Both gentlemen are providing a wealth of knowledge here. The interviewer is intelligently asking questions to the guest and then summarizing his answers very wisely. Overall a brilliant video for all NRIs like me who have some asset in India and wish to repatriate them abroad. Than you very much gentlemen for the video 🙏
Same. Very brilliant interview and answers @ CA Sir, money is originally transferred from US bought property for Parents in mom name. How to repatriate money to US after sale?
@@NRIMoneyClinic If I get a gift amount of Rs.4Cr from my uncle and would like to transfer the whole amount to my US Bank. Can I gift 2Cr to my wife’s NRO account in the same year and we both transfer our money to individual NRO accounts, and each stay under $250K LRS limit and remit the entire amount to our US bank account held jointly ? Will this be acceptable under FEMA and remain within RBI guidelines? Please advise.
Both Mr. CA Sriram and Mr. Chandrakant Bhat both are presenting very systematic and professional way. N0 void spaces and doubts, once person here till end. Very useful for NRIs. Thank you to both of you for such a good presentation.
Very clearly explained. Both of you did a very good job. I see the threshold for not requiring 15CB is still 5 lakh rupees. I wish they increase it, especially now that the USD has gone up so much against the INR. 5 lakh rupees is just approximately $6000.
Excellent interview. thanks to Dr. Bhat and CA Sriram for giving pertinent information. Great questions and detailed relevant answers. Very useful video for NRIs. Must watch.
NRI withdrawal using their SBI debit cards from their income that is deposited in his Indian bank. As of today I continue to withdraw every month and TCS is debited to my bank a/c along with ATM fee and bank exchange rates
This is a fantastic video as the follow up questions by the interviewer are very appropriately asked thereby providing a summary at every section. This will help every NRI seeing this video.
This was a very informative video. Kindly shed some light on the fees associated with repatriation as the usual method of repatriation through bank (where the account is held) is very costly in terms of high fees and unfavorable exchange rates. Is there an alternative method that could save NRIs some cost on repatriation?
This video cleared lot of my doubts and misinformations. I am thankful to you all for providing valuble information, taking time and effort to compile all these well orchestrated useful videos amidst your busy schedules. Not only that, what is very admirable is the fact that you, Mr. Sriram especialy, go through the comments and answer the relevant questions raised by your "dear veiwers". You tube is enriched by you!
Dr. Bhat you have been doing a great job and the expert is possessing good knowledge on the subject. My only request to you to please allow him to speak more rather than you except the asking of questions but no repetitions from you end. Hope, you shall not take otherwise. Thanks.
But when that money is received by an American bank, it is considered as income and income taxes at that applicable bracket is levied on that money for that year. And if you are living in Ca or NY or England, 65% goes to the government as taxes.
1. If parents wish to gift money to their independent adult NRI children , can they gift to children to their NRO account and then the NRI kids can use one million dollar scheme to transfer this gift . 2. If adult single NRI child inherits a house or FDs from parents, how can they ( children ) transfer funds to their country of stay as NRI ?
This is the best Video: With regards to Money : very informative Must Knowledge. Please: Work on these kinds of : Programs for NRI; Money/Funds/Banking; -Regards to property matters; - Tax -Insurance etc. -Medical/Health etc. Thank you.🙏
Really great video, and presented in really informative manner. Covered many aspects and guided with examples like what is condition, what is limit, what is covered under this scheme and what is not. Thank you so much for this kind of great vidoe where everythingis explained simply yet in detail.
Thanks for detailed information on repatriation of funds by OCI card holder from India to overseas bank account held by the same OCI card holder. Next question is that if an NRI is running a business in India and earning money out of it. Is it possible to repatriate the funds from the earnings of the business?????
Ver informative and well-made video. For US remittance, after we have already paid taxes on Indian Funds, and when I repatriate funds to a US bank account, do you know if the US also applies taxes on the money that just landed in my account? What are the US-India taxation laws on this transfer?
very nice presentation sir, very much in detail.... i have few doubts..for stocks and mf investments is it NRO non PIS account is enough..? and the source of income for NRO account can be NRE or directly from the foreign country....? or it has to be from India
Thank you for this information. My query is about pension received after TDS. Bank requires 15CA and CB. It makes little sense to have a CA submit 15CB when the pension amount is credited is TDS. Is the discretion to ask for 15CB left to banks? Can I have my pension credited to NRE account as it is net of tax? Thanks
Very Useful Information shared. Thanks a lot. I have one query - I have around 50 Lakhs INR in NRE account and i want to transfer to US which should come to around 60k USD. ICICI is asking for 1.5 Rs per dollar as conversion charges which comes to around 90k INR to transfer this 50 Lakhs. 90k is a huge amount being lost in conversion. Can you/somebody please share few ideas on how to transfer economically from India NRE account to US?
