Every Indian citizen who goes abroad and becomes an NRI should be given this youtube link at the immigration counter itself so that they are aware of it.
Mr. Chandrakanth, thanks for the informative video. I am an NRI. Until I saw your video I was not aware that I should not hold a savings account in India. I will ask my bank today itself to convert the above into an NRO account. I have a doubt. I have an NRE account in India. If I transfer money from my NRE account to my NRO account , can I transfer the above amount back to my NRE account from my above NRO account , immediately or after some time? Why I am asking this question? Suppose I want to invest some money in some real estate. First I will transfer the amount, say 50 Lakhs, from my NRE account to my NRO account. Next I will transfer the above amount from my NRO account to the seller's bank account in India. After some time I will sell the above property and I will get, say 65 Lakhs. I will keep 15 Lakhs, the profit, in my NRO account and pay the relevant taxes from my NRO account for the above profit. Now can I transfer the remaining principal amount of Rs 50 Lakhs back to my NRE account from where it was originated? Thank you.
Fund transfer from NRO to NRE is not possible- correct me if I’m wrong. Foreign currencies can only be deposited in NRE accounts. INR cannot be deposited in NRE account’s
We have been watching your video It’s extremely informative Request Please give us parent a SOP for sending our children abroad for studies Will be obliged It should have to do list parent AND to do list for student
One thing you should mention that whether a NRI can get a tax exemption in Money market, is based on the DTAA signed between NRI's resident country and India. I live in EU country, whose DTAA with India, says gains from money market will be taxed in my host country.
This has enlightened a lot Many NRIs might not have closed their SB a/ c joint or individual because they do not know that they have to close and the bank also do not know that they are outside the country In case of joint accounts the bank should verify once in a year and update by taking undertakings just like Life Certificates
One question. An NRI in UK transfers the sale proceeds of his House in UK from HSBC Bank to an Indian Bank account. He however got his Indian account freezed. What's the procedure to be followed for unfreezing the same? Please suggest.
Can an OCI living and working in India permanently continue with his old Savings Bank Accounts which he had earlier before becoming a Foreign Citizen? Or is this also a Violation of the FEMA act and the said individual needs to convert his SB accounts immediately to NRO?
May I ask a question? A central govt pensioner, becomes an NRI because he stays with his kids settled outside. Can he repatriate his pension to his foreign country, if he gets the pension into a NRO account? He pays the tax correctly in I dis for his pension. Thank you.
Thank you sir for this video I have question please explain to me I work saudi arabia still 6 years I didn't make nre and nro account I have only sbi savings account any issues thanks
Sir, what about the investments done before the leaving the country like post office schema like Sukanya , post office insurance scheme all are on going monthly investments. And home loans which emi is getting deducted on savings account?
Thank you sir I have ULIP plan. Should I pay ULIP installment from NRE/NRO account or I can pay from foreign account? Where should I take maturity amount? Do we need to pay tax in india or australia on CGT of ULIP? Reply will appreciated 🙏🙏
Tks for info.on when we should change our accounts to NRE and NRO accounts. But please tell me what happens to my Pension which is INR because I worked in India, but now residing abroad and visit India often. If I close my account, where does my Indian Pension go to...do I have to give them( PF office ) an NRO account?
I frequent visit USA and uk both spent 15 month out from India can it breach of fema laws as you say after 182 days leaving out of India breach fema laws
Sir, thanks for your wonderful explanation. I have following question Sir, 1. I have 31 years of service in India 2. Salary was more than Rs. 15,000 after 15 years of service 3. I am NRI from last 4 yesrs and attained 60 years of Age, have not withdrawn PF or EPS, working abroad with no Social Security Scheme and would like to know a. do we get a lumpsum pension withdrawal also after filling up 10D form thru UMANG? b. For PF I will fill 15H, still, I have to pay some TDS/ what is the tax deduction % on withdrawal. Regards,
Hi Sir .. I have the below three questions in regards the topic you explained. 1) After becoming NRI what should i do with the shares that i purchased using my Demat account when i was in India. Can i continue to invest and sell the shares in the same Demat account. 2) I am an NRI and there are agricultural properties both ancestral properties and agri land purchased by my Father. We are now planning to sell a part of them. What are the restrictions . Can i use this money to purchase any residential property in my name?? 3) Can i use my money in NRE/NRO account to buy agricultural land on my fathers name ? Thanks in advance for your answers.
