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What is Benami Property – All you need to know

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Last updated : 20th November, 2016 You must be hearing this word a lot now a days – “Benami property”. Government is taking actions to remove corruption and black money. After demonetisation of Rs 500 / 1000 notes, government is now starting to take action against benami properties. What is Benami property – As the name suggest, it means property without a name. In such transaction, the person doesnot buy the property in his / her name but buys in some other name. Exclusions for benami transactions: If the property purchased in name of spouse or child if the joint ... Read More »

NRE FD Rates Comparison September 2016 – Fixed Deposit Rates

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Last updated : 17th September, 2016 NRE Fixed Deposit is one of the best investment for NRI, if they are looking to invest their money in India. In this post, I have compared the NRE FD Rates offered by different banks in India. Benefits of NRE FD 1) Interest earned on NRE FD is tax free in India. 2) Currently exchange rates for INR are higher, so you will get more INR for your foreign currency. 3) Banks are offering good Interest rates on NRE FD, as RBI wants more foreign currency inflows into the country. NRE FD Rates Comparison ... Read More »

Check if you are Resident or Non Resident under Income Tax Act ?

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Last updated : 30th May, 2014 Many NRIs are not aware that the he concept of “Non-resident” is different under  Income Tax Act  & under FEMA. Under Income Tax Act, the status depends on the actual number of days for which one stays in India. A person is Resident in India 1) if he is in India for more than 182 days during the fiscal, beginning 1 April and ending 31 March. OR 2) If he is in India for 60 days or more during the year and 365 days or more during the earlier 4 fiscals. If you fulfil ... Read More »

Send Money from UAE to India instantly – Emirates DirectRemit

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Last updated : 15th May, 2014 UAE-based bank ‘Emirates NBD’ has launched ‘DirectRemit’ service which would enable customers to speedily transfer money to other banks in India. A first-of-its-kind remittance service, it would also allow Non-Resident Indian (NRI) customers to remit money to any HDFC Bank Account in India in just 60 seconds. Money Transfer time Emirates NBD said with the launch of this service, customers can transfer money to other banks in India with their remittance being processed within an hour. Delivery to HDFC Bank is immediate, Mon-Sat 7am-8pm UAE time. All other bank credits will take 60 minutes, ... Read More »

Can NRIs invest in Public Provident Fund (PPF) in India?

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Last updated : 23rd April, 2014 Public Provident Fund (PPF) is one the best investment options in India which provides risk free & tax free returns (8-10%). But, Can NRIs take benefit of this investment option? Let’s discuss in detail. 1. I am an NRI. Can I open NEW PPF Account? No, an NRI can’t open a new PPF Account in India. However, he can maintain the existing PPF Account opened when he/she was resident. 2. I opened PPF account when I was in India but now I am working outside India. Can I continue with this PPF account? Yes. ... Read More »

Should NRI file Income Tax returns in India ?

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Last updated : 14th March, 2015 If you are an NRI, are wondering whether you need to file Income Tax returns in India, this post will help you . Any Income which accrue or arise in India, wil be taxable in India. For e.g common income which are taxable in India are – Bank Interest, Fixed deposit Interest, Profilt / Loss from Shares, Mutual Funds, Bonds, Rental Income, Profit / Loss from Sale of Property in India etc.  When an NRI should File IT Returns in India? As an NRI, you should file your income tax returns in India,  if ... Read More »

Transfer money to India – Best Exchange Rates Comparison

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Last updated : 9th April, 2014 Over the last 1 year, Indian Rupee has  depreciated against major currencies like USD, GBP etc  the exchange rate is quite good if you want to convert foreign currency into INR and send money to India for Savings or Investment. So, What is the best way to transfer your money to India and get best exchange rates for your hard-earned money ? In the table below, I have included the Exchange rates indicated for GBP = INR  by various money transfer services: Various Options to transfer money to India from UK, USA, Canada, Singapore, ... Read More »

NRI Bank Accounts – NRE / NRO / FCNR

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Last updated : 28th March, 2014 As NRI, you can open following different type of Bank accounts in India based on your requirements: NRO – Non-Resident Ordinary Account NRE – Non Resident External Account FCNR (Foreign Currency Non Resident) NRE  Account vs NRO Account vs FCNR Account – Key Features   NRE NRO FCNR Type of Account Savings, Current, FD Savings, Current, FD FD Held in Currency INR INR USD, GBP, EUR, AUD, CAD Source of Funds Remittance from Overseas or Transfer from existing NRE/ FCNR Accounts Local Income in India (Rent, interest or dividend income). Transfer from existing NRE ... Read More »

NRI – How to claim Income Tax refund

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Last updated : 23rd April, 2014 Any interest earned in NRO Account is taxable and TDS of 30% flat is deducted by the Bank. There are few ways by which you can reduce this tax amount. 1) Check for DTAA – If the DTAA between India and country of your residence allows a lower rate of TDS India has Double Taxation Avoidance Agreement (DTAA) with many countries under which a lower rate of tax is deducted. For e.g. if you are residing in US or UK, a concessional rate of 15%  will de deducted (instead of 30%) provided you complete ... Read More »

Form 15CA & 15CB – Revised rules – NRI / Non-resident Payments

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Last updated : 9th April, 2014 As per the revised rule, Form 15CA/CB is APPLICABLE only if a person responsible for paying to a non-resident, any interest or salary or any other sum chargeable to tax under the provisions of the Act. It means, NO CA Certificate in Form 15CB and NO furnishing of Form 15CA to the Income Tax department for any payment or money transfer out of India that is NOT Taxable. As a result, Form 15CA/CB may not be required for the transfer from NRO to NRE or for outward remittance from NRO funds.    2. For the nature ... Read More »

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