Can NRIs invest in India

noel · 05-23-2007

Dear Members.. can u pls help me with this..........

Now it is almost eight to nine years that I am living in Dubai.
Recently I purchased a residential apartment in Pune (jointly in my & my wife's name).
But our ancestral house in India is being sold. We will be receiving India currencies.

My query is
> what kind of account do I need to open to receive the money.
> do I hv to pay tax on this sum of money.
> if I invest this money in India wud I be entitled tax benefits.
> can i repartriate this money outside India

Thanks & Regards
noel

varun · 05-23-2007

Dear Noel,

I think I can give some idea as to what to do in this situation...

- You need a Non-Resident (Ordinary) Account to deposit the sale proceeds of your ancestral home.

- Tax will have to be paid due to the capital gains. But make sure that you take into account the cost of the flat when it was purchased and index the same.

- You can deposit the money (up to Rs 50 lakhs) in notified bonds for saving tax. Alternatively, you can invest the sum of money in purchasing a new residential property.

- The amount can be repatriated after paying the tax.

Best of Luck !!!

geetabakshi25 · 04-09-2008

Hi varun,from where did you got all this information?
r u a tex consultant..good knowlege
keep it up!!

Jeetendra · 2 Weeks Ago

Living in Dubai are we ???

Well havent you read any of the local newspapers then which feature NRI problems almost daily ???

Best for you is to (when in India) go speak to your bank who will guide you to the latest laws and applicable points to you.

quote=noel;1758]Dear Members.. can u pls help me with this..........

Now it is almost eight to nine years that I am living in Dubai.
Recently I purchased a residential apartment in Pune (jointly in my & my wife's name).
But our ancestral house in India is being sold. We will be receiving India currencies.

My query is
> what kind of account do I need to open to receive the money.
> do I hv to pay tax on this sum of money.
> if I invest this money in India wud I be entitled tax benefits.
> can i repartriate this money outside India

Thanks & Regards
noel[/quote]

05-23-2007	#1
noel Junior Member Join Date: May 2007 Posts: 1	Can NRIs invest in India Dear Members.. can u pls help me with this.......... Now it is almost eight to nine years that I am living in Dubai. Recently I purchased a residential apartment in Pune (jointly in my & my wife's name). But our ancestral house in India is being sold. We will be receiving India currencies. My query is > what kind of account do I need to open to receive the money. > do I hv to pay tax on this sum of money. > if I invest this money in India wud I be entitled tax benefits. > can i repartriate this money outside India Thanks & Regards noel

05-23-2007	#2
varun Member Join Date: Oct 2006 Posts: 47	Can repatriate the sum Dear Noel, I think I can give some idea as to what to do in this situation... - You need a Non-Resident (Ordinary) Account to deposit the sale proceeds of your ancestral home. - Tax will have to be paid due to the capital gains. But make sure that you take into account the cost of the flat when it was purchased and index the same. - You can deposit the money (up to Rs 50 lakhs) in notified bonds for saving tax. Alternatively, you can invest the sum of money in purchasing a new residential property. - The amount can be repatriated after paying the tax. Best of Luck !!!

2 Weeks Ago	#4
Jeetendra Junior Member Join Date: May 2008 Location: Dubai Posts: 3	Hello Earth.............. Living in Dubai are we ??? Well havent you read any of the local newspapers then which feature NRI problems almost daily ??? Best for you is to (when in India) go speak to your bank who will guide you to the latest laws and applicable points to you. quote=noel;1758]Dear Members.. can u pls help me with this.......... Now it is almost eight to nine years that I am living in Dubai. Recently I purchased a residential apartment in Pune (jointly in my & my wife's name). But our ancestral house in India is being sold. We will be receiving India currencies. My query is > what kind of account do I need to open to receive the money. > do I hv to pay tax on this sum of money. > if I invest this money in India wud I be entitled tax benefits. > can i repartriate this money outside India Thanks & Regards noel[/quote]

Thread Tools	Search this Thread
Show Printable Version Email this Page	Search this Thread: Advanced Search

04-09-2008	#3
geetabakshi25 Junior Member Join Date: Apr 2008 Posts: 2	Hi varun,from where did you got all this information? r u a tex consultant..good knowlege keep it up!!