Please let me know when should I change my SB account to NRO account as iam in US now. I am completing 6months of stay here after I got my Green Card. Is there any dead line ?can I get it done when I visit India after a few months?
Sir Mai out side india me rahta ho mera NRE account hai lakin jab mera annual atm charge deducted hota hai to usme GST v deduct hota hai kiya mai jan sakta ho Q jab k NRE account par koi tex applicable nahi hota hai.... kindly reply....thanks
1. NRI can not buy Agricultural land, but what the law says about inheritance of Agricultural land ? 2. What is position of an NRI member of HUF? Any tax implications in regards to his share in NRI income?
What happens to the repatriatable amount in NRE account of an OCI when this NRI gains Indian resident status but remains foreign citizen and thereby has to close NRE account and open a saving account? How can this NRI turned Indian resident repatriate foreign earnings as NRE account would be no more?
Suppose a person when in India had 3 savings bank accounts with 3 different banks and after moving abroad he/she wants to convert those to NRO and wants to open 3 NRE accounts with those three banks. Can this NRI have multiple NRO & NRE accounts in this scenario?
Thank you Sir for detailed info. May I ask one question...I am currently investing in NPS and mutual fund. I will be relocating to Europe in 2024 as I Have got a job there. So should I close NPS and mutual fund account or can I still continue it through my NRO account. Thank you Sir in advance for your response.
Sir, as you said many nri make mistake. This mistake will not take place when nri approach bank to open nre and nro account, the bank staff should advise him to close his saving account.
Video Request: I am NRI. Want to invest in Indian Equity only, Long term for income after retirement. All Do & Don'ts. Shall I do it through NRE -PSI or allowed (by law) to do through NRO account. If opening Tax file required if all income is below 1 lac/year from dividends. Are Bonus shares taxed. Is Tax filing required if total capital gains is kept under 1 lac. Total investment per year tax rules. Can opening bank/demat accounts under family members help. My concern is earning from equity without filing any Tax file not tax evasion.
Thanks a lot Sir. This is the great informative video. As my understanding with NRI was, only those people who gave up their Indian citizenship are considered as NRIs. I am also an NRI as per the information given in your video, as I was not aware what all formalities I should do, I request you some more information on my situation. As there was no plan for longer stay abroad as I came on spouse dependent resident visa. I am a housewife. 1) Is it too late for me to convert my SB account status to NRO? Will there be any penalties I will face? 2) What I should do for all the insurance policies, ppf, mutual fund that I had taken while I was in India and before I became an NRI? What will be the situation with my FDs that I have done before I convert my SB resident account to NRO ? Since there was no plan of settling abroad. 3) I have a joint account with a bank where I am secondary account holder, should that account also be converted to NRO as primary account holder is a resident? I am trying to get the correct information for all of my questions from all correct resources but nobody is giving me satisfactory answers for my situation. It will be great to have guidelines if you have any for this situation. Thank you.
Hi Sir Only the land categorized as agriculture land that NRI shouldn't buy? and what happens if in the agriculture land no farming has been done for last 5 to 10 years ! Is there a exception for such land if yes then do we need to take RBI permission ?
Hello sir, I have NRI status and I have my joint savings account with my parents in India so I can keep them and operate them with my parents or I am not doing it according to law?
thanx for the informative video. As an nri, if i have bought GOI taxfree bonds, will the interest earned thereon continue to be tax free upon becoming a resident. secondly, is the interest on Nre savings a/c tax free on the same lines as NRE FD. Would it be a good idea to place all NRE balances into a NRE FD upon return? Thanx
Thank you for video coveting important things NRI should follow in banking account operations, sir i have a question, can NRI open partnership account current account in India jointly with resident indian to invest in real estate business?
Many thanks for your useful advice. I have a question relating to a Sole Proprietor UK citizen UK resident with no office in India, no utility bills, less than 182 days in India so no Aadhar card. Whilst producing webinars for Indian media companies and associations how can one register for GST? Maybe a useful video by your guest Sri Ram? Probably more relevant now with introduction of GST on rental incomes and property owned by other NRI's abroad. Would love to see your video.
