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Source: Live Mint I have been living in Dubai for the past 15 years. I visit India during festivals like Diwali and don’t stay longer than a month a year. However, now I plan to spend my retired life in India. I will come back in mid-2025. After two to three months of settling down,…
Source: Live Mint Investing in foreign countries for global residencies has been gaining traction in recent years. Several countries have hiked the costs of their residencies, seeing this high demand. But there are still some low-cost alternatives available, with lower living costs and lower eligibility criteria. Thailand recently launched two residency programmes that are gradually…
Source: Live Mint His Indian portfolio was equally scattered, featuring 25-30 mutual fund schemes and random stocks chosen based on tips from friends and online forums. Despite his proactive approach, Rohan’s investments lacked direction and alignment with his financial goals. His story highlights a common challenge faced by NRIs: balancing investments between India and global…
Source: Live Mint While the calendar Year 2024 is set to culminate in another 14 days, income taxpayers are meant to reveal any undisclosed foreign income or assets that they possess. The income tax department has set a deadline of December 31 for filing a revised return for those who failed to disclose their foreign…
Source: Live Mint I am a Hindu non-resident Indian (NRI) based in the UK, living with my husband. We have no children, and the rest of our family and relatives reside in India. My husband and I are in the process of drafting our wills, which involve assets in both the UK and India. How…
Source: Live Mint When an NRI becomes a resident, can the foreign currency non-resident account FD be freely repatriated without coming under the ambit of the liberalised remittance scheme (LRS)? – Name withheld on request. When an NRI becomes a resident under FEMA, the FCNR (B) deposit held in India would be recharacterized as a…
Source: Live Mint An Indian-origin individual living outside India is termed a Non-Resident Indian (NRI). The Income Tax Act, 1961, outlines different tax rules for residents and NRIs. Residency status is determined based on the time spent in India during a financial year. This guide explains NRI status, taxation rules, and the concept of Resident…
Source: Live Mint An NRI (Non-Resident Indian) who earns income both abroad and in India often encounters difficulties in managing finances. They also face challenges in keeping track of bank accounts in a foreign country, and sending money to their home account can be tricky. NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts are the…
Source: Live Mint I will be moving back to India in FY25. Do I need to bring the money I earned abroad with me? If yes, will it be taxed? If no, what are the tax implications in India in the future? -Name withheld on request There is no obligation to do so. Under India’s…
Source: Live Mint My wife and I are both NRIs. She owns a residential property in India which she has rented out. She requested the tenant to credit one month’s rent into my NRO account instead of hers since I’m due to visit India shortly and can use those funds for local expenses. The resident…
