Under the Foreign Exchange Regulation Act of 1973, Non-Resident Indians are:
- Indian citizens who stay abroad for employment or carrying on business or vocation outside India or for any other purpose in circumstances indicating an indefinite period of stay abroad; OR
- Government servants who are posted abroad on duty with the Indian missions and similar other agencies set up abroad by the Government of India where the officials draw their salaries out of Government resources; OR
- Government servants deputed abroad on assignments with foreign Governments or regional/international agencies like the World Bank, International Monetary Fund (IMF), World Health Organisation (WHO), Economic and Social Commission for Asia and the Pacific (ESCAP) OR
- Officials of the State Government and Public Sector Undertakings deputed abroad on temporary assignments or posted to their branches or offices abroad.
No. NRI's do not require any permission to acquire any immovable property in India other than agricultural / plantation property or a farm house.
Yes. NRI/PIOs can freely rent out their immovable property, whether purchase through application of forex or otherwise, without seeking any permission from the RBI. The rental income being a current account transaction is repatriable outside India, only if proper tax is paid or provided for.
The following documents are normally to be submitted along with the application:
- Photocopy of the labour contract and English translation duly countersigned by your employer
- Latest salary certificate (in English) specifying the following:
- Name (as it appears in the passport)
- Date of joining
- Passport Number
- Perquisites and salary
- Photocopy of labour card/identity card
- Photocopy of valid resident visa stamped on the passport
- Photocopy of monthly statement of local bank account for the last 4 months
- Property related documents
- Declaration by Non Resident of India/ Person of Indian Origin/ Overseas Citizen of India
Yes, TDS is deductible on behalf of the developer from the amount paid by NRI. It has now been made mandatory for resident indians, NRI and PIO.
Note: A PAN card copy is required for this.