Do i need to continue for 4 years in order to maintain NRI status for tax exemption in India? Suppose I worked outside for 1 year only and then I relinquished the NRI status after that and became indan resident. So will there be some liability on income earned side India which was deposited in 1 year of NRI status? Please clarify
Thank you for these details and very useful. Could you pls share some details on what do with home loans, share holdings, mutual fund holdings, overdraft accounts those were opened and accumulated before becoming a NRI. Do we need to convert these or leave asis.
Thank you for the video. I have a question. If NRI returns to India permanently with 1. Indian Citizenship 2. Citizenship from foreign country but with OCI, Will income tax rate after returning to India different for both situations or its same ? Thank You
If a person leaves india for purpose of study and has an intention to come back once the study program is over, is holding an sb account still a voilation of FEMA law?
Great and very well explained sir Can you make a video on how NRI can invest in indian equities and trusted brokerages and what to do if we relinquish NRI status
Thanks a lot sir for this must needed information about NRI. If someone is ON and OFF NRI , meaning stayed 1 yr India then moved out side country for 1yr and then to Indian and stayed for more than SIX MONTHS. she must close ALL PPF savings accounts.
Ppf can continue when you are NRI . But you cannot start new or extend the current one . There is a detailed video on this channel on this subject. Please watch and be guided
Hello - If I have more than 1 SB account in India, do i need to convert all those into NRE/NRO or I can have just one NRE/NRO account along with the other SB account
Please make a video for Seafarers/mariners..... Are they considered as NRE/NRO......Also they need to close NRO account if they r in sailing on foreign going vessel....
Thank you so much for providing good information. One more thing i want to know some of my agricultural i received from my parents can i hold on my name or not ?
Mr. Chandrakant, Many thanks for providing valuable information. You talked about interest on NRE FD but not about interest on NRE Savings Account. Does it means that interest earned on NRE Savings accounts are taxable. Thanks for your time.
You said that if you are an NRI, once you move back, you need to close those accounts. I am a natiraluzed American citizen (born in India) with OCI who will probably be living in India for a couple of years to care for my aged Indian parents. Would I be required to close my NRE/NRO accounts?
Sir, I had opened ppf and ssy for my daughter when I was in India. Do I have to close my ssy account? Or can I continue to contribute? As I plan to come back in the next 5-6 years.
Thanks for this Amazing Video, I have 2 questions, for which i dont see answers in comments as well, 1. What happens to my EPF account when i become an NRI 2. Can i continue to hold my resident Credit card after I become NRI, this credit card is not linked to SB account.
Sir if I have an LIC ulip/life insurance scheme. If I convert my saving account to NRE or NRO account, will there be any issues with the existing Ulip/ life insurance scheme?
Thank you. Very informative video. If we invested MF & stock before becoming NRI (done via normal account), can we continue that or do we need to withdraw all and move that to nri investment portfolio?
Hi, I have opened NRE & NRO account, but due to high transfer fees to transfer USD in NRE account by local bank, I use to transfer funds in NRO Account converting INR from outside country itself. Is this transfer to NRO treated as tax free?
Thanks for the video - really helpful and informative. My doubt was, what if I owned agricultural land before becoming an NRI? Can I still continue owning it??
Sir want to understand if I have a sukanya samridhi account now and in future if i move to outside india then can I continue the scheme and keep on depositing in it.
I have a joint account with my spouse with the local saving bank for Locker facility... what will happen to it..should i remove my name from the account
Can NRI still keep the EPF Pension fund in EPF after moving overseas so he can get pension in future from EPF or it is also mandatory to withdraw it as well along with PF Fund withdrawal
hello sir good information . my questions are as below. I am a NRI from south africa and planning to come back to India and work from India. but the job is still from south africa. only working location is changed from RSA to India. and my tax will be deducted in south africa. and salary will be credited to my south africa bank accounts only from there I have remit to India accounts. in this scenario what is my future taxation steps and do I need file retunrs in India going forward ? and also I heard after 180 days stay in india I will become resident Indian . then what are the taxation steps ? please explain and assist sir .
Thanks a lot for all information. Is it correct to open and operate mutual funds from NRO account considering Mutual fund house allow an NRI to invest in MFs through NRO account? If yes, are there any drawbacks in doing so from NRI standpoint?