I am a NRI and hold OCI , my question is I have a flats in India and I want to sell this flats and want to transfer money to USA , how much bank charges ( any fees from bank ) I have a NRE and NRO both accounts in India since last 15 years
I am an nri living in USA. I liquidated my PF savings and received the proceeds in my nro account. I would like to repatriate this money to USA. Do i need fill in additional forms by self declared and/or cpa certified? Will I need to pay income taxes for that in USA?
As a resident Indian parent, can I first Gift a million dollars to my NRI / OIC son and then have him remit this million dollars abroad using his own Bank account using a million-dollar Scheme? Is this possible?
1. How much money can an NRI repatriate out of India? An NRI can freely transfer without any upper transaction limit from NRE and FCNR accounts. On the other hand, an NRI can remit only up to 1 USD million out of the balances of an NRO account, provided they meet the eligibility criteria.
Sir. Please give some clarification in this: There are many people who are holding foreign passport with foreign citizenship but holding OCI. These Indians after their foreign assignments return to India. Please throw light how their NRE account will be treated and also from point of view of income tax ,after return to India.
Mr Sriram, It’s not clear about the Gift property. It sounded in the video like gifts received by an NRI. I hope answering these questions would help many of your followers too. If an agricultural land was acquired by me as a gift from a relative 25 years ago while I was still in India (before moving to US), I’m a GC holder in USA now, is that property covered under 1 Million Dollar Scheme? The land is on my name. What taxes/fees will be incurred for this? If the value of the property is over 1 million, in which account should I keep the remaining amount after transferring 1 million? Is it NRO account? Is it possible to repatriate to USA 1M USD in March and another 1M USD in April of the same calendar year (different financial year)? Is it better to sell the property and the repatriate the proceeds to USA while I’m on GC or wait until I become a citizen of USA? Which way would be easier and beneficial with higher transfer amounts and lesser fees/taxes? Thank you!
These are all personalized questions for which one should consult an expert... Anyway, as far as acquisition/sale of agricultural land is concerned, there is already a video on this channel 'NRIs buying Agricultural Land'... watch that video and be guided... further for taxation purpose, it does not matter whether you are GC or OCI rules are same... there are several video's in this channel on tax status 'who is NRI' and 'RNOR' etc.. watch them and be guided...
If parents are gifting money from India to USA for down payment of house to be purchased in USA, how will it be taxed? Are the gift tax applicable for the source?
Please bring a video on Wire Transfer and how it could be done from GCC countries. Which currencies can be transferred and your recommendation on the currency. How long the foreign currencies Transfered via wire can be kept in NRE Account and when to make FCNR deposit. Also talk about Nostro account, FCNR deposit. Please advise on whether the foreign currencies to be booked for Term Deposit or to go for FCNR B forward contract. Why do bank prefers NRI to send USD to their bank directly from overseas account? Thanks
I find in RBI site that the liberalised remittance scheme is only for Residents.--Quote RBI-"Under the Liberalised Remittance Scheme, all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year (April - March) for any permissible current or capital account transaction or a combination of both. Further, resident individuals can avail of foreign exchange facility for the purposes mentioned in Para 1 of Schedule III of FEM (CAT) Amendment Rules 2015, dated May 26, 2015, within the limit of USD 2,50,000 only." Please clarify whether NRI/OCI can avail this facility-Thanks
How about resident siblings gifts to nro? Can it be transfered from Resident account to NRO acct and then to outside? Submit 15CA 15CB and A2 and say it's NOT TAXABLE by filling part D of CA since its tax paid in hands of resident and its gift to NRI AND TAX FREE?
Dear sir I am an Indian citizen and holding properties in India. My son is an NRI IN USA . If I would like to remit money from my bank deposits or sale proceeds of my properties to my son can you reply how I have to do the same and procedure to be followed and taxes payable in regard to the same
If an NRI has remitted some of his foreign earnings (eg. 20 lakh rupees) from his NRE to his own NRO account. Later put it in an FD account. After some period he withdraws the FD or his FD matures, and repatriates only the said amount (i.e. 20 lakh rupees, not the earned interest) back to his NRE account, is this type of transaction subject to 15CA or 15CB form submission?
