Bank ,Shares and PPF accounts
My family members are having banks,shares demat accounts and PPF accounts in India.All these accounts in joint names.Now they have become NRI.Can bank transfer the same to NRI Accounts with simple request and allow the operation by second holder for withdrawal of money for various purpose ? more
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I am slightly differ in the view that Remaing instalments/ investment in the PPF account after migration, the account holder can remit the funds from abroad instead arranging depisit through other sources. Regarding repatriation on MATURIETY, whatever part amount remitted from abroad should be allowed. more
Dec 26
Mr T. D. Bhatia ji, as an expert in PPF A/c, I am advising you on your family members' PPF A/cs. As you said, it is not possible to hold PPF A/c in joint name. Each one of PPF A/c holder will have their individual PPF A/c only in single name. When a person becomes NRI, they can continue their PPF A/c opened in their name, when they were in India, till the maturity of PPF A/c, that is 15 financial years after PPF A/c is opened. From their NRO A/c they can make a contribution to their PPF A/c or any of their Indian relative can make minimum Rs.500/- per financial year they can make payment in their PPF A/c, till the maturity. NRI cannot continue their PPF A/c after its maturity. Maturity proceeds they can take with them in their NRO A/.c or any other accountant take the maturity proceeds. more
Dec 25
Dear Mr.Brij Gupta ji. Thanks for your comments. I shall contact the banks and share trading companies as per your suggestions.Please note that I am also paying the Income Tax of my family members (Now NRI ) for the income generated in India from Interests,shares trading,etc.Also thanks to other LocalCircles members giving their views in this matter. more
Dec 25
Gupta ji, I didn't make it clear. My point was to make local payments from NRO A/c and not NRE A/c thereby minimizing the balance in the NRO A/c. In case one can, why not minimize tax outgo... more
Dec 25
Ashok ji, why the advise - to keep minimum in NRO account to save tax? What ever is the money in resident account has to be shifted to NRO account when an Indian becomes NRI. It is only the interest on that money on which TDS at 30% will be deducted. And the NRI can claim tax refund if his taxable income is below the 30% limit. Please advise all Indians to be honest and pay taxes as applicable. more
Dec 25
