NRI CORNER
- WHO IS NRI ?
- PERSON OF INDIAN ORIGIN (PIO)
- OVERSEAS CITIZEN OF INDIA (OCI)
WHO IS NRI ?
Any person holding Indian passport who has left India for an indefinite period for the following purposes:
Any person holding Indian passport who has left India for an indefinite period for the following purposes:
- Employment
- Business
- Any other purpose
PERSON OF INDIA ORIGIN
A Person of Indian Origin means a citizen of any country (other than Bangladesh or Pakistan), if:
A Person of Indian Origin means a citizen of any country (other than Bangladesh or Pakistan), if:
- He at any time held an Indian passport; or
- He or either of his parents or grand parents was a citizen of India; or
- He is a spouse of an Indian citizen, or of a person referred to in (I) or (II) above.
OVERSEAS CITIZEN OF INDIA (OCI)
A foreign national, who was eligible to become citizen of India on 26.01.1950 or was a citizen of India on or at anytime after 26.01.1950 or belonged to a territory that became part of India after 15.08.1947 and his/her children and grand children, provided his/her country of citizenship allows dual citizenship in some form or other under the local laws, is eligible for registration as Overseas Citizen of India (OCI). Minor children of such person are also eligible for OCI. However, if the applicant had ever been a citizen of Pakistan or Bangladesh, he/she will not be eligible for OCI.
A foreign national, who was eligible to become citizen of India on 26.01.1950 or was a citizen of India on or at anytime after 26.01.1950 or belonged to a territory that became part of India after 15.08.1947 and his/her children and grand children, provided his/her country of citizenship allows dual citizenship in some form or other under the local laws, is eligible for registration as Overseas Citizen of India (OCI). Minor children of such person are also eligible for OCI. However, if the applicant had ever been a citizen of Pakistan or Bangladesh, he/she will not be eligible for OCI.
PRODUCTS OFFERED BY US TO NRI
Note: With effect 08 Dec 2008 “U S Persons and Persons of Canada” will not be allowed to make any fresh purchase/additional purchase/switches in any scheme of Mutual Fund.
- MUTUAL FUNDS
Note: With effect 08 Dec 2008 “U S Persons and Persons of Canada” will not be allowed to make any fresh purchase/additional purchase/switches in any scheme of Mutual Fund.
TAXATION FOR NRI'S ON INCOME FROM MUTUAL FUNDS
For Equity Scheme:
Short Term Capital Gains Is 15%
Long term Capital Gain is nil.
TDS: STCG is 17.30 %( 10%+12% Surcharge+ 3% Education Cess)
Debt Scheme:
Short Term Capital Gains is as per slab
Long term Capital Gain is 20% with Indexation.
TDS: STCG is 30% and LTCG-20 %( After providing for Indexation)
Equity Scheme:
Dividend Distribution Tax is nil
Debt Scheme:
Dividend Distribution Tax is 28.84% (25%+12% Surcharge+ 3% Education Cess)
For Equity Scheme:
Short Term Capital Gains Is 15%
Long term Capital Gain is nil.
TDS: STCG is 17.30 %( 10%+12% Surcharge+ 3% Education Cess)
Debt Scheme:
Short Term Capital Gains is as per slab
Long term Capital Gain is 20% with Indexation.
TDS: STCG is 30% and LTCG-20 %( After providing for Indexation)
Equity Scheme:
Dividend Distribution Tax is nil
Debt Scheme:
Dividend Distribution Tax is 28.84% (25%+12% Surcharge+ 3% Education Cess)
