The status of being a non-resident in India is determined under two different laws: income tax laws and the Foreign Exchange Management Act (FEMA). The first law impacts the taxability of income earned in India and outside India. The second one regulates investments and banking transactions in India. In this article, we will discuss what … Read more
I am a non-resident Indian working abroad. I plan to return to India and live and work here for at least a few years. Am I allowed to keep my local Indian bank accounts? Do I need to open non-resident external (NRE) or non-resident ordinary (NRO) accounts? Should any income from India be deposited only … Read more
I own a house which is self-occupied. My wife is a homemaker and stays with me with no income except interest on bank deposits. She also owns a small house in a town about 50 km away from where we stay. It has been lying vacant for the full previous year. Can she claim her … Read more