Hello, thank you for this informative video. What about mutual fund investments through distributor (regular plan) - how are these handled for Indian income and foreign income?
Very good information helpful and great advice excellent explanation amazing. N. R. I. Very good discussion informative analysis and lectures motivational lessons sessions positive topic well done interesting salute sir useful valuable video thanks you God bless you always sir respected Mr ca Sri ram rao sir jai hind 🙏🇮🇳🇮🇳🙏
In case of joint Bank a/c where 1st holder is father,2nd holder is son and son is NRI at present, what is to be done where all the investments done comes only from father's salary?
The joint account can be between a Non-Resident Indian and his resident relative. However NRI cannot deposit any money in the form of cash, cheque, direct credit in this account.
In the same bank, if the son has nre account, he cannot be a joint holder in a resident savings account held by father even if he is a secondary account holder.
Sir all this structure is very complicated. It might be great if govt can make it simple for NRIs like single bank and demat account with just status update.
Its not complicated, its there for a purpose.. foregin investments need to be monitored and regualted when they are being invested into indian equity..
Thanks for very informative videos , I have a query that I'm karta in HUF firm relating to my agriculture land . now I have become NRI can I continue my HUF status.
My wife and me have obtained a CANADA PR under Parents and grand parent program. We went to Canada for few months and are back in INDIA. We have not yet decided to move permanently to Canada. My question is are we compulsorily required to convert our SB accounts to NRO now are leave it till we finally decide to pack up and go? Please advise as this may be a situation your videos have not touched upon
Very informative video Sir 🙏 I have one query about HUF A/c. My son is HUF member with me as Karta. We hold agricultural land and IT return is filled every year. What will be the status when my son becomes NRI.
After returning back to India should I apply for a change in IT jurisdiction or should I continue mentioning the same IT jurisdiction while filing returns
When I was nri I opened and maintained nre account. When I back to india and stayed more than 182 days my nre account changed to resident account and after some days I again become nri and in that case whatever money earlier transferred to resident account will also be transferred to nre account ?, please give a clarification.
If I have a joint sb account where I am a second holder . What are the obligation in that case . As the first owner is still residential and second owner is nri
Very Very informative n helpful videos Dr.Bhat, just 1 question, can a OCI card holder, having pan card as well as adhar card, open new LIC or some mutual funds account.
Sir, solve my query that can I deposit money from other sources in my NRE account suppose my mother has given me gift money and any other kind of money?
Some depository participant ( SAS in my case) don't have the option to convert/ re designate resident demat to NRO demat. In such case is it okay to continue to hold account if there is no further new buy /sell of shares ?
Another master piece Mr. Bhat. A quick question : My relative who is an Indian citizen came to visit me in 2019 but remain stuck here due to pandemic. Will he be considered as NRI given he spent almost 2 years overseas ?
He will be considered as person resident in India since he is neither having any intention to stay outside India nor exercising any employment/business outside India.
@prash: He is NRI per Indian income tax definition. NRI is only defined through physical residency (definitely not through intention). Even if he is not having income source in foreign but merely staying there, he will still be considered “Non-Resident Indian”. When he will fill taxes, he should declare himself as Non-Resident Indian - as an NRI, you are only supposed to pay taxes for India originated income. For foreign originated income, you need to fill taxes there only and if the foreign country and India have some tax treaty, you get tax points which is designed to avoid double taxation. Instead of asking, google yourself first.
Sir, in my case icici open two NRO SB account and two demat account. Which they called NRO-pins demat account and Non-nro pins demat account. Icici young employees are failed to explain me. Why those two demat account are required. Also In case two demat account are require. Why can't those two demat account linked to one NRO SB account?
Thanks for the insightful videos. I have one question - My brother is employed since May 2022 by a Dubai company and he is based in Saudi Arabia using a Business visa. In between, he visited us for 15 days during the Eid break and also went to Dubai for a few days to satisfy the business visa requirements. He is not having Iqama so he receives all his money in an Indian savings bank account directly from the employer. Q1. Will he be considered an NRI from a taxation point of view? Q2. If yes, will his income be taxed in India even though he is an NRI and in Saudi Arabia, there is no Income tax?
