OCI cardholders can inherit land in India

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Once you are an NRI, you can no longer maintain a resident bank account in India

I reside in the UK and am eligible to apply for British citizenship. But before I do so, I would like to know what options I have regarding the following: public provident fund (PPF) in which I have invested for the past eight years at a post office; mutual funds with SBI and HDFC; LIC Jeevan Anand insurance expected to mature in 2027; HDFC Young Star Udaan policy; and savings accounts with SBI and HDFC Bank. 

As a foreign citizen, can I inherit either a small portion of agricultural land or residential property from my mother?

If you have been residing in the UK for long, your residential status may already be of a non-resident for the purpose of taxation in India.

 Once you are an NRI, you can no longer maintain a resident bank account in India. As per RBI rules, you must redesignate your resident bank accounts as NRO accounts or NRE accounts.

 Perhaps you may choose to merge balances in various accounts and continue one single NRO account, which would make things easier for you in terms of maintaining and complying with various requirements related to reporting and taxes. 

You may also consider opening an NRE account to deposit foreign earnings in India.

As an NRI, there are likely to be restrictions on how you make investments in mutual funds, shares, etc. in India and there may be additional compliance requirements.

An NRI cannot open a PPF account; however, if the status of the resident holder of a PPF account changes subsequent to the opening of the account, then such an NRI can hold the investments in PPF till maturity.

 As discussed, you must convert your resident accounts to NRO, NRE or Foreign Currency Non Resident accounts immediately, if you have not already done so.

Any income that arises from India shall be taxable in India for you. TDS shall be deducted on your capital gains before these are credited to your account.

NRIs are not allowed to acquire agricultural land in India. However, an NRO who is a citizen of India or an overseas citizenship of India cardholder can inherit agricultural land or any immovable property in India from a person resident in India.

 Do note that in case you decide to sell such agricultural land, it can only be sold to a person resident in India.

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पिता की संपत्ति में मिलता है बराबरी का हिस्‍सा, हर बहू-बेटी को पता होने चाहिए अपने ये अधिकार

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उत्तराधिकार पर सुप्रीम कोर्ट का बड़ा फैसला, महिला का मायका पक्ष भी परिवार का हिस्सा

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Act beyond Act: CSR

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स्किन से स्किन टच के बिना सेक्सुअल असॉल्ट का मामला नहीं... हाई कोर्ट के इस फैसले के खिलाफ महिला आयोग सुप्रीम कोर्ट पहुंची

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Decriminalisation of the Limited Liability Partnership Act

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Budget 2021: Key changes in GST to help small and medium- sized businesses

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1 to 5 crore loan without colletral made easy: Budget 2021

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Is GST is becoming a headache for you.

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Moment of rare pride

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बिहार पुलिस के सर्कुल ने बिहार प्रेस बिल की याद दिला दी है

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Italy court orders Facebook to pay $5 million in damages for copying app

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Foreigner To Deposit Cash Amount For Bail

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How legal is COVID-19 vaccine ?

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WhatsApp's private chat leaked on Google, anyone can read your personal talks

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Do you know 18 must Laws for every Indian?

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Why should I trust you or your business?

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Do you need clearance from your RWA to employ your maid?

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क्या तलाकशुदा पत्नी घरेलू हिंसा अधिनियम के तहत निवास के अधिकार का दावा कर सकती है?

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SC grants Woman's Right to Residence Under the Domestic Violence Act

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Corporate War: Cookie King who fought with TATA and Ambani

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HINDU MARRIAGE ACT : DIVORCE GRANTED TO HUSBAND ON THE GROUND OF MENTAL CRUELTY CAUSED BY WIFE

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Facebook love or chat can land you in Jail

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Financer can take way Car in case of payment default

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18000 Crore Company, 8000 Crore personal worth, wife & sons living in street

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Do you love your wife and children?

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When the second marriage of a married woman / man becomes an offense under section 494

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Is Rhea Chakraborty guilty?

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Daughters have equal right in ancestral property

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Is second wife entitled for share in Property?

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How to save your hard-earned wealth from legal hassles?

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What will happen to property of Hindu after his death?

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Are you safe at home?

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Can sex with your own wife land you in jail ?

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Can you land in jail for sharing Obscene Message online in private?

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Legally speaking who discovered America?

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47 years old legal dispute finally decided

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Are you a victim of Covid-19 Goonda Raj? Part-2

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Are you a victim of Covid-19 Goonda Raj ?

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Can RWA stop your maid from coming to your home?

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Can you escape Contractual Obligation under Covid-19?

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Coronavirus: Is vaccine found for India Inc?

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Is Wife Entitled to Maintenance Even If She Runs A Business & Earns Income?

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Who will pay rent for lockdown period?

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Legal consequences of being whatsapp group admin

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