NRI Special Episode Transfer Money Out Of India How To Do It Legally ?
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- เผยแพร่เมื่อ 4 ต.ค. 2024
- #nri #nrimoneyclinic #retirementplanning
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Excellent-Millions of salute to CA Sriram Rao and Dr.Chandrakanth Bhat-I think CA Sriram Rao is not only a tax expert but also an excellent teacher
Thank you both very much
Eagerly waiting for similar videos
Very hard to understand, he seems to be simply reading from Google and making a point. Please make it easy to understand, we don't know the CA's terminologies.
NRI money clinic videos are useful, but in a sense, incomplete as it doesnt mention the tax liabilities of NRI in the country they are Tax resident. Some of the smart ways discussed as money saving ideas may not be as good in effect.
Either you should keep putting disclaimer every opportunities or include someone familiar with Tax rules in western countries, most have similar rules but fine points may vary.
Excellent information, Especially Dr.Chandrakanth Bhat excellent questions and making the normal persons.
What's the most important requirement of NRIs is Dual Citizenship.... What you are talking about is how increase the Forex Reserve for Indian Government
India does not allow dual citizenship. Period. Either you are Indian or you are not. You can't have both Apple and Orange.
Pick one.
What he is talking about is how a non resident can take money outside of India to his foreign bank legally.
Not possible, you will go to jail when you come to India, as dual citizenship is not allowed by India
Extremely helpful videos! Have covered every single topic one could think of. A suggestion: Would be incredibly helpful if you created a sort of 'cheat sheet' i.e., a PDF with key takeaways from the video, maybe in the form of a newsletter that people can subscribe to.
I find myself taking a lot of notes during the video because there is so much information, but at times it becomes overwhelming and end up dropping mid way.
Thank you very much for your suggestions.. will work on it
Awesome Advice 🎉for someone with no idea of Banking RBA guidelines and FEMA regulations needs to listen think carefully and then make a decision with Tax consultant or CA ❤
Finally got some useful information from your video. Thanks.
Soooo many forms and soo much approvals and process. It's such a pain. Problem is very very few CA's\bankers are aware of the process, so each person to comes up with their own..
Worried about disposing my Ancestry assets. Might reach out to you guys when the time comes..
Thanks for the info..
Very informative and useful.As i understood from Mr Sriram's talk is- when a NRI wants to transfer funds credited to his NRO account out of sale proceeds from say, inherited immovable property on which applicable IT is paid and IT assessment order(ITAO)with Nil dues is since recived,there is no need of 15CA/15 CB certificate from a Chartered Accountant.But here is Bank which still insists for such remittance. As per Mr Sriram,they can ask for sale deed copy and lTAO and not 15CA/15CB.Kindly clarify/ confirm again
Totally agree
I have experienced lot of problems with ICICI bank
For me also CA, CB was demanded by the bank.
The bank does this to try and ensure government agencies don't block the transaction.
Govt policies are so flaky and so closely monitored that the financial institutes prefer to cover all their bases to ensure transactions are successful.
How will NRIs be able to hold a resident bank account in India since we are only allowed to have an NRE/NRO account in India? So where does this $1M scheme apply and isn't having a Resident bank account as an NRI already a violation of some law?
Your videos, are no doubt, informative and provide authentic information. In order to access these at a later date, it is suggested, that these may be numbered so that these become accessible easily. One of the way could be by giving each video an episode number. You may like to consider.
Hi there
Clarification required from 19:31 onwards.
Scenario -
1.Sale of immovable inherited property.. paid all due taxes / TDS etc and funds received in the bank.
2. Want to transfer the funds from my NRO account into my UK bank account. The bank can’t insist in Form 15CA & CB
apart from the other documents as part of their due diligence process.
However this is not the case with some banks in India
All banks ask for this blanket requirement
Very good information.thanku both for this episode.
Excellent presentation, very informative, keep it up, thank you
Thank you for this very knowledgeable episode.
I would request you to kindly make one episode on NRI investments in GIFT CITY Gujarat.
Thank you for the video
I'm an OCI + now US citizen
My parents in Delhi want to gift me an inheritance.....amount is Rs 1lakh in after-tax INR....they've already paid taxes. Lying in their Unionbankof India account
What steps do I need to take to legally bring this cash into my US bank
Pl correct my guess below
Step1. OCI should establish NRO+NRE bank AC's in India
Step2. Parents can deposit inheritance after tax 1lakh INR in the NRO ac
Step 3. OCI can directly convert and move Rs 1 L to her US BANK under the scheme called $1mm scheme
There will be no additional tax or haircut
NRE bank ac needn't be involved
Will the OCI need to fill and submit an Indian IT return in that year of deposit and transfer triggered solely by this inheritance?