Sir, can I transfer funds from NRO account to any resident Indian by issuing cheque in his name or are there any restrictions attached, would appreciate your reply, thanks
What should do with the money lying in a proprietorship account after becoming NRI. My father was taking care of my proprietorship company and now close the business but expecting some money from the debtors of the company otherwise the new business activities are not doing further. Pl suggest how i can treat my current account.
I am a proprietor in india and will soon become an NRI. I do not wish to close my business in India. Can I continue to run this business as NRI proprietor? Pls advise. Thank you!
Really appreciate the efforts of this channel for NRI community. I have a question, if you are using NRE account for buying shares (through PIS) and shares are sold at later stage then capital gains are non taxable ?
For Example: I am the owner of a Startup or Large Business and have Rupees ₹200 Crore in Assets (Property, Office etc.) I have decided to Emigrate to Switzerland and become NRI. The amount allowed by FEMA to be taken out of India is US$ 1 Million per year. ₹200 Crore equals to say US$ 25 Million. So it will take me 25 Years to pull all my Funds out of India.😄😄😄
Can credit card be continued if it is attached to NRO SB account.? Or NRIs should not hold Indian credit card at all.? Can trading be done in NRO trading account which is attached to NRO SB and NRO Dmat account..?
Hi, I moved to Sydney on Apr 12, 2022. When should I change the NRI status in the bank account and demat account. Should I change now only or after completing 183 days outside India.
Dear Dr.Bhat, My mom 84 year was govt employee, now she is US citizen and receiving govt pension, All fund are continue to deposited in her savings account which was opened while she was India resident. What is legal way to transfer her account to NRO since she continue to receive pension from Govt.
The joint account can be between a Non-Resident Indian and his resident relative. However NRI cannot deposit any money in the form of cash, cheque, direct credit in this account.
Sir, I working in Australia, I have NRO account. Can I transfer money to my parents account from my NRO account or from Australia money transfer. My parents have to pay tax or free . How much money can transfer.
Thanks for this informative video. Is opening of nre account mandatory? I don't want to park my money earned abroad in India. Will converting SBA to NRO account sufficient to continue to hold my Indian income and pay my bills in india? Further, can I directly send money from my overseas account to my parent's indian account for their expenses using wire transfer? Please advise. Thank you!
Mr Dhanush, Between 15:00 and 16:00 in the video on discussion about NRI agricultural land that was acquired while he was a resident, it is not mentioned the amount limits NRI can repatriate from sale proceeds of agricultural land and under what scheme. Is 1 Million dollar scheme applicable to agricultural land sale proceeds?
Yes, the limit of 1 million USD is applicable for repatriation of sales proceeds of agricultural land which was acquired when you are resident in India.
If I want to gift part of my own earnings through PF funds received post my superannuation- to my son and daughter post acquiring my provisional resident status in other country : any issues I need to know ??
What are the tax implications when investment in demat account has to be changed to NRO demat account when a person becomes NRI, especially the tax implication when he sells his investment.
There is no tax liability when you transfer shares from resident demat account to NRO demat account. However, when you sell the shares, the capital gains you earn from equity funds are subject to capital gains tax. You have either short-term or long-term capital gains depending on the holding period of your investment. For instance, the capital gains you earn from equity funds for a holding period up to one year are called short-term capital gains or STCG. If they are held for more than one year, then it is called as long term capital gain. Short term capital gain is subject to tax at the rate of 15%. The Long-term capital gains (LTCG) over Rs 1 lakh on equity shares per financial year is taxable at the rate of 10% without the benefit of indexation.
Talked to ICICI yesterday. They are telling me to continue using them. They told me Credit cards don’t have Regular/NR status like bank accounts. Also told me to pay the bill only from NRE / NRO account.