Would there be a problem if a resident Indian already owns an agricultural land and subsequently becomes an NRI. Does he have to sell the agricultural land?
Thanks for sharing the informations . I have a question…. about undivided family properties i.e. agricultural land and income out of it . My father and his two brothers got some agricultural land inheritance.All of them died and they had 14 children and now those 14 children have 30 kids some are adults and married too. But the agricultural land not divided due to some reason or other. We are to make division but all are settled in different parts of the globe. So what is about it and what is about the income out of those lands for NRIs and some the members are living in Bharat .
Thank you very much sir. How about software consultants who will be deputed to foreign land ? They continue to be employed by Indian company. What should they do?
If person went by student visa to usa but he didn't convert his saving account in India as nro mean time he get job internship card now getting earning need immediately conversion or when he come india that time he will convert is ok ?
Thanks Sir, you are always helpful in clarifying our doubts and making us aware about NRI policies. I do have a question, you mentioned a NRI can continue to hold an existing PPF account till maturity but can they also keep adding fresh investment each year till account maturity or just hold the existing ones? Please help clarifying this with an example. Thanks in Advance!
If I direly need the money in my NRO account due to the COVID n job situation abroad, how can I repatriate it and what is the procedure and what precautions to take as an NRI? Thank you
ppf account if its there before nri status. need to close or leave it like that and later when come back to india then restart or close? pleass elaborate more
I own properties in India and earn rent. The rent collected is deposited by tenant into NRO account. Our CA files tax returns at the end of the year promptly. So balance in NRO account is tax paid. My question: what purpose can I or cannot use funds in NRO account. For example can I buy air tickets on Indian travel portals and pay from NRO account? Thanks in advance.
Your videos are very informative. Thank you. I have a question - can I as an NRI receive rent from overseas into my NRE account and pay tax on it? In other words is it mandated that rent has to be paid by tenant only from resident accounts?
Thanks, useful video. Can you do a video describing differences between NRE and NRO accounts and the usefulness or purpose of both these type of accounts?
![Noob To Max With DRAGON REWORK In Blox Fruits [FULL MOVIE]](http://i.ytimg.com/vi/LnBMOinoOvA/mqdefault.jpg)
Every Indian citizen who goes abroad and becomes an NRI should be given this youtube link at the immigration counter itself so that they are aware of it.
And forgot to mention....thanks for all your insightful sessions. Loved them👌
I am extremely happy to have your instant response. Sir, your explanation is to the point and well appreciated. 🙏
Mr. Chandrakanth, thanks for the informative video. I am an NRI. Until I saw your video I was not aware that I should not hold a savings account in India. I will ask my bank today itself to convert the above into an NRO account. I have a doubt. I have an NRE account in India. If I transfer money from my NRE account to my NRO account , can I transfer the above amount back to my NRE account from my above NRO account , immediately or after some time? Why I am asking this question? Suppose I want to invest some money in some real estate. First I will transfer the amount, say 50 Lakhs, from my NRE account to my NRO account. Next I will transfer the above amount from my NRO account to the seller's bank account in India. After some time I will sell the above property and I will get, say 65 Lakhs. I will keep 15 Lakhs, the profit, in my NRO account and pay the relevant taxes from my NRO account for the above profit. Now can I transfer the remaining principal amount of Rs 50 Lakhs back to my NRE account from where it was originated? Thank you.
Good question. Will be waiting for the answer.
Fund transfer from NRO to NRE is not possible- correct me if I’m wrong. Foreign currencies can only be deposited in NRE accounts. INR cannot be deposited in NRE account’s
We have been watching your video
It’s extremely informative
Request
Please give us parent a SOP for sending our children abroad for studies
Will be obliged
It should have to do list parent AND
to do list for student
One thing you should mention that whether a NRI can get a tax exemption in Money market, is based on the DTAA signed between NRI's resident country and India. I live in EU country, whose DTAA with India, says gains from money market will be taxed in my host country.
This has enlightened a lot
Many NRIs might not have closed their SB a/ c joint or individual because they do not know that they have to close and the bank also do not know that they are outside the country
In case of joint accounts the bank should verify once in a year and update by taking undertakings just like Life Certificates
Very good information ! These information should be given to people when they apply for passports to go for employment overseas !