Thanks Sir for informative guidance , can you kindly suggest us the single point contact to approach, so that we can save our time for all our remittance for NRIs
This is an excellent video with tons of new knowledge. But I have a doubt. If an NRI has assets in the form of gold, say 50 sovereigns of ornaments, will this also qualify for transer to his home abroad as per this "1 Million transfer" rule?
Sir NRI ka India me saving account hai to kya problem Ho sakti hai ek se Jayda account aur NRI kya India me LIC ya Koi Bhi insurance le sakt hai Pls answer 😊
Please also let us know what taxes need to be paid by an NRI/OCI when they sell their property and are trying to repatriate? At what point this tax is collected?
Both the Schemes - for LTS and MDS have specified annual limits and are those that require no prior clearance at RBI level and transactable at AD level. In the event an NRI/OCI is a very senior citizen and needs more funds repatriated in the fiscal year beyond this limit - one presumes they can approach the RBI under the related FEMA law for permission to repatriate more funds - or are these limits beyond which no remittance application would be permitted ??
Hallo sir, I am an NRI and I have a question..How much money as cash can we bring with us when we go to India for vacation.and how much can we bring back as cash..thanks
Very informative video. Can I, as an OCI repatriate funds after sale of inherited property (after paying the necessary taxes) to Australia, where I reside? Does this 1 million scheme still apply?Thanks
Good explanation. Well done 👍. However, information is incomplete. A person from agriculture family, can buy agriculture land being an NRI. There are several laws which are clashing between themselves when it comes to agricultural land. Everything can’t be fulfilled. In my opinion, you start to unfold land acquisition act and 70B etc ( which doesn’t exist now) then club it together with it would be good. Normal flat, comercial property etc can be sold And easily transferred. It becomes complicated when it has to do with agriculture land. Thanks for the update
Normally, in law, there is a concept of specific overruling general law... I was not talking from the point of view of land acquisition act at all... There are specific regulation under FEMA in which it is specifically laid down that a NRI/OCI/Foreign National can not purchase agricultural & plantation property. Yes, as on date, land acquisition act allows almost anybody to purchase agricultural land in India, however, FEMA being a specific law which lays down regulations prohibiting a NRI from purchase of agricultural and planation property, it would definitely override general law (i.e. land acquisition act). You can refer to RBI master direction 12 on this issue which lays down clear law of land in India.
It is for sure that FEMA prohibits a NRI/OCI from acquisition of agricultural land and plantation property by way of purchase or gift. There is no exception to this rule under FEMA even for an NRI who is from agricultural family. However, a NRI/OCI can acquire agricultural land by way of inheritance and FEMA allows the same.
Dr. Bhatt is requested to have a separate program on form 15CA/15CB, as these forms cause a lot of issues and CAs charge huge amounts for this. Further, can CA Sriram suggest which are ADs who are well versed in this process, as all banks are not knowing the scheme fully well and cause lot of problems while remitting.
Normally there would be designated branches in each bank who deal with forex and they would normally be aware this process. Further, the availability of services would also depends on personnel in the bank.
I am American. I married Indian woman. We live in USA. Before my wife became a USA citizen, she bought a house for her mother in 2012. Her mom has since passed and we are selling house. My wife is US citizen now. The buyer of the house wants to give me a sack of cash, but I want money wired to my bank in USA. Can this be done? The exchange rate in 2012 was like 47rupee/dollar but now it is 77/rupee so I am taking a big loss. I am getting about $200k USA money. Does the million dollar scheme work here?
You cannot receive cash at all… it is totally prohibited and would attract penalty of 100% of amount received in cash. Receive entire consideration in banking channels duly mentioned in the registered deed and after payment of due taxes, reminder funds can be entirely repatriated under this scheme
Both gentlemen are providing a wealth of knowledge here. The interviewer is intelligently asking questions to the guest and then summarizing his answers very wisely. Overall a brilliant video for all NRIs like me who have some asset in India and wish to repatriate them abroad. Than you very much gentlemen for the video 🙏
Thank you very much for your kind words . Keep warching
Onw question if you are inherited money from parents including sale of stocks,mutual funds is this scheme applicable?
Same. Very brilliant interview and answers @ CA Sir, money is originally transferred from US bought property for Parents in mom name. How to repatriate money to US after sale?
