There are three primary methods to transfer property to NRI children: through a Will (takes effect after the testator’s death), through a Gift Deed (immediate transfer during the donor’s lifetime without consideration), or through a Sale transaction (using a nominal amount). Each method has different procedural requirements, tax implications, and legal effects.
FAQ Category: Services
What property types can NRIs legally own in India?
NRIs can legally own both immovable and movable properties in India, including residential and commercial properties without prior RBI approval. However, purchase of agricultural land, plantation property, or farmhouses without permission from the Reserve Bank of India (RBI) is not allowed. Importantly, NRIs can inherit these restricted properties without any restrictions.
How long does the repatriation process usually take?
The repatriation process usually takes 3-7 business days, depending on the bank and the amount transferred. More significant amounts may require additional documentation and processing time.
Can I use my international debit/credit cards in India?
Yes, India accepts most international credit cards. Your bank should be informed about your travel plans so that transactions go smoothly.
Is there a limit on how much money I can send to India as an NRI?
Inward remittances to India for NRIs are not limited. However, these transactions are subject to FEMA regulations and may require documentation for large amounts.
What happens to my NRI account if I return to India permanently?
Upon returning to India permanently, you should inform your bank. Your NRE and FCNR accounts will typically be converted to resident accounts, while NRO accounts can continue as is.
Are there any restrictions on investments made through NRI accounts?
NRIs can invest in many instruments. Some restrictions exist, though. For example, NRIs cannot invest in small savings schemes like the Public Provident Fund (PPF) through their NRE/FCNR accounts.
What is the process to transfer money from an NRI account to a regular Indian account?
You can transfer money from your NRI account to a regular Indian account through online banking, NEFT, RTGS, or by issuing a cheque.
Can I operate my NRI account jointly with an Indian resident?
NRI accounts can be operated jointly with other NRIs or resident Indians, but the primary account holder must be an NRI.