One question. An NRI in UK transfers the sale proceeds of his House in UK from HSBC Bank to an Indian Bank account. He however got his Indian account freezed. What's the procedure to be followed for unfreezing the same? Please suggest.
Can an OCI living and working in India permanently continue with his old Savings Bank Accounts which he had earlier before becoming a Foreign Citizen?
Or is this also a Violation of the FEMA act and the said individual needs to convert his SB accounts immediately to NRO?
May I ask a question? A central govt pensioner, becomes an NRI because he stays with his kids settled outside. Can he repatriate his pension to his foreign country, if he gets the pension into a NRO account? He pays the tax correctly in I dis for his pension.
Thank you.
Thank you sir for this video
I have question please explain to me I work saudi arabia still 6 years I didn't make nre and nro account I have only sbi savings account any issues thanks
Sir, what about the investments done before the leaving the country like post office schema like Sukanya , post office insurance scheme all are on going monthly investments. And home loans which emi is getting deducted on savings account?
Thank you sir
I have ULIP plan. Should I pay ULIP installment from NRE/NRO account or I can pay from foreign account? Where should I take maturity amount? Do we need to pay tax in india or australia on CGT of ULIP? Reply will appreciated 🙏🙏
Tks for info.on when we should change our accounts to NRE and NRO accounts. But please tell me what happens to my Pension which is INR because I worked in India, but now residing abroad and visit India often. If I close my account, where does my Indian Pension go to...do I have to give them( PF office ) an NRO account?
I frequent visit USA and uk both spent 15 month out from India can it breach of fema laws as you say after 182 days leaving out of India breach fema laws
Sir, thanks for your wonderful explanation.
I have following question
Sir,
1. I have 31 years of service in India
2. Salary was more than Rs. 15,000 after 15 years of service
3. I am NRI from last 4 yesrs and attained 60 years of Age, have not withdrawn PF or EPS, working abroad with no Social Security Scheme and would like to know
a. do we get a lumpsum pension withdrawal also after filling up 10D form thru UMANG?
b. For PF I will fill 15H, still, I have to pay some TDS/ what is the tax deduction % on withdrawal.
Regards,
Hi Sir .. I have the below three questions in regards the topic you explained.
1) After becoming NRI what should i do with the shares that i purchased using my Demat account when i was in India. Can i continue to invest and sell the shares in the same Demat account.
2) I am an NRI and there are agricultural properties both ancestral properties and agri land purchased by my Father. We are now planning to sell a part of them. What are the restrictions . Can i use this money to purchase any residential property in my name??
3) Can i use my money in NRE/NRO account to buy agricultural land on my fathers name ?
Thanks in advance for your answers.
Please let me know when should I change my SB account to NRO account as iam in US now. I am completing 6months of stay here after I got my Green Card. Is there any dead line ?can I get it done when I visit India after a few months?
If existing PPF connected with savings account, that account also needs to be changed to NRO/NRE. Is it supported?
Sir Mai out side india me rahta ho mera NRE account hai lakin jab mera annual atm charge deducted hota hai to usme GST v deduct hota hai kiya mai jan sakta ho Q jab k NRE account par koi tex applicable nahi hota hai.... kindly reply....thanks
What happens when as a NRI you inherit agricultural or urban landed or residential property?
1. NRI can not buy Agricultural land, but what the law says about inheritance of Agricultural land ?
2. What is position of an NRI member of HUF? Any tax implications in regards to his share in NRI income?
What happens to the repatriatable amount in NRE account of an OCI when this NRI gains Indian resident status but remains foreign citizen and thereby has to close NRE account and open a saving account? How can this NRI turned Indian resident repatriate foreign earnings as NRE account would be no more?
Sir i wish you told about old parents who stay with their children and are not earning anything abroad. There are many such people.
Incase an NRI gets his share of agricultural land as a result of partition in the family,
how is it treated under FEMA ?
Suppose a person when in India had 3 savings bank accounts with 3 different banks and after moving abroad he/she wants to convert those to NRO and wants to open 3 NRE accounts with those three banks. Can this NRI have multiple NRO & NRE accounts in this scenario?
Dear sir kindly make video on seafarers investment and insurance plans as well as terminaurance
Thank you Sir for detailed info. May I ask one question...I am currently investing in NPS and mutual fund. I will be relocating to Europe in 2024 as I Have got a job there. So should I close NPS and mutual fund account or can I still continue it through my NRO account. Thank you Sir in advance for your response.