I live in nepal but i am an indian …am i a nri … we dont need passports to travel from india to nepal … I travelled on voter id … so if I register myself in the Indian embassy here then will these rules be applicable on me also?
I heard if one property is sold in India and the funds are used to buy another property within 6 months , the NRI is not subjected to income tax in India. Is this true ? Please help.
There are specific rules for different kinds of assets including immovable property. It also depends on the nature of property transferred and acquired.
Excellent video again Dr Bhat. appreciate the content and kudos to the hardwork you have been putting in your videos. There's some disturbance in the audio of today's video, maybe this could be checked.
Great video and very informative. One question is about PPF- what happens once it reaches maturity? Does it get taxed when it is deposited into an NRO account? Thanks
Thank you sir. However, how will the bank determine which amount in NRO is from PPF maturity? Is the account holder required to fill out any form..thanks
@@indrajitba33nerjee97 Banks are not having authority to tax the credits to your NRO bank account. However they will deduct tax from your interest income from NRO bank account. When you are repatriating the amount from your NRO bank account, the banks has to ensure that these are are tax paid funds for which you have to obtain Form 15CA/CB from Chartered Accountant.
@@dhanushbolar7751 Perfect advice from Mr.Dhanush. I used the same guidance from his videos to repatriate the PPF maturity proceeds for my wife to her overseas account from Indian NRO account and everything went smoothly. NRI Money Clinic is the best channel on these complex financial matters concerning NRIs . Thanks so much.
Thank you sir for so informative video. I have one question. What happens if I don't do anything to my Demat account before moving abroad? I just want to hold the shares for say may be 1 year or 2 years and then after returning back to India I want to start trading as usual. Is it possible?
Thanks for the informative video. I have one question regarding PPF. If I close my SB account which is funding the PPF what will happen to PPF account in that case? Is it possible to close my PPF account and withdraw the entire amount?
@@NRIMoneyClinic could you please let me know if NRIs can keep existing unsecured credit-card which is not linked to any Savings Account & was issued while an individual was a resident of India. Considering FEMA Law & Rules of RBI
there would be some scenario where an employee would be going to foreign for an assignment of 2-3 yrs , in this case what would be expectation ... is it required to convert to NRO and convert back SB once he is back ?
I had a SB account (a couple of thousand rupees in it) while I was in India 25 years ago before becoming an NRI. But I never used the account or closed it after becoming an NRI. Will this cause any issues while selling my agricultural properties in future or while repatriating funds? Thank you!
You need to close resident savings account and you have to open NRO account. Sale proceeds from agricultural property (acquired when you are resident in India) can be credited to NRO account and repatriated under 1 million USD scheme.
@@dhanushbolar7751 could you please let me know if NRIs can keep existing unsecured credit-card which is not linked to any Savings Account & was issued while an individual was a resident of India. Considering FEMA Law & Rules of RBI
I am a Indian citizen working in Saudi Arabia countries my gross income is more than 8 lakh INR if i reduce my expenses in saudi & send remittance to My family is less than 8 lakh INR so can I eligible for apply for EWS Income CERTIFICATE .please give me reply please.
Please clarify - If I become an NRI today, it would mean that today I completed more than ~180 days outside India. Would it mean that I can hold the equity that purchased in my demat 1 month ago? OR would it mean all the equity that was purchased in this financial year will be viewed under the NRI thing?
I think it's fairly straightforward. If you buy an equity share with a demat account linked with sb account then it has nothing to do with your NRI status . If you buy a share through repatriable demat account that is linked with a NRE account then it is different
I have been here in UAE for the past three month, I have resident id valid for 2 more years . Am I an NRI?? And can i invest in mutuals funds in India from UAE Kindly please do reply
Sir, Iam an Indian passport holder having a PR in Canada. I stay sometime more than a year in Canada . I have invested in equity, and mutual funds in India. Where should I make changes in my citizenship status? Can I remain invested in equity and mfs and can I continue investing in India. Please help me.
i am second joint holder in resident saving account as resident indian and now my status change to NRI. Shall i have to update the status there also or shall i leave it as it is. which is best option pls suggest if any
@@deepakkokal939 The joint account can be between a Non-Resident Indian and his resident relative. However NRI cannot deposit any money in the form of cash, cheque, direct credit in this account. You need to intimate the bank about the change in the residential status.