Very informative sir.Thank you.
AD has their own rules over and above CBDT IT RBI etc. and insist for doc not called for and makes life of remmitter miserable, how to deal with them, it is initiated at lowest level and none of the superiors support the customer particulaly in HDFC
Sir, thank you for your wonderful service through the NRI Money Clinic channel.
A request when you cover the LRS topic for resident individuals. Would you also please consider the case of NRI's and OCI's who have returned to India and are now permanently resident in India, but continue to retain foreign bank and brokerage accounts.
Can OCI's and NRI who have now become ordinary/permanent residents, use the LRS scheme to move money to their foreign brokerage or bank accounts to invest in foreign portfolios (OPI) or purchase real estate etc.? Can they just move the money (savings) to their foreign bank accounts for further/later use?
Sometimes, even to invest in stocks/mutual funds, it may require first moving to own bank account and then to the brokerage account. Are there any issues under FEMA/LRS to watch out when making such transfers and how to select the right transfer codes with the AD bank?
Great video! Thanks
Crystal clear 👌
I am retired Indian Government official currently living in the US and receiving pension in India. How can I receive my pension in USA
In one million dollar remittance can it be made in 2 financial years if the proceeds are more than 1 million dollars ie on 31 st March of one financial year and 1 million dollars on 1st April as it is considered next financial year
Excellent upload
If an NRI has rental income how much is the TDS deducted at source
A resident income from is deducted only 10% at source & why NRI is liable for more TDS at source
How can I sell a agricultural property which I bought 10 years ago without knowing NRI can not buy or own agricultural property
Very informative, thanks for the service !!!
More, would you kindly explain about Old Gold sold now is taxable, if so what's the process?
Is it taxable at the time of sale (TDS
deducted?) or taxable at anytime?
Here it is treated as LTC gain and taxes to be paid accordingly
Please give some examples of capital accounts and transactions. Does it cover capital and capital gains on sale of securities or property
what about the Australia citizens (OCI) with NRO/NRE Account in India with Australia with Tax Residency Certificate of ATO and can he claim no tax payment UNDER DTTA (Double Taxation Avoidance Scheme) ? Can I repatriate my share on the sale of my deceased father's house with depositing the whole share of money in NRO account HDFC (PAN CARD is there) and then repatriate to the Australian Bank Account without Paying Long Term Capital Gain Tax in India? As We an claim exemption from Capital Gains in Australia on pre-approval of the ATO Commissioner on Medical grounds, we can claim exemptions in Australia, then we can avoid the Capital Gains Tax Under Double Taxation Avoidance Scheme? Please giv ein detail what is the procedure? The Property 20 year back rebuilt house.
One of the most important subjects has no clarity online NRI and stock market
1) what happens if someone was exercising stock market portfolio AND LATER becomes an NRI
2) do they need to open a pis or non pis account even if they are only using the existing Indian funds and not bringing in any foreign money in to Indian market
3) are there any penalities for not doing so as most of stock brokers don’t follow this practice and have no detailed information on the same.
4) of one has already converted the SB account to NRO and are paying all takes on earnings from stock market … Do they still need a PIS or Non PİS account
please note the money used in the stock market was from Indian sources and prior to becoming and NRI
It doesn't matter. Once you become NRI, You need to open a NRI Demat account with the broker.
Excellent video
Very informative
If I invest on a SIP in India through my NRE account and then pay tax in India for the profit I earn, do I need to pay rest of the tax in UK as well (as I come under high tax bracket in Uk) when I repatriate the money?
Does investment in GetStake or Smartcrowd by a resident indian will fall under LRS
Demat savings account which is ordinary acct. Are you allowed to tranfer this balance to outside India.
If so please give me your feedback
Thanks
I am a NRI. Can I transfer from my NRO a/c in India to my bank a/c overseas where I am living under $1m scheme? Most of the money in that a/c ( under 3 lakhs) consists of dividends (after tax paid) in the past 25 years.
Yes you can but a lot of documents need to be filed.