@@NRIMoneyClinic If I get a gift amount of Rs.4Cr from my uncle and would like to transfer the whole amount to my US Bank. Can I gift 2Cr to my wife’s NRO account in the same year and we both transfer our money to individual NRO accounts, and each stay under $250K LRS limit and remit the entire amount to our US bank account held jointly ? Will this be acceptable under FEMA and remain within RBI guidelines? Please advise.
Both deserve rich compliments for the excellent information & briefing on repatriation subject in a crystal clear manner. Thank you sirs
Dr Bhat is one of the best interviewers I have seen. Simply great 👍
Both Mr. CA Sriram and Mr. Chandrakant Bhat both are presenting very systematic and professional way. N0 void spaces and doubts, once person here till end. Very useful for NRIs. Thank you to both of you for such a good presentation.
Very clearly explained. Both of you did a very good job. I see the threshold for not requiring 15CB is still 5 lakh rupees. I wish they increase it, especially now that the USD has gone up so much against the INR. 5 lakh rupees is just approximately $6000.
Dr Bhat thanks for presenting eminent taxation specialist professionals and adding to their interpretation. Much appreciated.
This session is very informative, it clarifies lot of questions for NRE’s how they can repatriate their assets got by inheritance.
Beautiful subject and quite interesting and informative. Thanks to you both for sharing this knowledge.
Many Thanks for this Brilliant guidance for confused NRI like me.God Bless you all
Excellent interview. thanks to Dr. Bhat and CA Sriram for giving pertinent information. Great questions and detailed relevant answers. Very useful video for NRIs. Must watch.
NRI withdrawal using their SBI debit cards from their income that is deposited in his Indian bank. As of today I continue to withdraw every month and TCS is debited to my bank a/c along with ATM fee and bank exchange rates
excellent information...to help NRI,s.....thank yiu
This is a fantastic video as the follow up questions by the interviewer are very appropriately asked thereby providing a summary at every section.
This will help every NRI seeing this video.
This was a very informative video. Kindly shed some light on the fees associated with repatriation as the usual method of repatriation through bank (where the account is held) is very costly in terms of high fees and unfavorable exchange rates. Is there an alternative method that could save NRIs some cost on repatriation?
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Very clear Video. Thank you. No-Nonsense straightforward discussion. Good interviewer and Great Guest.
Excellent post with quality inputs for the benefit of your NRI followers.
Thank you very much for your kind words
Hello friend, Can you tell me how to apply this (1 million dollar scheme)?
you both are great and give clear guidance to the viewers. well done.
It is always a nice setting in which you both speak things in details and with clarity. Thanks
Your channel is a gold-mine of knowledge. Saves me a lot of time in my financial planning. Thank you!
These are so useful video series. Thanks for creating these. Answering so many of my questions.
This video cleared lot of my doubts and misinformations. I am thankful to you all for providing valuble information, taking time and effort to compile all these well orchestrated useful videos amidst your busy schedules. Not only that, what is very admirable is the fact that you, Mr. Sriram especialy, go through the comments and answer the relevant questions raised by your "dear veiwers". You tube is enriched by you!
You can also transfer fund to your NRE account Under the same procedure and later transfer in foreign exchange at your chosen time.
You can't do that. This scheme is separate from NRE and FCNR deposits which are by definition repatriable without any limits.
Dr. Bhat you have been doing a great job and the expert is possessing good knowledge on the subject. My only request to you to please allow him to speak more rather than you except the asking of questions but no repetitions from you end. Hope, you shall not take otherwise. Thanks.
But when that money is received by an American bank, it is considered as income and income taxes at that applicable bracket is levied on that money for that year. And if you are living in Ca or NY or England, 65% goes to the government as taxes.
Both are doing a great job explaining.
Very useful information. I'm in Paris.
Merci beaucoup monsieur.
This is exactly what I needed to clear up
Pls enable CC in your videos so that Senior Citizens finds it easier to understand
The are speaking English, do you still require CC 😂
@@Gandhikrishna79 - probably hearing impaired.. why the weird laugh mate ?
@@MK-vu9pm People presume lot of things without having sensitivities
1. If parents wish to gift money to their independent adult NRI children , can they gift to children to their NRO account and then the NRI kids can use one million dollar scheme to transfer this gift .
2. If adult single NRI child inherits a house or FDs from parents, how can they ( children ) transfer funds to their country of stay as NRI ?