Thank you very much for your informative videos sir. Please can you clarify 1. if our Aadhar card, voter Id and pan card are still valid on taking citizenship of another country? Do we need to take any actions around these? 2. Do we need to make any changes on documents of our residential property currently owned in India ?
The best person to ask you this question is the local police officer . He will show proper place for you and your money . Does not come under my domain
Hello, thank you for this informative video. What about mutual fund investments through distributor (regular plan) - how are these handled for Indian income and foreign income?
Sounds Like old time Doordarshan with meaningful information without masala
Thankyou so much for this video it addressed most of the queries
Very good information helpful and great advice excellent explanation amazing. N. R. I. Very good discussion informative analysis and lectures motivational lessons sessions positive topic well done interesting salute sir useful valuable video thanks you God bless you always sir respected Mr ca Sri ram rao sir jai hind 🙏🇮🇳🇮🇳🙏
This is Superb Channel sir giving all the vital information for NRIs👏👏👏
Please clarify how to deal with Mutual fund investments after becoming NRI
Hi sir.
What is process to bring nri money from India to UK.
In case of joint Bank a/c where 1st holder is father,2nd holder is son and son is NRI at present, what is to be done where all the investments done comes only from father's salary?
The joint account can be between a Non-Resident Indian and his resident relative. However NRI cannot deposit any money in the form of cash, cheque, direct credit in this account.
@@dhanushbolar7751 Thank you sir
In the same bank, if the son has nre account, he cannot be a joint holder in a resident savings account held by father even if he is a secondary account holder.
@dhanushbolar7751 Sir in same situation, can NRI son use this joint acc for Income Tax refund? Bcz I've been using it when I was resident.
Can't thank you enough for this. 1000 likes!
Very Useful Video sir.. Thanks a lot
Kindly make video about What steps to do If NRI return to India permanently?
Thanks
Pls tell me something about Debit card pls
Whats happens to the Sukanya account and FDs I am holding and now my status changed to NRI?
thank you for the nice information, I have one question, do we have to notify US govt for any repatriation or indian bank or indian govt will do that?
SIP request could not be processed for the reason: "Failed to processing the request."
Sir all this structure is very complicated. It might be great if govt can make it simple for NRIs like single bank and demat account with just status update.
Its not complicated, its there for a purpose.. foregin investments need to be monitored and regualted when they are being invested into indian equity..
Can more than one NRO/NRE account be opened/maintained by a NRI either in different branches of the same bank or in different banks?
Thanks for very informative videos , I have a query that I'm karta in HUF firm relating to my agriculture land . now I have become NRI can I continue my HUF status.
My wife and me have obtained a CANADA PR under Parents and grand parent program. We went to Canada for few months and are back in INDIA. We have not yet decided to move permanently to Canada. My question is are we compulsorily required to convert our SB accounts to NRO now are leave it till we finally decide to pack up and go?
Please advise as this may be a situation your videos have not touched upon
Very informative video Sir 🙏
I have one query about HUF A/c. My son is HUF member with me as Karta. We hold agricultural land and IT return is filled every year. What will be the status when my son becomes NRI.
Is holding a credit card which is not linked to any SB account is also FEMA violation?
After returning back to India should I apply for a change in IT jurisdiction or should I continue mentioning the same IT jurisdiction while filing returns
Please advise tax on dividend on equity shares held by NRI.
Can NRI opt for slabs rates or have to pay tax @ 20%
Can i open mutual fund linked to nre account
watch in 1.75x
When I was nri I opened and maintained nre account. When I back to india and stayed more than 182 days my nre account changed to resident account and after some days I again become nri and in that case whatever money earlier transferred to resident account will also be transferred to nre account ?, please give a clarification.