Best way is to open a NRE account with same bank the make NRO to NRE TRANSFER,(you will have to fill some simple forms your bank will advise) and then use NRE funds to repatriate
IAM RES
MY SON RESIDES IN USA AS CITIZEN NOW AS PARENY CAN I SEND MONEY FOR FAMILY MAINTENANCE? IF SO HOW? LIMIT IF ANY?
Kindly make clear how a resident parent can transfer funds from sale of property to their OCI children? How to get permission from RBI .
Your bank should advise you how this is to be done
It is not clear regarding 15CA and 15CB. For transferring funds from NRO to NRE or for outside India of NRI, bankers are insisting for the above forms, if the transaction is regarding sale of house property. Should we give or not??:Clear answer please
He don't know
I have my old life insurance which I need to surrender and transfer money to USA. May be just couple of thousand dollars. What is the procedure. After becoming US citizen.
Thank u, mr bhat and mr rao for updates on this issue. Highly appreciate ur efforts. I just need a small clarity that nri having only nro account can transfer his own money earned as interest and fd interest to his overseas bank account? Is there any limitations to it?
Given the situation, "How to transfer money into India?" would be more appropriate.
It's pretty easy to transfer money into India
Dear Sir
my question is i am Indian retired i have two children son born in Berlin Germany and daughter born in Chennai India, at present they are holding German passport and oci card and are living in Europe
I have to transfer 13 lakhs to my daughter account , which is the best way to transfer regards
What if I'm an NRI who plans to sell a property in India which is inherited from my parents, can that fund be freely remitted abroad ?
Biggest blunder to invest keep money in India. 😢 if one has funds then get out quickly.
Can you explain more ???
@@Super_Cool_Guy$1 = Rs 💯
Can a foreign passport holder, take a loan using his own property in India and repatriate it from his NRE/NRO account to abroad?
So can’t send money without bureaucracy and banker shit …. Why .. when you send money just use an app but when you want it bend backwards and show documentation,, for your own money ..no wonder people leave
What about OCIs sir? All topics only talk about NRI whereas there are countless no of OCIs who also watch your channel.
The one who will cater to their questions will get a lot of views!!
It's the same procedure like NRI.
*OCI is exact same as NRI. OCI =NRI* 😊
@@Super_Cool_Guy that’s not exactly the case Sir!
For ex. NRIs can own agricultural land and OCIs can’t.
@@johnmichael8197 not true Sir
@@Shi-ara yes you are correct !
Below average articulation and communication needs to be more user friendly
Your feedback noted . Thank you very much
20% repatriation tax has come into the news clearly about 2 years ago. Our esteemed guest said it is not required can you double check it please.
What he said is correct . It is a referral video . Well researched
20% Reparation is for resident Indians only and not for NRI.
Hello Sir, Thanks for useful Information.
Could you please clarify, As a NRI I will invest in Indian stock market Stocks/MFs using my NRE or NRO accounts. When I sell those Investments and make some profits , what are rules and restrictions on repatriating such money.
Bhat sir, Pl do video on this particular issue too. Thnx in advance
I will explain, you have 2 options a PIS and NON-PIS trading accounts with your indian stockbroker say for example ZERODHA.
IF you use a NRE account attach to demat account you are limited to how many and types of stocks you can purchase, full list is on FEMA website. You can only attach a PIS account
If you use NRO account then you can use NON-PIS trading account.BUT you will have to pay full taxes on these but good news is you can purchase any and as many stocks as you want 😊
If you as OCI holder after remittance in US from Indian HDFC bank is there any liability once the money received here for income tax here
Thank you Bro , for the prompt response.
@@Super_Cool_GuyThank you Bro , for the Prompt response.
What about maturity of LIC money can this be remitted under the million dollar scheme.?
NRI is allowed to transfer the fund from NRO account to his NRE account.
Then from NRE account he can freely transfer outside .
This route where is threshold of 1Mn dollar apply ?
NRI cannot transfer the funds in NRO account to his/her NRE account. The other way around is permitted/possible. Hence, this scheme.
Please mention procedures for transfer of money for citizenship of other countries having OCI.
Same as that of NRI
Quite informative.. Great. thx
Hi there! ... I am a Spanish national - no connection with India (never visited India). I now want to invest in Indian Stock market as I see India as a fast-growing economy. Can you please advise the below ---- 1). What is the type of account I need to have to invest in India Stock Market? 2). What are the documents I need to keep ready to open these accounts? 3). I do not want to open any account which is taxable as of now, since I do not plan to sell stocks i.e. at the moment, I only want to put money in the stock market - not remove
You can invest in Indian stocks via India specific funds from BlackRock, Franklin Templeton etc
@@SM710 So there is no bank/demat account that I can open to invest directly? I mean without mutual funds?
