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Showing posts from May, 2019

Can NRIs Open NPS (National Pension Scheme) Account in India - Tax Saving Investment

Yes, NRI can now invest in NPS or National Pension Scheme in India . Recently, on July 2015, PFRDA, the Pension regular has clarified that Non Resident Indians (NRIs) can invest in National Pension Scheme (NPS) to save for their retirement and get a social security cover. Earlier, there was some confusion whether NRIs are allowed to put money on NPS or not, but given that NRIs are allowed to invest in mutual fund and insurance , RBI and PFRDA give clarification that NPS is also an eligible investment for NRIs. Read more »

How to Save More Tax by investing in National Pension System

Good News for all income taxpayers of Indian. Now, they can reduce additional 50 Thousand INR on taxable income by investing in the National Pension System (NPS) for the financial year 2015-2016. This may result in the tax saving of around 15 thousand INR, which is not a small amount. Add another 15K and you can have a foreign trip. Read more »

Is Aadhaar card Mandatory for NRI?

Ever since the income tax department of India made it mandatory to linked PAN card to Aadhaar card and ask every taxpayer to quote Aadhaar card number into the income tax return, many NRIs become worried. The reason was simple, most of them don't have Aadhaar card, but now Aadhaar card seems mandatory even for applying for PAN card. As far I know, from 1st July 2017 you cannot apply for PAN card without Aadhaar and without PAN card you cannot do a transaction involving more than 50,000 INR. So does this mean Aadhaar Card is mandatory for NRIs, PIOs, and OCI card holder? Read more »

10 Points NRIs should know about Income tax in India

Many NRIs are not aware of income tax laws in India and doesn't know whether they have to file income tax returns in India or not. Sometimes they also wonder, do they have to include income earned in the USA as well or only income earned in India would be taxable? Other doubts which come in minds is whether interest earned on NRE , NRO , and FCNR deposits should be counted as taxable income or not. What about long term equity gains? Read more »

Can You Open a Joint NRE or NRO account (savings and fixed deposit)?

Yes, you can open a joint NRE or NRO savings, current or fixed deposit and FCNR fixed deposit account , but who you can use as joining partner depends on upon what type of account you are opening and citizenship of other account holders. For example, if you are opening an NRO (Non Resident Ordinary) savings, fixed deposit or current account then you can open it jointly with any resident Indian or NRI. It means you can open NRO account jointly with your parents, spouse or your siblings, of course, if they are staying in India or any NRI e.g. your wife and children which are staying abroad with you. Read more »

Is it Mandatory to Open NRI Accounts for Indians Living Abroad? [Answered]

If you have recently moved overseas from India and wondering should you open an NRI account or not then you should read this article. Do I receive questions like why should I open an NRI account? Is it mandatory for NRI to open NRE or NRO account? and much more on similar lines. I'll try to answer some of these questions in this article. First of all, it's not mandatory for an NRI to open NRI bank accounts in India , but it is mandatory to convert your resident bank account to NRO account according to FEMA law. Read more »

How to Calculate Long Term Capital Gain on Property/House Sale With Indexation Example.

Yes, both NRIs and Resident can remit the money obtained by selling properties in India, but you have to take a couple of things in your mind. For example, the sale proceeds amount must be deposited into NRO account , it cannot be deposited into NRE account . Similarly, you may be liable to pay the short term or long term capital gains while selling the property situated in India. If you are selling the property within 3 years of purchase then you need to pay short-term capital gain and if you are selling the house after 3 years then you have to pay long-term capital gains I India. In case you have inherited the property then the date of purchase and price of purchase of the previous owner will be used for calculation. Read more »

Best Site for Online Instant Money Transfer to India from Australia - Remit2India

Remit2India, one of the popular remittance service among NRIs has recently launched an instant money transfer service from Australia to India. Which means now you can remit money instantly, earlier it used to take 2 days. Along with Instant money transfer, Remit2India is also offering savings up to Rs. 3K+ as compared to local banks in Australia because of competitive exchange rates and lower fees (though subject to change given fluctuation in exchange rates).  So if you are sending money from Australia, it's worth looking at what exchange rate Remit2Inida is offering? You will usually get better exchange rates and believe me that matters, especially if you are transferring money in excess of 20000 AUD. Read more »