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TAX & REPAT BONANZA FOR NRIs!

With RBI allowing free transfer of funds from NRE to NRO Accounts, NRIs can plan tax exemption & easy repatriation!                          In the past decade, the Reserve Bank of India (RBI) has granted liberal facilities to Non-Resident Indians (NRIs), not only for repatriation of their current income earned in Indian Rupees, but also for remittances for specified purposes and substantial repatriation out of...

BANK ON TERM DEPOSITS FOR AVAILING TAX SAVING

Investing in the ‘Tax Saving Deposit Scheme’ can be a great choice for NRIs & HUFs who cannot invest in PPF!               The Finance Act, 2006 enlarged the scope of investments and allocations eligible for deduction under Section 80C of the Income-tax Act through the inclusion of ‘a term deposit for a period of 5 years or more in accordance with a scheme framed by the Central Government.’  Pursuant to this,...

GLOBALISE YOUR INVESTMENTS!

Sell a Land in Ahmedabad & Enjoy Tax Exemption Via Investment of an Apartment in London! It may appear too good to be believed, but it is true! With the Foreign Exchange Management Act (FEMA) having liberalized remittances by resident Indians for their annual overseas investments upto US $ 2,00,000 and with the Income-tax Act enabling tax exemption of long term capital gains (LTCG) in case of an investment made...

NRIs CAN FEEL AT HOME!

Liberalized Regulations For Acquisition, Transfer & Repatriation For Immovable Properties Held By Non Residents Thousands of Non Resident Indians (NRIs) settled overseas fly frequently to India, the home of their hearts. Many of them yearn to have a land or house of their own in their native land, either for future settlement or even to share rental gains or just property appreciation. There are those who have...

DTC TREATS NRIs AS ‘NOT REQUIRED INDIANS’

Harsh Taxing Provisions & Tinkering with Residential Status under the Code are bound to irk the Global Indian Community! Amrish Amin, a Non Resident Indian (NRI) settled in U.K. earns interest income of Rs.3 lakhs on his Non Resident Ordinary (NRO) Account Bank Deposit in India in the current FY 2010-11. Enjoying his personal exemption limit of Rs.1,60,000 and the eligible deduction of Rs.1,00,000 under Section...

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