How To Repatriate Money From NRO Account?

Repatriation of funds becomes necessary when an individual settled outside India has some immovable assets which he...



Ask, Answer & Discover

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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: Are fund units liable to wealth tax?

A: No. Units issued to overseas investors will not be treated as assets as defined under section 2(ea) of the Wealth-Tax Act, 1957 and hence will not be liable to wealth tax.

Q: Can you buy property in India without Indian citizenship?

A: Only individuals with Indian citizenship are allowed to own property in India or they should at least own an OCI card.