Category Archives: NRI

Can Overseas Citizen of India (OCI) get Aadhar card?

Posted by on October 28, 2024 Comments Off
This might be slightly off the topic of properties, but since many of our customers are NRIs, it’s still relevant for you.
There has always been some uncertainty about whether OCIs can obtain Aadhaar. The answer is yes, but there is a residency requirement that must be met. NRIs need to stay in India for more than 180 days within a year to be eligible to apply for Aadhaar, which can be quite challenging. Nonetheless, these are the established rules.
See below for details…

NRIs can remit upto $1 million on sale of property

Posted by on July 3, 2019 Comments Off
After a sale of property and payment of appropriate taxes either through TDS during sale or advance payment of taxes, NRIs can remit up to $1 million USD.
NRIs have to produce documentary evidence of sale (sale deed, registration fees receipts, tax payment evidence) along with a certificate from an auditor to remit the amount back to their country of residence.
Any amount over $1 million requires special permission from RBI.

NRIs and Taxes

Posted by on September 29, 2014 Comments Off

NRIs, your rental income for properties in India is subject to tax in India. While filing taxes you can take a standard 30% deduction on annual value of property, which includes the cost of maintaining the house. Other deductions are home loan interest paid, property and water taxes. Regarding filing of taxes, you don’t need to file until your income exceeds 2 lakhs annually.

Your interest from NRE account, dividend income and interest income from PPF is TAX EXEMPT.

For details on other taxes, check out this NRI Taxes link on Mint (a WSJ partner).

Landlords, your PAN number is required

Posted by on November 14, 2013 Comments Off

Whether you are an NRI or not, your PAN needs to be furnished if you fit the following criteria…

1. If your tenant is using HRA (House Rent Allowance) from his company AND
2. If your rent is more than 1 lakh per year

When a tenant claiming HRA rents a house, their company furnishes a form which asks for landlord’s name, contact, PAN number and other pertinent details. If the landlord does not have a PAN, they ask you to declare as such.

For the complete article, check out the Mint (A WSJ partner) article

How NRIs can sell inherited property in India?

Posted by on April 29, 2013 Comments Off

This week, Live Mint (a WSJ partner in India) had an article detailing the nuances with selling property inherited by NRIs.

For the complete article, see link at the end of this post. In short, here’s what needs to be done…

  • Transfer title to your name using a will or succession certificate
  • Collect recent sale deed and parent docs
  • If the house is in a community, get a Co-op certificate, No objection certificate and Occupation certificate

Rest is the regular sales process of hiring an agent and finding buyers.

Read the entire article at Mint How NRIs can sell inherited property in India?

NRI Update: Right to vote and other policy changes

Posted by on January 16, 2012 Comments Off

Prime minister Manmohan Singh has announced that NRIs will get a chance to vote in the national elections. The process on how to vote will be laid out soon.

NRIs get right to vote

Two more schemes have been enacted – The government will sponsor a new Pension and Life Insurance Fund for overseas Indian workers. This seems to be targeted for low income overseas workers

Again, the government has just announced these plans, stay tuned to find out how to register and benefit from these plans.