Joint Holdings of Non Resident Indians

Joint Holdings of Non Resident Indians

Non Residents of Indian Nationality/Origin may invest in shares singly or jointly, with their close relatives in India. Repatriation benefits are allowed only if the following conditions are complied with:

1. The investment is made by sending remittances from abroad or out of funds held in Overseas Investor’s Non Resident (External) account or FCNR account;

2. The first holder of shares is a Non Resident Indian who made investments out of his funds;

3. The resident holder is closely related to the Non Resident.

However, it is important to note that repatriation benefits are available to the Non Resident and not the resident holding such shares. Special tax provisions are available to them and not to the Indian resident

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