If I have a joint sb account where I am a second holder . What are the obligation in that case . As the first owner is still residential and second owner is nri
Dear Sir,
Please explain whether a NRI can lend money friend or company in India and what are conditions for the same.
What happens to joint account
Very Very informative n helpful videos Dr.Bhat, just 1 question, can a OCI card holder, having pan card as well as adhar card, open new LIC or some mutual funds account.
Yes he can invest in LIC and mutual fund.
@@dhanushbolar7751 , thanks very much
Sir, solve my query that can I deposit money from other sources in my NRE account suppose my mother has given me gift money and any other kind of money?
Some depository participant ( SAS in my case) don't have the option to convert/ re designate resident demat to NRO demat. In such case is it okay to continue to hold account if there is no further new buy /sell of shares ?
thanks for the video
Another master piece Mr. Bhat. A quick question : My relative who is an Indian citizen came to visit me in 2019 but remain stuck here due to pandemic. Will he be considered as NRI given he spent almost 2 years overseas ?
👆👆👉👉
He will be considered as person resident in India since he is neither having any intention to stay outside India nor exercising any employment/business outside India.
@@dhanushbolar7751 Thanks Dhanush.
@prash: He is NRI per Indian income tax definition. NRI is only defined through physical residency (definitely not through intention).
Even if he is not having income source in foreign but merely staying there, he will still be considered “Non-Resident Indian”. When he will fill taxes, he should declare himself as Non-Resident Indian - as an NRI, you are only supposed to pay taxes for India originated income. For foreign originated income, you need to fill taxes there only and if the foreign country and India have some tax treaty, you get tax points which is designed to avoid double taxation.
Instead of asking, google yourself first.
Can an NRI invest (NOT A PARTNER) in agricultural LLP like Grow Pital?
Sir, in my case icici open two NRO SB account and two demat account. Which they called NRO-pins demat account and Non-nro pins demat account. Icici young employees are failed to explain me. Why those two demat account are required.
Also In case two demat account are require. Why can't those two demat account linked to one NRO SB account?
If someone wanted to retain SB a/c after becoming NRI , is it possible. Please reply
He cannot retain his resident savings account
Thanks for the insightful videos.
I have one question - My brother is employed since May 2022 by a Dubai company and he is based in Saudi Arabia using a Business visa. In between, he visited us for 15 days during the Eid break and also went to Dubai for a few days to satisfy the business visa requirements. He is not having Iqama so he receives all his money in an Indian savings bank account directly from the employer.
Q1. Will he be considered an NRI from a taxation point of view?
Q2. If yes, will his income be taxed in India even though he is an NRI and in Saudi Arabia, there is no Income tax?
Sir, can I transfer funds from NRO account to any resident Indian by issuing cheque in his name or are there any restrictions attached, would appreciate your reply, thanks
There are no restrictions to issue cheques to resident Indian
What about the credit cards that are not linked to SB accounts?
Following this same question
To which bank account your credit card is linked?
I have a credit card from HDFC bank, but I don’t have savings account in HDFC.
@@subhalakshmi6071 Then what is the type of bank account you have in HDFC Bank?
You may continue with the card. You can pay from the NrO funds..
Can you please clarify if these are applicable to dependent spouse of an NRI.... Spouse who is not working
What should do with the money lying in a proprietorship account after becoming NRI. My father was taking care of my proprietorship company and now close the business but expecting some money from the debtors of the company otherwise the new business activities are not doing further. Pl suggest how i can treat my current account.
Thank you so much for your video, I have a question where I wanted to understand if a resident (parents) can open joint resident account with NRI?
They can , but conditions apply . Please speak to your banker
I am a proprietor in india and will soon become an NRI. I do not wish to close my business in India. Can I continue to run this business as NRI proprietor? Pls advise. Thank you!
Really appreciate the efforts of this channel for NRI community. I have a question, if you are using NRE account for buying shares (through PIS) and shares are sold at later stage then capital gains are non taxable ?
