Ask a Question
According to the FEMA rules for the NRIs, once your resident status changes from an Indian resident to an NRI living outside India, you have to follow some of the FEMA guidelines, which are given below for the NRI taxation.
According to the FEMA rules and regulations, NRIs are not allowed to hold any Indian savings account; they need to open an NRO account or an NRE account with an Indian bank in accordance with all the rules and regulations of the Reserve Bank of India.
As per the FEMA guidelines, an NRI cannot be allowed to proceed sale of any two residential houses lifetime. However, they can be allowed to repatriate 1 million USD in a financial year.
Here are some of the investments that are allowed under the FEMA guidelines:
NRIs cannot invest under the FEMA guidelines:
According to the FEMA (Foreign Exchange Managnment Act), a person is a resident of India if he is:
Stays in India for more than 182 days during a financial year, but it cannot include the following:
Any person who has any employment in India.
Share Your Thoughts and Connect with Others.
There are mainly two types of remittance, which are named inward remittance and outward remittance, which depend on the transaction purpose. Both taxes are subject to the FEMA regulations and...
Section 80C of the Income Tax Act allows tax deduction benefits to the taxpayer up to 1.5 lakhs INR on various schemes and investments. It includes life insurance premiums, loan...
Yes, under section 17(1), which is termed as a salary, and it includes your pension, which you have contributed by the central government or any employer in a financial year...
Section 194-IB of the Income Tax Act deals with the tax to be deducted at source for the rent payment at 2%, which is more than 50,000 INR in a...
Section 54F of the Income Tax Act helps you to get an exemption on the long-term capital gains from any sale of any property other than a residential house. The...
Presumptive taxation is a scheme for small professional businesses and freelancers, which helps them to declare a percentage of their annual turnover without any need for detailed account books. The...
Section 44AE of the Income Tax Act provides taxation rules for small enterprises in playing, hiring, and leasing transport vehicles for carrying goods to other places. The income of the...
In Section 17(1), the term salary means any income or payments you get from any employer. It includes basic salary allowances, commissions, profits, and bonuses. It is a form of...
The capital gains tax is applied to the profits you earn by selling assets, like mutual funds, property, and many stocks. There are two types of capital gains tax, which...
Section 154 of the Income Tax Act provides an easy way to fix your errors or mistakes. This section allows the taxpayers and tax officials to correct their errors or...
Let Savetaxs guide you to the perfect solution for all your queries.
Here are some of the property rules for the NRIs under the FEMA guidelines.
List of the properties that an NRI can purchase under the FEMA rules:
Properties which you cannot purchase under the FEMA guidelines: