BANK ON TERM DEPOSITS FOR AVAILING TAX SAVING
Investing in the ‘Tax Saving Deposit Scheme’ can be a great choice for NRIs & HUFs who cannot invest in PPF!
GLOBALISE YOUR INVESTMENTS!
Sell a Land in Ahmedabad & Enjoy Tax Exemption
Via Investment of an Apartment in London!
It may appear too good to be believed, but it is true! With the Foreign Exchange Management Act (FEMA) having liberalized remittances by resident Indians for their annual overseas investments upto US $ 2,00,000 and with the Income-tax Act enabling tax exemption of long term capital gains (LTCG) in case of an investment made in either the purchase or construction of a residential house, you can now plan to sell your land in Ahmedabad and invest funds even in a London apartment so as to enjoy tax holiday. (more…)
NRIs CAN FEEL AT HOME!
Liberalized Regulations For Acquisition, Transfer & Repatriation For Immovable Properties Held By Non Residents
Thousands of Non Resident Indians (NRIs) settled overseas fly frequently to India, the home of their hearts. Many of them yearn to have a land or house of their own in their native land, either for future settlement or even to share rental gains or just property appreciation. There are those who have come to acquire properties either by way of gifts or inheritance and desire to sell them and repatriate the proceeds overseas. Today’s article deals with FAQs on the liberalized regulations in this regard. (more…)
DTC TREATS NRIs AS ‘NOT REQUIRED INDIANS’
Harsh Taxing Provisions & Tinkering with Residential Status
under the Code are bound to irk the Global Indian Community!
In 2012-13, on the same interest income of Rs.3 lakhs, Amin will be required to pay a hefty tax of Rs.60,000 at the flat rate of 20%, without being eligible to claim any basic exemption or other deduction, as provided under Part III of the First Schedule to the Code.
Indian Properties in NRI Comfort Zone!
Liberal Regulations For Acquisition, Transfer & Repatriation
For Immovable Properties Held By Non Residents
Thousands of Non Resident Indians (NRIs) settled overseas fly frequently to India, the home of their hearts. Many of them yearn to have a land or house of their own in their native land, either for future settlement or even to share rental gains or just property appreciation. There are those who have come to acquire properties either by way of gifts or inheritance and desire to sell them and repatriate the proceeds overseas. This FAQ presentation on the liberal regulations in this regard will prove handy and useful both for NRIs and their relatives in India.
NRIs treated as Not Required Indians
Harsh, Illogical & Discriminatory Taxing Provisions For NRIs!
Proposals That Will Hurt The Global Indian Sentiment
Flat Rate of Tax
- 20% flat tax on interest & other investment income.
- 30% flat tax on all capital gains.
- Apart from 20% & 30% TDS on above, TDS at a baffling rate of 35% prescribed on all residual income.
No Personal Exemption
- No personal exemption or deduction allowed in computing the above income treated as ‘income from special sources.’
Weird Interpretation
- Poor drafting leads to such a weird interpretation that transfer of a capital asset may attract 30% tax on gross sale consideration.
What a Discrimination?
- Ironical but true! Non-Indian sports-persons, say Ricky Ponting or Shoaib Akhtar, required to pay a concessional tax of 10% on their game, advertisement and column earnings in India, thus enjoying a more privileged tax status than our own sons of the soil living abroad.
