Import of Gold/Silver by NRIs

NRIs can bring into India gold upto 10 kilograms and silver upto 100 kilograms as part of their baggage once in six months subject to payment of Customs Duty.

Concessional Tax Rate

NRIs can opt for concessional tax rate of 20% on the income arising from shares, debentures, deposits and Government securities.

Gift Tax Benefits

Gift made by an NRI out of the amounts standing in his credit in Non Resident External Account is exempt from Gift Tax.

Wealth Tax Benefits

Assets of NRIs are exempt from Wealth Tax levy for a period of seven successive years including money standing in Non Resident External Account.

Advance Income Tax Rulings for NRIs

To have clear picture on Income tax liabilities, Government has introduced a procedure of Advance Income Tax Rulings for NRIs under the Income Tax Act.

Facilities to Returning Indians

NRIs returning to India after a continuous stay abroad for one year and above are not required to declare or surrender their foreign currency assets abroad. They can retain their foreign currency accounts with banks abroad. They enjoy complete freedom for utilisation of these assets as well as income earned or sale proceeds received subsequently.

Source: Indian Investment Centre

Last Update: August 31, 1998