Thank you Mr. Bhat and Mr. SriRam. I find your videos extremely useful and informative. Great content like always ...
Tax implications after the transfer? Source country or destination country or both?
Really informative video. Thank you for creating. It cleared most of my doubts about repatriation from India to outside.
Thank you sir. Great video explaining all the details of fund transfer for NRIs
How can resident parents send abroad the cash earned from sale of property to their non-resident children abroad. What is the procedure?
This is the best Video: With regards to Money :
very informative
Must
Knowledge.
Please:
Work on these kinds of :
Programs for NRI;
Money/Funds/Banking;
-Regards to property matters;
- Tax
-Insurance etc.
-Medical/Health etc.
Thank you.🙏
Sure , we will work on these lines
Thanku Sirs for explaining so clearly. Many of my questions are answered 🙏🏻👍👍
Thanks both of you for quite interesting and informative subject i enjoyed the subject and solve my problems. Thank you very much once again.🎉
Thank you very much Sir.
As usual very good info. Great video and very well explained.
Very informative video, many thanks Dr. Chandrakanth and Sriram👍
Very clear and clarifies all doubts.
Very informative and educational. Excellent video
This is the exact information which I required. Thank you so much!
Hello friend, Can you tell me how to apply this (1 million dollar scheme)?
There is a specific video on 1 million dollar scheme on this channel. Please watch and be guided
Excellent video and detailed information...well done both of you 👌 thanks 😊
Really great video, and presented in really informative manner. Covered many aspects and guided with examples like what is condition, what is limit, what is covered under this scheme and what is not. Thank you so much for this kind of great vidoe where everythingis explained simply yet in detail.
Information was excellent.thank you
Thanks for detailed information on repatriation of funds by OCI card holder from India to overseas bank account held by the same OCI card holder. Next question is that if an NRI is running a business in India and earning money out of it. Is it possible to repatriate the funds from the earnings of the business?????
This has been my biggest worry, especially being 2nd generation nri, I had heard of this but wasn't sure, thanks for bringing it up
Very informative,Thank you for choosing this subject
Ver informative and well-made video. For US remittance, after we have already paid taxes on Indian Funds, and when I repatriate funds to a US bank account, do you know if the US also applies taxes on the money that just landed in my account? What are the US-India taxation laws on this transfer?
Very lucid. Informative. Dr Bhatt’s further interpretation is very helpful.
Thank you so much both of you, learned professionals. …Dr Tangri
very nice presentation sir, very much in detail....
i have few doubts..for stocks and mf investments is it NRO non PIS account is enough..? and the source of income for NRO account can be NRE or directly from the foreign country....? or it has to be from India
Thank you for this information. My query is about pension received after TDS. Bank requires 15CA and CB. It makes little sense to have a CA submit 15CB when the pension amount is credited is TDS.
Is the discretion to ask for 15CB left to banks?
Can I have my pension credited to NRE account as it is net of tax?
Thanks
Very Useful Information shared. Thanks a lot.
I have one query - I have around 50 Lakhs INR in NRE account and i want to transfer to US which should come to around 60k USD.
ICICI is asking for 1.5 Rs per dollar as conversion charges which comes to around 90k INR to transfer this 50 Lakhs. 90k is a huge amount being lost in conversion.
Can you/somebody please share few ideas on how to transfer economically from India NRE account to US?
I am a NRI and hold OCI , my question is I have a flats in India and I want to sell this flats and want to transfer money to USA , how much bank charges ( any fees from bank ) I have a NRE and NRO both accounts in India since last 15 years
This you need to ask your banker, coz bank charges would vary from bank to bank
I am an nri living in USA. I liquidated my PF savings and received the proceeds in my nro account. I would like to repatriate this money to USA.
Do i need fill in additional forms by self declared and/or cpa certified? Will I need to pay income taxes for that in USA?
As a resident Indian parent, can I first Gift a million dollars to my NRI / OIC son and then have him remit this million dollars abroad using his own Bank account using a million-dollar Scheme? Is this possible?
Excellent video very useful. Please continue with these kind of videos.
The NRI need to file tax in residence country, why again in India? Please explain about DOUBLE TAXATION AVOIDANCE “
Thank you Mr. Sriram. Very informational.
Explained well.Thanks
Can you make another video on repatriation of money for OCIs who are Indian residents? For a child's education abroad etc. Thanks!!😊
Can you make video on this? I also need this.
