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FREQUENTLY ASKED QUESTIONS (FAQs)

INCOME - TAX

1.)

When and how one is treated as NRI under the Income-tax Act,1961?

 

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2.)

In respect of Capital Gains under the Income-tax Act,1961 one is not liable to Income-tax if he reinvests in specified assets or if he has capital loss in other assets. Is there any procedure to ensure no deduction of tax from Capital Gains in such a situation.?

 

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3.)

What is the time limit to file the Return of Income to claim refund of tax deducted in various years?

 

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4.)

Is there any concessional rate of taxation for NRI, under the Income tax Act, 1961?

 

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5.)

Is it possible for NRI to get the benefit of lower rates of taxation under Double Taxation Avoidance Agreement even at the time of tax deduction at source?

 

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6.)

What are the tax-liabilities of persons leaving India for good for Income earned in India in the year of departure?

 

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7.)

What are the tax-liabilities of Returning NRI's?

 

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FEMA

1.)

When and how one is treated as NRI under the Foreign Exchange Management Act,1999?

 

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2.)

As NRI, I have inherited assets held in India by my parents. Can I repatriate sale proceeds of assets inherited by me?

 

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3.)

There are complicated legal procedures for transfer of assets from deceased to legal heirs. Is it possible to arrange the documents of all the assets in a manner which ensures smooth transfer to NRI legal heirs? Is it necessary to prepare WILL of each member of the family?

 

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4.)

I am holding substantial assets in India. My entire family is settled outside India and hence holding assets in India is not usefull. What are my rights of repatriation of these assets?

 

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5.)

I am holding residential property in India. I wish to sell it to an NRI settled outside India can I receive payment directly from him outside India and transfer property to him.?

 

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6.)

I was holding NRI Bonds-1988/NRI Bonds(Second series) of State Bank of India, which has matured. As per terms of the issue, the principal and Income were not repatriable but as per new FEMA/FERA provisions it is permitted for repatriation. Can I get the Income from these Bonds repatriated in Foreign Exchange and what is the quantum?

 

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7.)

After remaining Non-resident Indian for many years, I want to come to India for good. I have assets both in India as well as abroad. Kindly let me know whether I can retain assets held outside India? What are the tax consequences?

 

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8.)

I am an NRI settled outside India since couple of years. What are the legal compliance I am required in relation to RBI, Income-tax department and assets held in India.?

 

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