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Yes, as an NRI, you can open a joint account with residents in India. You can easily open an NRO/NRE or FCNR account with Indian banks under the Foreign Exchange Management Act (FEMA). Under this act, an NRI can have a NRE/FCNR (B) joint account with a relative, such as a son, wife, daughter, husband, or parents, etc, or can have an NRE joint account with any Indian resident.
Yes, NRIs can open a Joint account with Indian residents or any female member to smoothly manage finances under the FEMA regulations if you have changed your status to NRI once you moved abroad. You can open a non-resident External (NRE) account or a Foreign Currency Non-Resident Bank account (FCNR) from any Indian bank.
NRIs can open a Joint account with an Indian relative under section 2 (77) of the Companies Act, 2013 on a Former and survivor basis. This means NRIs can open an NRE, NRO, or FCNR account as a 'Former' holder and resident or relative is the 'Survivor' secondary holder. Here are the relatives who are allowed to open a joint account with an NRI: father, step-father, mother, step-mother, son, step-son, son's wife, daughter, daughter's husband, brother, step-brother, sister, step-sister, and spouse.
Yes, NRIs can have a joint bank account with Indian residents or relatives, for which they need to open a bank account such as NRE, NRO, or FCNR. For which they need to submit some of the following documents to open a joint account, such as a filled joint application form, a valid government ID like a driving license, passport, proof of address, relationship proof like PAN card, Marriage certificate, and two recent passport-size photos.
If NRIs sent you remittances, then it is not taxable if they are from the money that is earned outside India. If remittances are earned in indian, then it is...
RNOR (Resident but not Ordinarily Resident) is beneficial for the NRIs if they have the income generated from the rent from abroad from rent, getting interests or dividends from the...
Yes, NRIS need to link their PAN card with an Aadhaar card under section 139AA of the Income Tax Act, 1961, for every person who is eligible to get an...
Here is the TDS rate on the interest earned in NRO accounts, which is subject to tax in India. Recent data shows that these TDS rates are 30% with surcharges...
NRIs can avoid double taxation through the lifesaving DTAA. It is basically an agreement that is signed by two countries. It is carried out by India with different countries, in...
No, the income earned from interest on an NRE account is not taxable in India. So, as long as you hold the NRI status or a resident but not ordinarily...
NRIs are allowed to get shares of the listed and unlisted companies with mutual funds that are subject to the Foreign Exchange Management Act. The tax date depends on the...
Yes, there is a limit on the remittance income you earned in India under the Liberalised Remittance Scheme (LRS), where Indian individuals, including minors, can only remit up to 2,50,000$...
If you are selling a property as an NRI in India, then you need to pay 20% tax as a TDS for long-term capital gains, which you hold for more...
Yes, NRIs can avail of a tax deduction for their NPS contributions. Like Indian citizens, they also enjoy the benefits of NPS schemes, and they can only contribute to the...
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