1. How much money can an NRI repatriate out of India?
An NRI can freely transfer without any upper transaction limit from NRE and FCNR accounts. On the other hand, an NRI can remit only up to 1 USD million out of the balances of an NRO account, provided they meet the eligibility criteria.
Is this limit imposed by the bank or whom? (From NRO to NRE)
Sir.
Please give some clarification in this:
There are many people who are holding foreign passport with foreign citizenship but holding OCI. These Indians after their foreign assignments return to India. Please throw light how their NRE account will be treated and also from point of view of income tax ,after return to India.
Do you have any information on the withdrawal process of complete corpus in NPS if one has given up the Indian citizenship ?
Mr Sriram,
It’s not clear about the Gift property. It sounded in the video like gifts received by an NRI. I hope answering these questions would help many of your followers too.
If an agricultural land was acquired by me as a gift from a relative 25 years ago while I was still in India (before moving to US), I’m a GC holder in USA now, is that property covered under 1 Million Dollar Scheme? The land is on my name. What taxes/fees will be incurred for this?
If the value of the property is over 1 million, in which account should I keep the remaining amount after transferring 1 million? Is it NRO account?
Is it possible to repatriate to USA 1M USD in March and another 1M USD in April of the same calendar year (different financial year)?
Is it better to sell the property and the repatriate the proceeds to USA while I’m on GC or wait until I become a citizen of USA? Which way would be easier and beneficial with higher transfer amounts and lesser fees/taxes?
Thank you!
These are all personalized questions for which one should consult an expert... Anyway, as far as acquisition/sale of agricultural land is concerned, there is already a video on this channel 'NRIs buying Agricultural Land'... watch that video and be guided... further for taxation purpose, it does not matter whether you are GC or OCI rules are same... there are several video's in this channel on tax status 'who is NRI' and 'RNOR' etc.. watch them and be guided...
I have the same problem did you find any answer
If parents are gifting money from India to USA for down payment of house to be purchased in USA, how will it be taxed? Are the gift tax applicable for the source?
Please bring a video on Wire Transfer and how it could be done from GCC countries. Which currencies can be transferred and your recommendation on the currency. How long the foreign currencies Transfered via wire can be kept in NRE Account and when to make FCNR deposit. Also talk about Nostro account, FCNR deposit. Please advise on whether the foreign currencies to be booked for Term Deposit or to go for FCNR B forward contract. Why do bank prefers NRI to send USD to their bank directly from overseas account? Thanks
A. slightly out of context query: Does spending using NRE Debit/Credit Card outside India count as purchase of Foreign Currency in the eye's of ITD?
Excellent information,Thanks
What about civil. Pension with TDS collected every month at source?
I find in RBI site that the liberalised remittance scheme is only for Residents.--Quote RBI-"Under the Liberalised Remittance Scheme, all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year (April - March) for any permissible current or capital account transaction or a combination of both. Further, resident individuals can avail of foreign exchange facility for the purposes mentioned in Para 1 of Schedule III of FEM (CAT) Amendment Rules 2015, dated May 26, 2015, within the limit of USD 2,50,000 only." Please clarify whether NRI/OCI can avail this facility-Thanks
There is another video on this channel for LRS scheme . Please be guided
It appears that LRS is only applicable to resident Indians. It is not applicable to NRI/OCIs.
Please advice whether we can repatriate $1Million even when the land is purchased as a resident Indian status but sold after 10Yrs with NRI status.
How about resident siblings gifts to nro? Can it be transfered from Resident account to NRO acct and then to outside? Submit 15CA 15CB and A2 and say it's NOT TAXABLE by filling part D of CA since its tax paid in hands of resident and its gift to NRI AND TAX FREE?
Dear sir I am an Indian citizen and holding properties in India. My son is an NRI IN USA . If I would like to remit money from my bank deposits or sale proceeds of my properties to my son can you reply how I have to do the same and procedure to be followed and taxes payable in regard to the same
Fantastic video. So informative. Thank you!
If an NRI has remitted some of his foreign earnings (eg. 20 lakh rupees) from his NRE to his own NRO account. Later put it in an FD account. After some period he withdraws the FD or his FD matures, and repatriates only the said amount (i.e. 20 lakh rupees, not the earned interest) back to his NRE account, is this type of transaction subject to 15CA or 15CB form submission?