There will be tax implication on the capital gain from shares held in the NRE demat account.
@@dhanushbolar7751 Thank you.
Are you in US?
@@TheAlchemist1089 I am in Canada
@@lvssudhir3419 👍🏾
For Example: I am the owner of a Startup or Large Business and have Rupees ₹200 Crore in Assets (Property, Office etc.) I have decided to Emigrate to Switzerland and become NRI. The amount allowed by FEMA to be taken out of India is US$ 1 Million per year. ₹200 Crore equals to say US$ 25 Million. So it will take me 25 Years to pull all my Funds out of India.😄😄😄
Mr A and Mr B maintain resident account. Mr A becomes Non Resident. Can A and B continue in keeping resident account.
Possible only if B is first account holder . If A is is non resident , then the account should be converted to NRO joint account
Nice question...
Can credit card be continued if it is attached to NRO SB account.? Or NRIs should not hold Indian credit card at all.? Can trading be done in NRO trading account which is attached to NRO SB and NRO Dmat account..?
Did you get to know if you can continue your unsecured credit card or not?
The observation that NRIs can hold PPF account until maturity is factually incorrect. This requires further clarification from Mr.Bolar.
Hi Mr.Cyril. Could you please elaborate on what grounds this is factually incorrect.
Hi, I moved to Sydney on Apr 12, 2022. When should I change the NRI status in the bank account and demat account. Should I change now only or after completing 183 days outside India.
Now
Dear Dr.Bhat, My mom 84 year was govt employee, now she is US citizen and receiving govt pension, All fund are continue to deposited in her savings account which was opened while she was India resident. What is legal way to transfer her account to NRO since she continue to receive pension from Govt.
Just inform bank to convert her account to NRO account
SB account joint acct holder . Is joint account also to be closed . Father acct NRai son is a joint account holder . What is to be done?
The joint account can be between a Non-Resident Indian and his resident relative. However NRI cannot deposit any money in the form of cash, cheque, direct credit in this account.
@@dhanushbolar7751 can son make a payment of his investment payments from this joint account.
Sir, I working in Australia, I have NRO account.
Can I transfer money to my parents account from my NRO account or from Australia money transfer.
My parents have to pay tax or free .
How much money can transfer.
How can I repatriate my matured ppf amount to USA to do down payment of new house ? Please guide step by step.
There are plenty of videos on this channel on repatriation of money. Please watch and be guided
If a person is assigned foreign engagement for two years, for example post doctoral assignment, is the person would be treated as NRI ?
Yes
Thanks for this informative video. Is opening of nre account mandatory? I don't want to park my money earned abroad in India. Will converting SBA to NRO account sufficient to continue to hold my Indian income and pay my bills in india? Further, can I directly send money from my overseas account to my parent's indian account for their expenses using wire transfer? Please advise. Thank you!
NRI Demat account that means you talking about PIS or NON - PIS account right....???
If my credit card is not attached to sb account at that time what to do should i keep or close ? And what to do with my existing mediclaim policy ?
Did you get to know if you can continue your unsecured credit card or not?
@@anishaggarwal3543 no
Informative
Can an oci holder staying since long more than 3 years maintain domestic and nre ac
He cannot maintain NRE account
What has to be done for the tax saving FD booked while the person was a resident? Should/ can this be closed?
It has to be designated to NRO FD.
Mr Dhanush, Between 15:00 and 16:00 in the video on discussion about NRI agricultural land that was acquired while he was a resident, it is not mentioned the amount limits NRI can repatriate from sale proceeds of agricultural land and under what scheme. Is 1 Million dollar scheme applicable to agricultural land sale proceeds?
Yes, the limit of 1 million USD is applicable for repatriation of sales proceeds of agricultural land which was acquired when you are resident in India.
If I want to gift part of my own earnings through PF funds received post my superannuation- to my son and daughter post acquiring my provisional resident status in other country : any issues I need to know ??
