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NRI Invest
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A Good Investment Indian democracy is wrought with a tug of war by public with the bureaucracy over legislatures and for all transactions The multiple religions and economic groups present a wide turmoil in the legislature giving rise to a plethora of laws many of which are unknown to the purchaser Land ceiling and income tax rules further worsen the situation .
At this juncture for a person unable to run from pillar to post . He will find a lot of difficulty and time lost. We on our part ensure this does not happen to you by making careful consultations with our legal experts and who will be able to offer you advice.
A investment is measured not only by its current value but also by the returns available in the upcoming years. Vajra builders ensure this by providing you investments at the locations of utmost potential for development .Our buildings are constructed after a scrutiny by our expert legal persons seeing that we abide all the laws,ensuring that your investment will definitely grow and bear fruits by our nourishment.
Availability of Finance
We take utmost pains in ensuring an absolute clear title for the properties which are unencumbered and these projects are eligible for obtaining loans from any housing financial institutions by individual buyers of flats.
All agreements are clean, precise and drafted to safeguard the interests of the buyers leaving no room for any ambiguity or complications. This along with our tie-up with major banks like ICICI, HDFC will ensure the easy availability of loans.
Unauthorized retention of money
Most people in India are averse to the concept of filing returns ,this has compounded to the retention of income also unaccountable transactions in business dealings .With the recession a couple of years ago the vigilance of the IT department has increased resulting in mass computerization and impromptu cross checking of the various transactions. So better be on the safer side than the wolf knocking at your door.
A Non resident Indian (NRI) is…
An individual who does not reside India but living outside with regard to the FEMA act.
An Indian is:
(1) Any individual living in India for more than one hundred and eighty two days during the previous financial year.
A. an individual living outside India or traveling outside India, in either case
- Taking up a job outside India, or
- managing a business or occupation outside India
- It also includes unaccountable stay abroad.
B. this also applies to people staying in India
- Working in India
- Managing a business or occupation outside India
- It also includes unaccountable stay abroad.
(2) Particular individuals or body corporate registered or incorporated in India,
(3) Any organization, agency or subsidiary India owned or controlled by a person resident outside India,
(4) Any organization, agency or subsidiary outside India owned or controlled by a person resident in lndia
Indian Origin Person is…
All individuals having record of possession of Indian passport or either of his or parents any of his grand parents was a citizen of Indian by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955)other than citizen of countries like Bangladesh or Pakistan , Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan
Leasing out or renting your property
You are entitled to lease or rent out any property which you have purchased genuinely which you are unable to utilize at present due to your stay abroad by the Reserve Bank of India freely repatriable outside India, in retrospect you can also repatriate your income outside India gained in the process.
Real estate development lend a hand
All NRI’s are invited to form partnership or invest with companies incorporated in India by the Reserve Bank through new rules.
- All investments can be made in the form of equity shares /convertible debentures to companies involved in.
- Building residence and developing serviced plots.
- business establishments, township, housing &urban development including roads bridges
- All the overseas Corporate Bodies (OCBs) predominantly owned by NRIs. Overseas Corporate Body are the overseas company, partnership company, and other certified groups predominantly owned directly or indirectly to the extent of at least 60 per cent by NRIs and includes any overseas trust in which not less than 60 per cent beneficial interest is held by NRIs directly/indirectly but irrevocably.
- Dividend/interest on equity shares/debentures can, however, be remitted as per the procedure laid down in paragraph 10.C.24 of Exchange Control Manual subject to payment of applicable taxes without any lock-in period.
- All these provisions can be utilized as long as NRI’s hold 60%
- This will require a certificate overseas auditor/chartered accountant/certified public accountant in form OAC/OAC-1 to be checked by Reserve Bank/authorized dealers.
- This certificate is for ensuring that the persons of Indian nationality/origin are beneficiaries than figure head nominees only.
Asset value remittance
- The NRI’s/PIO’s/foreign nationals including retired,employed,NRI widows will have to remit taxesof the sale proceedings of immovable and inherited properties within a period of ten years subjected to prevailing taxes.This is also applicable to PIO retired or inherited asset from persons who are or where citizens of India. Repatriation of sale Proceeds NRIs/PIOs are permitted to repatriate.
- The immovable properties other than the ones like agriculture land, plantation, farm house property can be repatriated on the condition that the property has been acquired based on the foreign exchange laws. The absence of the lock in period has been irrespective of the period of property held.The remittance is either equal or lower than the foreign exchange brought in for acquiring the property or debit in NRE/FCNR account. The sale proceedings can be for two or less than two properties. The property if it where acquired by authorized dealer/housing finance institutions, the repatriation of the proceedings will not exceed the loans needed to repay foreign inward remittance or debit to the NRE /FCNR accounts.
- Repatriation to credit to NRE/FCNR accounts is allowed for refund of applications/ernest money/purchase consideration together with interest net income tax subject to foreign exchange brought in through normal banking channels or debit to NRE/FCNR accounts. Present earnings remittance
- All the current income can be repatriated through NRE/FCNR account is after it is subjected to the deduction of taxes.
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