India is fast emerging as a lucrative investment destination for NRIs because of its growing economy. The Indian economy offers various NRI investment options. Also, it offers higher returns on the funds as compared to the US and other European countries.
What are the Various NRI Investment Options available in India?
Investment in Mutual Funds.
Investment in Equity Markets.
In August 2010, global news reports indicate that a Briton taxi driver Gul Wazir and his wife Niaz Begum were brutally killed in Pakistan. The Wazirs, who resided in Birmingham, were killed for aborting the marriage of their daughters.
As per India legal news reports, the Madras High Court has held that the courts in the country have jurisdiction to address matrimonial cases, which involve Hindus and are governed by the Hindu Marriage Act, including those cases where the opposite party is a foreign citizen, residing outside India.
The government of India is all set to extend the legal rights of NRIs pertaining to tax benefits. To promote charity and social welfare, the government has decided to give tax concessions to NRIs. Indians residing in the US can now benefit from tax relaxations on the investments they make in social welfare projects in India.
Under Indian Laws, gift tax was payable by the donor up to 30th September 1998, The Gift Tax Act, 1958 was repealed with effect from 1st October 1998 and therefore, there is no gift tax on gifts made on or after that date. Indian law allows NRIs to gift anything to one's relatives as long as they have the capacity to buy those gifts and the gifts are genuine.
Non-resident Indians can bring back effects (personal and used) on returning to India without payment of duty provided the stay was over two years, under the NRI Laws.
Everywhere you look, be it in TV ads or newspaper ads or even hoardings next to your home, you will find a vast array of India home loans offered by various banks.
Happiness comes when you have a home, one that is your own. It’s no different with your citizenship. You may want a green card in the US for material benefits but when you have accomplished all that you wanted to, the yearning to be in your own home in India may be a part of your conscious mind. For many NRIs, coming back was not practical due to numerous legal hurdles. Still, there can never be a better, happier place than your own home, isn’t it? That’s exactly why Indians across the world welcomed the dual citizenship system introduced in the country. This enables an Indian to be considered as a legal citizen of two or more nations simultaneously.
In India, the big dream of nearly every middle class family is to send a son or daughter to the US. Novels, films and songs have echoed the theme in different ways but do we know how serious the legal implications are in the US, in the context of immigration laws? Are we aware about the public demand in the US, pushing for more reforms? How many of us in India have a clear picture of US immigration law reforms? Let’s find out, shall we?
The Gift Tax Act, constituted in 1958, regulates the taxability of all gifts received by individuals in India. When the Act was constituted, a gift received from anyone other than blood relatives, having a value more than Rs.25,000, was taxable. However, on October 1, 1998, the gift tax was demolished entirely. Later, in 2004, a new provision regarding gift tax was introduced under the Income Tax Act, 1961. Under section 56 (2) of the Act, gifts received by an individual in excess of Rs.50, 000 during one assessment year would be taxable.