There is a detailed video on taxation of gifts.. please watch and be guided
@@NRIMoneyClinic good
I have joint sb account with my mother. After becoming nri, can I continue this account.
If she is the first account holder then there is no problem
What are the tax implications when investment in demat account has to be changed to NRO demat account when a person becomes NRI, especially the tax implication when he sells his investment.
There is no tax liability when you transfer shares from resident demat account to NRO demat account. However, when you sell the shares, the capital gains you earn from equity funds are subject to capital gains tax. You have either short-term or long-term capital gains depending on the holding period of your investment. For instance, the capital gains you earn from equity funds for a holding period up to one year are called short-term capital gains or STCG. If they are held for more than one year, then it is called as long term capital gain. Short term capital gain is subject to tax at the rate of 15%. The Long-term capital gains (LTCG) over Rs 1 lakh on equity shares per financial year is taxable at the rate of 10% without the benefit of indexation.
I have credit cards in Axis and ICICI which i got without opening a resident savings account (not linked to Sb account) . Can i still hold them ?
No . Speak to your bankers and explain the case
Talked to ICICI yesterday. They are telling me to continue using them.
They told me Credit cards don’t have Regular/NR status like bank accounts.
Also told me to pay the bill only from NRE / NRO account.
@@jafargais Did you contact Axis bank too? I see ICICI has a `ICICI Bank NRI Sapphiro Credit Card` which looks like a NR status
Sir, Is PPF and EPF proceeds held before becoming NRI can be transferred to NRO account.
Yes , you can
After maturity of PPF , in which account to collect the matured money ? NRO or NRE? Is it going to be a taxable event ?
NRO... ppf is tax free
I live in nepal but i am an indian …am i a nri … we dont need passports to travel from india to nepal … I travelled on voter id … so if I register myself in the Indian embassy here then will these rules be applicable on me also?
I heard if one property is sold in India and the funds are used to buy another property within 6 months , the NRI is not subjected to income tax in India. Is this true ? Please help.
There are specific rules for different kinds of assets including immovable property. It also depends on the nature of property transferred and acquired.
"Emandate/Enach is not allowed for NRI"
Excellent video again Dr Bhat. appreciate the content and kudos to the hardwork you have been putting in your videos.
There's some disturbance in the audio of today's video, maybe this could be checked.
Great video and very informative. One question is about PPF- what happens once it reaches maturity? Does it get taxed when it is deposited into an NRO account? Thanks
No, maturity proceeds will not be taxed.
Thank you sir. However, how will the bank determine which amount in NRO is from PPF maturity? Is the account holder required to fill out any form..thanks
@@indrajitba33nerjee97 Banks are not having authority to tax the credits to your NRO bank account. However they will deduct tax from your interest income from NRO bank account. When you are repatriating the amount from your NRO bank account, the banks has to ensure that these are are tax paid funds for which you have to obtain Form 15CA/CB from Chartered Accountant.
@@dhanushbolar7751 Thank you for your prompt response
@@dhanushbolar7751 Perfect advice from Mr.Dhanush. I used the same guidance from his videos to repatriate the PPF maturity proceeds for my wife to her overseas account from Indian NRO account and everything went smoothly. NRI Money Clinic is the best channel on these complex financial matters concerning NRIs . Thanks so much.
Thank you sir for so informative video.
I have one question. What happens if I don't do anything to my Demat account before moving abroad? I just want to hold the shares for say may be 1 year or 2 years and then after returning back to India I want to start trading as usual. Is it possible?
Thanks for the informative video. I have one question regarding PPF. If I close my SB account which is funding the PPF what will happen to PPF account in that case? Is it possible to close my PPF account and withdraw the entire amount?
SB account needs to be closed and replaced by NRO account.
@@NRIMoneyClinic could you please let me know if NRIs can keep existing unsecured credit-card which is not linked to any Savings Account & was issued while an individual was a resident of India. Considering FEMA Law & Rules of RBI
there would be some scenario where an employee would be going to foreign for an assignment of 2-3 yrs , in this case what would be expectation ... is it required to convert to NRO and convert back SB once he is back ?
