Sir thank you 🙏🏽✨🙏🏽pl also focus on a large community of OCIs relating to investments, procedures in acquiring property, thats is one untapped huge group that also watches you, many are now living in India ( yes you will be surprised - for work and some retired) while many are still abroad and may or may not think to come back to Bharat. There is much confusion between NRIs and OCIs as people still ask for Aadhaar card from the latter. On taxation, reinvestment time periods etc. Would be good topics. You will get so many views of interest just because NRI and OCIs are different, have different concerns, different applicable regulations. Many do visit india/ Bharat during this time so it will also be very timely for them to rethink their strategy. Sir, pl look into this point🙏🏽 Thank you for your videos.
Thank you for the video. Can you help clarify on what should be done on Mutual Funds and Stocks invested in India through NRE accounts for returning NRI’s.
Dear Mr. Bhat, Greatly appreciate your investor education videos and knowledge sharing. I wish to clarify that the RFC account is basically an extension of FCNR deposits for returning NRI’s and NRE INR deposits can be moved to RFC DEPOSITS after their maturity. Also pls. Attach the reference document of Mr. Arun for downloading
I have changed my citizenship to UK and I am an OCI now, I am a resident in India but I work couple of months in a year in UK . What do I do with my NRE /NRO account? Which account should I hold in India? Resident account or RFC account?
Thanks Mr Bhat and Arun for the detailed information. Can a returning NRI continue to hold the overseas bank account and the foreign brokerage accounts ? How long can hold? Is there any disclosure requirement to RBI or IT department?
Very informative video. I have been a regular viewer and the information that you share with us is very insightful. I have question regarding the taxation. For eg: let say I have 1 Cr in my NRE FD Deposits, after changing the resident status from NRE to Normal Indian Resident. How the taxation would be. The tax would be for the entire amount in this case for 1 Cr (so based on the Tax slab, I will have to pay 30% tax on 1 Cr which is 30 Lacs) or the taxation would be on the interest amount for that year. In above case if its FD with 7% interest, the tax will apply for 7lacs accrued as interest. for that year. Appreciate your response.
Sir, I need clarity on one aspect...i am living in Dubai and have all my earned money in to NRE account in INR. Now i am planning to return back to India in January 2024....and may come back to UAE after an year or two years. Should I transfer all my money in to RFC account? Because if I remit all my money in to resident saving account then when i regain my NRE status i won't be able to re-designate it in to NRE account and will have to covert this resident saving account into NRO account where wealth tax would apply on the earned interest....but in fact money in this account is related to overseas earned money and not an income earned in India. what option should be more appropriate for me?
hi sir very informative information . one query i have. if i want to send dollars to my son who resides in US how much is the limit for amount that i can send and what will be impact on him in US as regards to tax liability he. please advise.
Thank you Dr Bhat for the great information I am a little confused In one of your earlier videos you said that an ex NRI can hold foreign currency in RFC for up to two years only . Now according to the interview its said RFC can be held for as long as a person wants Kindly clarify Thank you
I have couple of questions 1. I am staying in India for just couple of years so is it better to open RFC and use that account or do you suggest any other accounts 2. While in India, only the interest earned from RFC account amount will be taxed. Is my understanding correct?
Is there a tax of 20 per cent payable if i have to transfer money from the rfc account to overseas if i remain as a resident of india permanently after returning back from foreign land.secondly if i again become an nre then is rfc account convertibke to nre account wihtout any tax payable.
