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guest: I am an NRI living in the USA. My father (Indian resident, Retd, Age 66) would like to buy a home from a builder. Since banks don`t allow loans after 65 years of age, I want to apply for this loan as Primary borrower and my father as co-borrower and both of us as joint owners. Can repayment of the loan (down payment & EMI) be made either from my NRO a/c or by my father`s Indian bank a/c?
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A non-resident is allowed to buy any property except an agricultural land and farm house in India. As far as payment of EMI and down payment is concerned, the same can be made either through remittance from abroad or from the NRO account of the non-resident. If your rather is a joint borrower the payment of EMI can be made from his account as well.
guest: I am an NRI and I have invested my foreign income in a residential property in India. I have given that property on rent, which is being deposited into my NRO account in a bank in India. Now I want to repatriate the rental income abroad. I am regularly paying income tax on the rental income. I have filed the income tax returns showing the source of income as foreign money for acquiring the property. Please advise me of the procedure to regularly repatriate the rental income abroad.
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A non-resident is allowed to remit upto Rs. 10 lakh USD every year without seeking any permission from the RBI. However you will have to submit necessary forms under income tax laws before remitting the money.
guest: I am a NRI, residing in UAE. During May 2024, I took a personal assistance loan from UAE bank (for purchasing property and remitted in my NRE rupee account). Later I withdrew money from my NRE (About INR Rs 22 lakh) and kept the money in the custody of my parents to purchase land. Now, since my plans have changed and we are in the process of immigrating to Australia, I want to take the money to Australia. Could you please advise whether it is possible? If so, what is the procedure to repatriate the whole amount? I have the evidence of my bank transaction statements. Is this sufficient to get the money repatriated?
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The cash can be deposited in your NRO account. A non-resident can remit upto ten lakh USD every year from India subject to complying with certain procedure like filing form 15 CA and 15CB. You need to take help from a CA for filing these forms.
guest: I bought a house in December 2024 using a home loan. I already have another house in my name since June 2005 without a loan. If I repay my home loan on my second house, with the sale proceeds of my first house, do I have to pay tax on LTCG on my first house sale. I am in the 20% tax slab. I am not an NRI. Sorry my question is not related to nre account. But you are an tax expert. Please help.
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There is no exemption from tax on capital gains if you utilize sale proceeds of a house to repay an existing home loan. However if you are able to sell the first house within one year from purchase of the second house, you will be able to claim exemption from long term capital gains tax to the extend the indexed capital gains are invested in the second house.
guest: I am a doctor in Veterinary medicine. My wife is in the same field. We are in our 50s and are both US Citizens. Can we buy property with our status now or do we need dual citizenship to buy property in India?
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If you are a person of Indian origin, you can buy property in India and there is no need to be Indian Citizens to buy property in India. Please note that you are not allowed to buy an agricultural land or farm house in India.
guest: Two years back I purchased a piece of land in India using my NRE account. Now I would like to sell this property and I have found another NRI buyer in the US who has agreed to pay me the amount in US Dollar. My question is: Can we get the sale/registration done thru a POA in India b) Do I need to get any permission from RBI?
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I assume the land you had purchased is not an agricultural or plantation land. Repatriation of sale proceeds is permissible to the extent of foreign exchange used to acquire the said land. The buyer may have to remit the dollars into your account in India, from which you can seek repatriation. Registration of documents for sale through POA is permitted in law.
guest: Two months ago, I purchased land but for various reasons, I want to sell the land and convert back to dollars. I would like to know about repatriation after the sale has been concluded. The buyer might issue a rupee cheque, which I would like to convert to dollars.
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If you had bought the Land (other than agricultural / plantation / farm lands) using foreign exchange, then to the extent of foreign exchange used to acquire the property, can be repatriated outside India. You will have to give the bankers sufficient proof for having acquired the land using foreign exchange, reasons for quick sale, and the extent of foreign exchange used to acquire the Land for considering repatriation. If the funds were not remitted from outside India you can still remit upto one million USD every year.
guest: I am an NRI based in the UK. I want to invest in Real estate and in the Share market with my NRE funds. Can the funds be repatriated into pounds on sale of the real estate/shares? If so, what is the procedure?
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Yes, an NRI can invest in real estate in India but investment in agricultural land and farm house is not permitted. Investment in shares of Indian companies on repatriation basis, is possible, through recognized stock exchange, through registered broker. You can invest in share market under Portfolio Investment Scheme (PIS) through any authorized dealer. Repatriation is also allowed for investments made from NRE account. The remittance is subject to income tax, if any on gains.
guest: Residential property owned by an NRI sold in India. The property was built with income in Rupees in India, without foreign currency investment. I hold a British Passport now but was born in India. Money urgently needed for medical treatment. Would you please advise the RBI regulations/procedure?
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Since the property was purchased from rupee income in India, you can avail the facility to remit upto USD 10 lakhs every year from your NRO account.
guest: When an NRI acquires property in India, do they need to report to the RBI?
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Under the present regulations there is no requirement of reporting to RBI at all for purchase of permitted properties in India.
guest: It is right time to investment in ETF?
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guest: Whar are the good investmnet plan for senior citizen in mutual fund?
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guest: Which is good balance fund to invest?
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guest: Which Mutual Fund is good for invest for 10 years?
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