That is correct
I had a SB account (a couple of thousand rupees in it) while I was in India 25 years ago before becoming an NRI. But I never used the account or closed it after becoming an NRI. Will this cause any issues while selling my agricultural properties in future or while repatriating funds? Thank you!
You need to close resident savings account and you have to open NRO account. Sale proceeds from agricultural property (acquired when you are resident in India) can be credited to NRO account and repatriated under 1 million USD scheme.
@@dhanushbolar7751 could you please let me know if NRIs can keep existing unsecured credit-card which is not linked to any Savings Account & was issued while an individual was a resident of India. Considering FEMA Law & Rules of RBI
I am a Indian citizen working in Saudi Arabia countries my gross income is more than 8 lakh INR if i reduce my expenses in saudi & send remittance to My family is less than 8 lakh INR so can I eligible for apply for EWS Income CERTIFICATE .please give me reply please.
Please clarify - If I become an NRI today, it would mean that today I completed more than ~180 days outside India. Would it mean that I can hold the equity that purchased in my demat 1 month ago? OR would it mean all the equity that was purchased in this financial year will be viewed under the NRI thing?
I think it's fairly straightforward. If you buy an equity share with a demat account linked with sb account then it has nothing to do with your NRI status . If you buy a share through repatriable demat account that is linked with a NRE account then it is different
Wonderful real information
RI demat shares can be transferred in NRI demat or NRO demat or anyone?
Only NRO demat account
Hello sir..I am investing in mutual funds linked to my nre account.when the investment matures can it be credited back to my nre account?
Yes, you can credit it to your NRE bank account
Can NRI open both NRE & NRO account ??
Yes ,you can
1st thing to stop talking with your friends in india otherwise they will ask for money after one year 🤣😂
😂now i am suffering issue
Home loan emi can paid by nre account?
(Automatic amount paid)
Yes it can be paid
I have been here in UAE for the past three month, I have resident id valid for 2 more years . Am I an NRI?? And can i invest in mutuals funds in India from UAE
Kindly please do reply
Can nri hold the debit card to use in India from indian bank linked to their NRO account ?
Yes he can use debit card linked to NRO account
Sir, Iam an Indian passport holder having a PR in Canada. I stay sometime more than a year in Canada . I have invested in equity, and mutual funds in India. Where should I make changes in my citizenship status? Can I remain invested in equity and mfs and can I continue investing in India. Please help me.
Congratulations on getting PR in Canada
I heard it's very easy but now backlog
Sir, you haven’t replied my querries.
You need to redo the KYC and change tax codes in mf folios and change demat account to NRO de mat account
Goodinfo.
i am second joint holder in resident saving account as resident indian and now my status change to NRI. Shall i have to update the status there also or shall i leave it as it is. which is best option pls suggest if any
@@deepakkokal939 The joint account can be between a Non-Resident Indian and his resident relative. However NRI cannot deposit any money in the form of cash, cheque, direct credit in this account. You need to intimate the bank about the change in the residential status.
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The young guy in not talking . Sir is trying to lot to make him talk . Sir is so humble but I think he knows much more than him anyway
Thank you very much for your informative videos sir. Please can you clarify
1. if our Aadhar card, voter Id and pan card are still valid on taking citizenship of another country? Do we need to take any actions around these?
2. Do we need to make any changes on documents of our residential property currently owned in India ?
Too much jargons, difficult to understand for a common person.
May be this video is meant for educating CA's.
Sir after becoming NRI I'm getting 5 crore dowry.
Where to keep this money sir
And is it good amount or should I ask more?
The best person to ask you this question is the local police officer . He will show proper place for you and your money . Does not come under my domain
@@NRIMoneyClinic I will ask my friend he's S.I
🙏🌾🧚♂️
Can i sell my wife if i become an NRI🙂😀😃
???? !!!!
Super confusing
Your what's app number does not exist