NRI becoming resident in India
This query is : Resolved
03 October 2007
Hi friends,
Kindly help me out on the following matter:
" When an NRI becomes an Indian resident, and brings his assers to India, does he have to give detailed explanations regarding the source of his assets?"
Kindly bless me with a quick and professioal advice
CA Ahmer Ammar
Kindly help me out on the following matter:
" When an NRI becomes an Indian resident, and brings his assers to India, does he have to give detailed explanations regarding the source of his assets?"
Kindly bless me with a quick and professioal advice
CA Ahmer Ammar
04 October 2007
I WAS MYSELF AN NRI AND BROUGHT SOME ASSETS WHICH WERE DECLARED IN MY PASSPORT( AND SOME NOT DECLARED BUT ARE IN JEWELERY FORM WORN ON THE BODY) AND BROUGHT TO INDIA.
(I CAME THROUGH GREEN CHANNEL. MEANS NOTHING TO DECLARE TO CUSTOMS).
IF ANY APPLICABLE DUTIES ARE THERE ON ASSETS LIKE MOTOR CARS ,THEY WERE PAID . BUT THE ISSUE DID NOT ARISE TO GIVE ANY DETAILED OR MINOR EXPLANATIONS TO ANY BODY.
EVEN THE INTEREST ON NRNRR DEPOSITS (IN THOSE DAYS) WERE SHOWN IN THE IT RETURN AND CLAIMED EXEMPTION PREVAILING AT THAT TIME. EVEN THEN NO QUESTIONS WERE RAISED AT ANY STAGE BY ANY BODY INCLUDING IT DEPT.
I FELT THE REASON COULD BE THAT UNLIKE IN INDIA, THERE WERE NO UNREALISTIC AND DAMPENING TAXES ABROAD.SO YOUR CONCEALING OF ANY WEALTH OR INCOME DOES NOT ARISE FOR NRIs RETURNING TO INDIA.
HOWEVER IF YOU OR YOUR CLIENT FACED ANY SPECIFIC SITUATION TO GIVE ANY EXPLANATION TO ANY AGENCY OR BODY OR DEPT.,PL. SPELL OUT. WE CAN CROSS A BRIDGE WHEN WE COME TO A BRIDGE.
R.V.RAO
(I CAME THROUGH GREEN CHANNEL. MEANS NOTHING TO DECLARE TO CUSTOMS).
IF ANY APPLICABLE DUTIES ARE THERE ON ASSETS LIKE MOTOR CARS ,THEY WERE PAID . BUT THE ISSUE DID NOT ARISE TO GIVE ANY DETAILED OR MINOR EXPLANATIONS TO ANY BODY.
EVEN THE INTEREST ON NRNRR DEPOSITS (IN THOSE DAYS) WERE SHOWN IN THE IT RETURN AND CLAIMED EXEMPTION PREVAILING AT THAT TIME. EVEN THEN NO QUESTIONS WERE RAISED AT ANY STAGE BY ANY BODY INCLUDING IT DEPT.
I FELT THE REASON COULD BE THAT UNLIKE IN INDIA, THERE WERE NO UNREALISTIC AND DAMPENING TAXES ABROAD.SO YOUR CONCEALING OF ANY WEALTH OR INCOME DOES NOT ARISE FOR NRIs RETURNING TO INDIA.
HOWEVER IF YOU OR YOUR CLIENT FACED ANY SPECIFIC SITUATION TO GIVE ANY EXPLANATION TO ANY AGENCY OR BODY OR DEPT.,PL. SPELL OUT. WE CAN CROSS A BRIDGE WHEN WE COME TO A BRIDGE.
R.V.RAO
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