Thanks Sir for informative guidance , can you kindly suggest us the single point contact to approach, so that we can save our time for all our remittance for NRIs
This is an excellent video with tons of new knowledge. But I have a doubt. If an NRI has assets in the form of gold, say 50 sovereigns of ornaments, will this also qualify for transer to his home abroad as per this "1 Million transfer" rule?
Excellent presentation
If some Indian want to buy agri land forein country .what is to do.
How can parents send money to their NRI son in USA?
Sir NRI ka India me saving account hai to kya problem Ho sakti hai ek se Jayda account aur NRI kya India me LIC ya Koi Bhi insurance le sakt hai Pls answer 😊
Please also let us know what taxes need to be paid by an NRI/OCI when they sell their property and are trying to repatriate? At what point this tax is collected?
Both the Schemes - for LTS and MDS have specified annual limits and are those that require no prior clearance at RBI level and transactable at AD level. In the event an NRI/OCI is a very senior citizen and needs more funds repatriated in the fiscal year beyond this limit - one presumes they can approach the RBI under the related FEMA law for permission to repatriate more funds - or are these limits beyond which no remittance application would be permitted ??
in which account this money can be . Is NRO account or something else.
Hallo sir, I am an NRI and I have a question..How much money as cash can we bring with us when we go to India for vacation.and how much can we bring back as cash..thanks
@@Admin-cj2qy Scam account. Beware.
Can sale of proceeds from properties held by parents come under this rule?
Thanks for the excellent show .
Excellent questions and superbly answered. Thank you so much to both! 🙏
PIO drawing salary in India (a foreign company having a branch in India) can transfer funds abroad from NRO account?
Very informative video. Can I, as an OCI repatriate funds after sale of inherited property (after paying the necessary taxes) to Australia, where I reside? Does this 1 million scheme still apply?Thanks
Are these rules applicable as on today?
Good explanation. Well done 👍.
However, information is incomplete. A person from agriculture family, can buy agriculture land being an NRI. There are several laws which are clashing between themselves when it comes to agricultural land. Everything can’t be fulfilled.
In my opinion, you start to unfold land acquisition act and 70B etc ( which doesn’t exist now) then club it together with it would be good. Normal flat, comercial property etc can be sold
And easily transferred. It becomes complicated when it has to do with agriculture land. Thanks for the update
Normally, in law, there is a concept of specific overruling general law... I was not talking from the point of view of land acquisition act at all... There are specific regulation under FEMA in which it is specifically laid down that a NRI/OCI/Foreign National can not purchase agricultural & plantation property. Yes, as on date, land acquisition act allows almost anybody to purchase agricultural land in India, however, FEMA being a specific law which lays down regulations prohibiting a NRI from purchase of agricultural and planation property, it would definitely override general law (i.e. land acquisition act). You can refer to RBI master direction 12 on this issue which lays down clear law of land in India.
It is for sure that FEMA prohibits a NRI/OCI from acquisition of agricultural land and plantation property by way of purchase or gift. There is no exception to this rule under FEMA even for an NRI who is from agricultural family. However, a NRI/OCI can acquire agricultural land by way of inheritance and FEMA allows the same.
Dr. Bhatt is requested to have a separate program on form 15CA/15CB, as these forms cause a lot of issues and CAs charge huge amounts for this.
Further, can CA Sriram suggest which are ADs who are well versed in this process, as all banks are not knowing the scheme fully well and cause lot of problems while remitting.
Normally there would be designated branches in each bank who deal with forex and they would normally be aware this process. Further, the availability of services would also depends on personnel in the bank.
I am American. I married Indian woman. We live in USA. Before my wife became a USA citizen, she bought a house for her mother in 2012. Her mom has since passed and we are selling house. My wife is US citizen now. The buyer of the house wants to give me a sack of cash, but I want money wired to my bank in USA. Can this be done? The exchange rate in 2012 was like 47rupee/dollar but now it is 77/rupee so I am taking a big loss. I am getting about $200k USA money. Does the million dollar scheme work here?
You cannot receive cash at all… it is totally prohibited and would attract penalty of 100% of amount received in cash. Receive entire consideration in banking channels duly mentioned in the registered deed and after payment of due taxes, reminder funds can be entirely repatriated under this scheme
Excellent discussion
Thanks sir , Please can you update the contents as per the latest TCS
Very well covered
I am selling my property in Ahmedabad (India) , after paying gain tax can I transfer that money to Abroad through NRO account without NRI account?
Can we remit insurance policy amount on maturity without taxes...policy taken in Qatar in USD and also maturity amount given in USD?