Sir, as you said many nri make mistake. This mistake will not take place when nri approach bank to open nre and nro account, the bank staff should advise him to close his saving account.
What about buying houses or flats As NRE....it will come under violence?
Video Request: I am NRI. Want to invest in Indian Equity only, Long term for income after retirement. All Do & Don'ts. Shall I do it through NRE -PSI or allowed (by law) to do through NRO account. If opening Tax file required if all income is below 1 lac/year from dividends. Are Bonus shares taxed. Is Tax filing required if total capital gains is kept under 1 lac. Total investment per year tax rules. Can opening bank/demat accounts under family members help. My concern is earning from equity without filing any Tax file not tax evasion.
Thanks a lot Sir. This is the great informative video. As my understanding with NRI was, only those people who gave up their Indian citizenship are considered as NRIs. I am also an NRI as per the information given in your video, as I was not aware what all formalities I should do, I request you some more information on my situation. As there was no plan for longer stay abroad as I came on spouse dependent resident visa. I am a housewife.
1) Is it too late for me to convert my SB account status to NRO? Will there be any penalties I will face?
2) What I should do for all the insurance policies, ppf, mutual fund that I had taken while I was in India and before I became an NRI? What will be the situation with my FDs that I have done before I convert my SB resident account to NRO ? Since there was no plan of settling abroad.
3) I have a joint account with a bank where I am secondary account holder, should that account also be converted to NRO as primary account holder is a resident?
I am trying to get the correct information for all of my questions from all correct resources but nobody is giving me satisfactory answers for my situation.
It will be great to have guidelines if you have any for this situation. Thank you.
Hi Sir
Only the land categorized as agriculture land that NRI shouldn't buy? and what happens if in the agriculture land no farming has been done for last 5 to 10 years ! Is there a exception for such land if yes then do we need to take RBI permission ?
SSA A/c opened for minor while being resident Indian. Status is NRI now. What happens to SSA account now
Thanks for the detailed video. Can we as nri continue sip in existing mutual fund?
Yes, if you convert bank account to NRO and change tax codes in Folios
Pls see if you can make a vid on disadvantages of USA based NRIs to invest in Indian mutual funds because of tax implications of IRS/PFIC
Hello sir, I have NRI status and I have my joint savings account with my parents in India so I can keep them and operate them with my parents or I am not doing it according to law?
Good information...Hope NRI can open NOS A/C. We expected you will explain about it
Thanks Dr Bhat for all your videos with excellent presentation
Please make video. For nris for tax limits, and agencies giving service of income tax consultants
thanx for the informative video. As an nri, if i have bought GOI taxfree bonds, will the interest earned thereon continue to be tax free upon becoming a resident. secondly, is the interest on Nre savings a/c tax free on the same lines as NRE FD.
Would it be a good idea to place all NRE balances into a NRE FD upon return? Thanx
Recently i have move to UK.I have NPS TIER 1 and PF account from previous employer ..Do i need to close those ?
Thank you for video coveting important things NRI should follow in banking account operations, sir i have a question, can NRI open partnership account current account in India jointly with resident indian to invest in real estate business?
Many thanks for your useful advice. I have a question relating to a Sole Proprietor UK citizen UK resident with no office in India, no utility bills, less than 182 days in India so no Aadhar card. Whilst producing webinars for Indian media companies and associations how can one register for GST? Maybe a useful video by your guest Sri Ram? Probably more relevant now with introduction of GST on rental incomes and property owned by other NRI's abroad. Would love to see your video.
Do i need to continue for 4 years in order to maintain NRI status for tax exemption in India? Suppose I worked outside for 1 year only and then I relinquished the NRI status after that and became indan resident. So will there be some liability on income earned side India which was deposited in 1 year of NRI status?
Please clarify
Thank you for these details and very useful. Could you pls share some details on what do with home loans, share holdings, mutual fund holdings, overdraft accounts those were opened and accumulated before becoming a NRI. Do we need to convert these or leave asis.
Thank you for the video.
I have a question.
If NRI returns to India permanently with
1. Indian Citizenship
2. Citizenship from foreign country but with OCI,
Will income tax rate after returning to India different for both situations or its same ?