@@CosmasAlmeida I do not have information regarding foreign nationals opening demat account in India. Anyway, high capital gains tax in India (12.5%-20%), currency depreciation (2-3% annually against euro), rupee to euro conversion rate (1-2%), high mutual fund fee compared to international India specific mutual funds (1.5% Vs 0.2-0.6%) makes it much easier and economical to invest in India via international mutual funds for foreign nationals.
@@CosmasAlmeida I do not have information regarding opening demat account in India by foreign nationals. Mutual funds from Franklin Templeton and BlackRock have some advantages compared to investing directly in Indian equity.
1) Capital gains tax in India is (12.5-20%).
2) Indian rupees depreciate annually around 2.5% against the euro.
3) Indian mutual funds charge around 1.5% while global investment platforms charge 0.2-0.6%.
4) Currency conversion is more expensive when done individually (1-2%) compared to
@@CosmasAlmeidayou can’t invest directly in India. You need to invest via MF or ETF route. Look for funds which focus on India or emerging economies including India
How much money can a indian mother gift to her NRI daughter in America
As much as she wants to give . No limits at all
What are the procedures to transfer funds from tax authorities?
Why you didn't mention the NRI transfer money from his NRO account to his NRE account ?how ?
There is a detailed, popular video on our channel on this subject. Please watch and be guided
NRO to NRE ... there are no restrictions
@@NRIMoneyClinic sir link for this please NRO TO NRE IN DETAIL VIDEO LINK
When a resident parents transfer funds to OCI children will the OCI Holder get tax overseas.
Hello, I had a question. If I am an NRI and invest in mutual fund for long term and pay the SIPs from my NRE PIS account for approx 30 years, I believe if I selll the mutual funds I should be getting the whole amount directly in my NRE account and not NRO account as I invested always through my NRE PIS account, in that case I should be able to bring the whole amount to my foreign account without any problem or not thiinking about 1 usd million scheme??? Please correct me if I am wrong? If I invest using my NRE PIS account then the withdrawn money goes to NRE account right?
Your understanding is absolutely correct.
The sale proceeds of all investments funded from NRE account, net of TDS where applicable, will be credited only to your NRE account from where you are free to remit the funds outside India any amount without any restriction. No scheme is required for such transfers.
As Sriram says, NRE accounts are deemed as accounts outside India.
My uncle has a SB account with about Rs15L. He is now a US citizen and wants to convert into NRO acct. can he transfer after changing on next visit or is there a waiting time.
Your uncle need to create a NRE account and transfer the money from SB/NRO account into NRE account and then transfer it to his US account.
What abt NRO account??
If the NRE a/c is in joint names can each individual transfer $1 million?
No, joint only for the purpose of operational convenience
If nri used saving account, can income tax also take action for violating fema law while filing itr? Or only rbi will look into it?
This is good question
Can money sent from NRE without any issues? Thanks 🙏🏻
No issues or restrictions or limitations. Funds from NRE account are freely transferable.
How many times will
You say his name !! It’s annoying uncle
I am retired person, can I buy a property in USA from India?
Ca Rao
Are you doing this with good intentions or just to defame Indians growth. J
We don't do negative videos to please any one
The intention is very clear. These kind of videos are informative and help to educate ourselves at no costs. May God bless the work of CA Bhat ( NRI money Clinic).
Mr Bhat & Shriram ji, simply ignore such comment and continue ur good work. Many blesses from NRI's and their resident families.
If join BJP means no problem. anything else can do.
Awesome Advice 🎉for someone with no idea of Banking RBA guidelines and FEMA regulations needs to listen think carefully and then make a decision with Tax consultant or CA ❤
Hi there
Clarification required from 19:31 onwards.
Scenario -
1.Sale of immovable inherited property.. paid all due taxes / TDS etc and funds received in the bank.
2. Want to transfer the funds from my NRO account into my UK bank account. The bank can’t insist in Form 15CA & CB
apart from the other documents as part of their due diligence process.
However this is not the case with some banks in India
Open a NRE account with your indian bank then transfer funds from your existing NRO to your new NRE account , then repatriate 😊👍