Non Resident Indina Returing To India?

Question

a) Can a NRI returning to India for permanent settlement keep his assets abroad.
b) Is it compulsory to declare those assets
c) Will the income on those assets be taxable in India.
d) After returning to India for how long can one maintain RFC account.

Answer 1

a) Can a NRI returning to India for permanent settlement keep his assets abroad.

Yes. They may also open RFC bank accounts in India, where the funds will remain constraint free.



b) Is it compulsory to declare those assets

No. Only when the assets are being brought to India and are over a certain limit does the NR have to declare them.



c) Will the income on those assets be taxable in India.

No. If they are declared on arrival in India (cash/travellers cheques) the NR may have to pay some customs duty. Once the amount has been converted to INR or deposited in RFC the interest earned on it will be liable to taxes. But the principal will remain tax free.



d) After returning to India for how long can one maintain RFC account.

RFC accounts can be held indefinitely, until the status of the owner changes to NR once again.



Read this excellent tracenotes.com article that describes the various banking options available to NRIs.

Answer 2

If the person wish is that he want his asset in abroad than he can manage it but it is recommended that if u have to permanent shifting in India then sale the asset.

Yes it is compulsory to declare Asset.

Yes the income is taxable in India because it is foreign income.

In India the condition is differ from place to place.

Answer 3

RBI (Reserve Bank of India) can answer this better.

Answer 4

No to all questions , BIG BRO NOW Has it weighed up nicely

Answer 5

i have no idea what this means