Thank You
It will remain same
@NRIMoneyClinic Thank You so much.
What about business and property tax, Is it same in both cases or different ?
If a person leaves india for purpose of study and has an intention to come back once the study program is over, is holding an sb account still a voilation of FEMA law?
If someone holding Indian passport. Still they can’t have their old account in India?
Thanks for sharing valuable information ℹ️
Great and very well explained sir
Can you make a video on how NRI can invest in indian equities and trusted brokerages and what to do if we relinquish NRI status
I've got 2 savings accounts back in India. It's been 3.5 years and i have not converted the accounts yet. What is the potential penalty
Thanks a lot sir for this must needed information about NRI. If someone is ON and OFF NRI , meaning stayed 1 yr India then moved out side country for 1yr and then to Indian and stayed for more than SIX MONTHS.
she must close ALL PPF savings accounts.
Ppf can continue when you are NRI . But you cannot start new or extend the current one . There is a detailed video on this channel on this subject. Please watch and be guided
Hello - If I have more than 1 SB account in India, do i need to convert all those into NRE/NRO or I can have just one NRE/NRO account along with the other SB account
All have to be converted
Please make a video for Seafarers/mariners..... Are they considered as NRE/NRO......Also they need to close NRO account if they r in sailing on foreign going vessel....
Thank you so much for providing good information. One more thing i want to know some of my agricultural i received from my parents can i hold on my name or not ?
How did you get it from your parents ?
Inheritance or by way of gift ?
Mr. Chandrakant,
Many thanks for providing valuable information.
You talked about interest on NRE FD but not about interest on NRE Savings Account. Does it means that interest earned on NRE Savings accounts are taxable. Thanks for your time.
You said that if you are an NRI, once you move back, you need to close those accounts. I am a natiraluzed American citizen (born in India) with OCI who will probably be living in India for a couple of years to care for my aged Indian parents.
Would I be required to close my NRE/NRO accounts?
Please consult a chartered accountant on specific guidance for OCI
Sir,
I had opened ppf and ssy for my daughter when I was in India.
Do I have to close my ssy account? Or can I continue to contribute? As I plan to come back in the next 5-6 years.
There are detailed videos on PPF and SSY on this channel.
Please watch and be guided
Please make some video on double taxation treaty procedures, how to apply same in India?
Hi Sir. Do i need to go to India physically to repatriate funds from my NRO account or i can do it online. Thanks
Thanks for this Amazing Video, I have 2 questions, for which i dont see answers in comments as well,
1. What happens to my EPF account when i become an NRI
2. Can i continue to hold my resident Credit card after I become NRI, this credit card is not linked to SB account.
2. Resident credit card needs to be closed.
1. I do not know the answer at this point of time
Sir if I have an LIC ulip/life insurance scheme. If I convert my saving account to NRE or NRO account, will there be any issues with the existing Ulip/ life insurance scheme?
No problem whatsoever
Thank you. Very informative video. If we invested MF & stock before becoming NRI (done via normal account), can we continue that or do we need to withdraw all and move that to nri investment portfolio?
You need to convert the tax code to NRO and change bank account to NRO account. No needcto sell
Please produce a video for someone like me, a person of Indian origin not holding Indian citizenship.
Hi,
I have opened NRE & NRO account, but due to high transfer fees to transfer USD in NRE account by local bank, I use to transfer funds in NRO Account converting INR from outside country itself. Is this transfer to NRO treated as tax free?
I am NRE and staying in India. I understand interest from NRE FD is tax free but do I need to pay tax on this interest while filing tax in US?
How about LIC policies? Should we continue holding them and paying the premiums?
Thanks Sir, Kindly Guide about SEAMAN who completes NRE status but family remains in India and daughter also indian having SSY account
Thanks for the video as always very useful to know as an NRI
An NRI, if he wants to be taxed as resident, willing to offer all his global income to be taxed in India, does he has this option?
Thanks for the video - really helpful and informative. My doubt was, what if I owned agricultural land before becoming an NRI? Can I still continue owning it??
Sir want to understand if I have a sukanya samridhi account now and in future if i move to outside india then can I continue the scheme and keep on depositing in it.
