Benefits associated with the NRI status

Benefits associated with the NRI status:

· NRI can freely acquire immoveable property abroad out of earnings abroad. He can invest anywhere in the world. He can invest in any business abroad. He can retain all his assets even if he comes to India and he need not intimate RBI about his foreign assets.

· Foreign income is not liable to tax in India.

· NRI can set up trusts abroad for the education of the children or maintenance of the family.

· NRI enjoy tax concessions in India for the assets in India.

· NRI can bring 10 kgs of gold (on the payment of duty of Rs. 250 per 10 grams) and 100 kgs of silver (on the payment of Rs. 500 per kg) once in six months on his visit to India.

· NRI can seek advance ruling from Advance Ruling Authority on taxability of transactions.

· NRI can avail the benefits of Double Taxation Avoidance Agreements entered into by India with other countries which aim to minimize double taxation on the same income.

· In case of Initial Public Offerings (IPOs) NRIs enjoy a special quota.

· The children of NRI’s have reserved seats in courses in India like MBA, Engineering and Medical provided they pay in foreign currency.

Comments

Popular posts from this blog

NRI -Business in India

Now, expect I-T refunds sooner