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US CITIZENSHIP

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(Querist)
04 September 2016 My both child brcome US CITIZEN, what effect on bank account, investment in shares, mutual fund, property. where they inform (;to bank, IT Dept. govt. dept. consulate etc.?) please clarify & advicr
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Unnikrishnan B

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Unnikrishnan B (Expert)
04 September 2016 In this case the children could be person of Indian origin if conditions mentioned in income tax is complied
For bank account operation FEMA rule is looked into not income tax act
In bank account operation the children would not have any problem
But in case of selling the property and transfer the amount abroad FEMA rule to be complied
I hope it is clear
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