No , you cannot continue. There is a detailed video on Sukanya Samridhi Yojana on this channel. Please watch and be guided
I have a joint account with my spouse with the local saving bank for Locker facility... what will happen to it..should i remove my name from the account
Can NRI still keep the EPF Pension fund in EPF after moving overseas so he can get pension in future from EPF or it is also mandatory to withdraw it as well along with PF Fund withdrawal
hello sir good information . my questions are as below. I am a NRI from south africa and planning to come back to India and work from India. but the job is still from south africa. only working location is changed from RSA to India. and my tax will be deducted in south africa. and salary will be credited to my south africa bank accounts only from there I have remit to India accounts. in this scenario what is my future taxation steps and do I need file retunrs in India going forward ? and also I heard after 180 days stay in india I will become resident Indian . then what are the taxation steps ? please explain and assist sir .
Thanks a lot for all information. Is it correct to open and operate mutual funds from NRO account considering Mutual fund house allow an NRI to invest in MFs through NRO account? If yes, are there any drawbacks in doing so from NRI standpoint?
Would there be a problem if a resident Indian already owns an agricultural land and subsequently becomes an NRI. Does he have to sell the agricultural land?
No problem on that
What happens to the mutual fund of an NRI if he becomes the citizen in the UK?.
Hello sir,
I hope your are doing well
If I close my Indian bank account then how can I apply my PF
Thanks for sharing the informations . I have a question…. about undivided family properties i.e. agricultural land and income out of it . My father and his two brothers got some agricultural land inheritance.All of them died and they had 14 children and now those 14 children have 30 kids some are adults and married too. But the agricultural land not divided due to some reason or other. We are to make division but all are settled in different parts of the globe. So what is about it and what is about the income out of those lands for NRIs and some the members are living in Bharat .
Thank you very much sir. How about software consultants who will be deputed to foreign land ? They continue to be employed by Indian company. What should they do?
If person went by student visa to usa but he didn't convert his saving account in India as nro mean time he get job internship card now getting earning need immediately conversion or when he come india that time he will convert is ok ?
Second question : if there is joint account, one spouse is NRI and other is Resident; what is the option?
Make resident spouse as second holder
Thanks Sir, you are always helpful in clarifying our doubts and making us aware about NRI policies. I do have a question, you mentioned a NRI can continue to hold an existing PPF account till maturity but can they also keep adding fresh investment each year till account maturity or just hold the existing ones? Please help clarifying this with an example. Thanks in Advance!
I have the same doubt.
You can continue to add till maturity . There is a detailed video on the topic on our channel. Please watch and be guided
If I direly need the money in my NRO account due to the COVID n job situation abroad, how can I repatriate it and what is the procedure and what precautions to take as an NRI?
Thank you
Thank you, great information. 👍🏻
ppf account if its there before nri status. need to close or leave it like that and later when come back to india then restart or close? pleass elaborate more
There is a detailed video on ppf account on this channel. Please be guided
I own properties in India and earn rent. The rent collected is deposited by tenant into NRO account. Our CA files tax returns at the end of the year promptly. So balance in NRO account is tax paid. My question: what purpose can I or cannot use funds in NRO account. For example can I buy air tickets on Indian travel portals and pay from NRO account? Thanks in advance.
What shud be done to NRE FD when NRI return to india? Shud that be immediately taken out or allow till it's matured and taken out
Your videos are very informative. Thank you. I have a question - can I as an NRI receive rent from overseas into my NRE account and pay tax on it? In other words is it mandated that rent has to be paid by tenant only from resident accounts?
You need to consult a chartered accountant on this issue
Can NRI hold a Savings Bank account as joint account with a family member who is in India?
Does mandate holder resident , have to close his sb account ?
Thanks, useful video. Can you do a video describing differences between NRE and NRO accounts and the usefulness or purpose of both these type of accounts?
Please check playlist NRI Banking on this channel . These videos are already there
THANKS. CAN AN NRI CONTINUE TO CONTRIBUTE TO AN PRE EXISTING PPF ACCOUNT IN SBI ?
GOT IT- CAN CONTINUE TO ADD.
What if individual bought an agricultural land before becoming nri?
What about if I have a dmat account and ppf account what should I do if I am an NRI?
Can NRI invest in buying house or office from NRE account? If it is sold in future, can the proceeds be repatriated?
Hi Sir. I am NRI but still citizens of India. Why can’t buy lands ?please explain