Indore (Madhya Pradesh): CA Mayur Nayak, I-T, PMLA and FEMA expert, has said that NRIs have a desire to invest in India. They do so keeping in mind three things of safety, liquidity and returns of their investment in our country. That’s why our country is preferred investment destination for NRIs. Chartered accountants (CAs) take care of the investments of NRIs, if the Indian income of any person is more than Rs 15 lakh if that person is in India. If someone stays in India for more than 120 days, he will be considered Resident but Not Ordinary Resident.
CA Nayak was addressing a seminar organised by the city branch of the Institute of Chartered Accountants of India (ICAI). CA Nayak, who came from Mumbai, said that NRIs have a desire to invest in India. Keeping in mind the three things safety, liquidity and returns of their investments in the country. CA Nayak said that If a foreigner wants to purchase immovable property in India, he must have resided in India for more than 182 days in the previous financial year. If a non-resident Indian becomes a resident, his NRI account becomes a normal savings account and income tax is levied on it. If a person wants to buy property from a non-resident person, then he has to deduct mandatory TDS and for that he has to take TAN and it is mandatory to deduct 20% TDS.
If an NRI has a PPF account in India, he can continue it but cannot open a new PPF account. NRIs cannot maintain normal savings bank account in India failing which one should avoid buying immovable property by taking loan from Non Residents and if there is an NRI relative, then such loan can be taken.
CA Indore branch president CA Atishya Khasgiwala said that general public has to face many types of problems in sending money outside the country or receiving money from outside. To do such work, it is not only important to follow income tax but also follow other laws like FEMA, PMLA etc, information on which common people are not aware. Keeping all these provisions in mind, the seminar was organised.
The programme was conducted by CA Rajat Dhanuka. CA Kirti Joshi, CA Manish Dafriya, CA Abhishek Gang etc. were present in the programme.
