Readers Questions/Answers  Page Sixteen                                 

Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult professional immigration advisors or tax consultants depending on your personal situation. This website is a one person operation, Please spell check your questions as I normally just cut and paste questions from emails. Answers to most questions asked are usually posted within five days. Answers are posted on this website and no personal emails are sent.

 
Email questions to: V. K. Chand at: question@nriinformation.com   Answers are normally posted in five days.

Customs duty on car taken to India on Transfer of Residence

Q: Dear Sir can you advice me that can I take my car 2005 model Mercedes s class to India on
T R . I am an NRI for last 20 years, if so the duty structure.

Thanks & Regards

Dr Singh

A: Assuming the car has been in your possession for at least a year you can take your car to India on TR. The total customs duty works out to around 181% and Depreciation is allowed from original invoice for each quarter as per period of use of the vehicle.

Every quarter 1st year of use 4%
Every quarter 2nd year of use 3%
Every quarter 3rd year of use 2.5%
Every quarter 4th year and thereafter 2%

Please be advised that rules and regulations change periodically and you should confirm these numbers with the authorities.

Property Registration Fee in Mumbai India 

Q: Hi, Im an OCI holder and was possibly looking into purchasing a flat in Mumbai. In addition to the purchase cost of the Flat what other charges would I incur, such as stamp duty etc ?

Sonal Bapodra

A: Stamp duty and Registration fee needs to be paid when registering property in India. The Stamp duty in the State of Maharashtra I believe is 10% on the value of the property. The registration fee depends on the value of the property. As a rough guideline, for Maharashtra
 
Property Value:

1. Up to Rs.1.00 Lakh - Nil.

2. Rs.1.00 Lakh to Rs.2.5 Lakhs - 0.5 % of Value.

3. Rs.2.5 Lakhs to Rs.5.00 Lakhs - Rs.1,250/- + 3% of value above Rs.2.5 Lakhs.

4. Rs.5.00 Lakhs to Rs.10.00 Lakhs - Rs.8,750/- + 6% of value above Rs.5.00 Lakhs.

5. Value exceeding Rs.10.00 Lakhs - Rs.38.750/- plus 8% of value above Rs.10.00 Lakhs.

Australian Citizens Living in India

Q: Hello Mr V. K. Chand

I hope you doing good and is in best of health and cheerful spirits

I have few question , and will appreciate if you can answer them

I am an Australian citizen and also OCI . I got my Australian citizenship in 2008 and also got my OCI in December 2008 and after that i came back to India in January 2009 and till now i am living in India with my family

I am living in India exploring job opportunities

Can you please advise me that do i have to inform Australian embassy that i am living in India for about last 1 years and 2 months and plan to settle in India , if i get a good employment , or is it fine without informing them ? . As i have got Australian passport i can go to Australia any time without informing Australian embassy that i am coming back to Australia in this day or not ?

I am planning to settle in India , so do i have to inform OCI people that i am planning to settle in India

My address in OCI card is an Australian address where i was living before , so do i have to inform OCI embassy about my current Indian address ? Because if i go back to Australia then again i have to change the address , so i reckon it will be bit of hassle , changing address all the time

SO BASICALLY MY QUESTIONS ARE THAT IF A AUSTRALIAN CITIZEN AND DUAL CITIZEN OF INDIA IS LIVING IN INDIA FOR GOOD , DO HE HAS TO INFORM AUSTRALIAN EMBASSY ABOUT IT AND ALSO OCI EMBASSY ABOUT THE DURATION OF HIS OR HER STAY IN INDIA AND WHEN HE OR SHE IS PLANNING TO GO BACK OR NOT ?

I will appreciate your help and feedback

I hope you understand my questions and thanks for your cooperation and future contacts if needed from my side

Thanks and Kind Regards
kuldeep singh

A: If you are an Australian citizen with a legal Australian passport there should be no requirement to notify the Australian Embassy that you are living in India permanently. It is however beneficial to you to let the Australian authorities know your whereabouts so they can contact you incase of emergency situations where Australian citizens abroad may require help.

You can register with the Australian Government Department of Foreign Affairs and Trade on the internet from HERE Please note that registration is not legally required but is for your own welfare.

OCI holders can stay in India as long as they want and there is no requirement for registration.

Can Foreign Spouse get OCI

Q: I am a holder of OCI. My wife is not of Indian origin. Can my wife and children get OCI? If not on what basis can I come to India with my family for an extended period?

Thank you

yusuf dawood

A: You wife cannot get OCI but your children can. You wife however can apply for a PIO card provided neither is or was at any time a citizen of Afghanistan, Bhutan, China, Nepal, Pakistan or Sri Lanka. PIO cards are valid for 15 years. Information on PIO cards showing topics such as who can get a PIO card and the cost of getting a PIO card is provided HERE 

RBI Form IPI-7 Requirement for Property Purchase and Sale in India

Dear Sir/Madam,
My name is Prasanna. I am planning to buy a Residential land in Chennai, India. As a OCI holder I am not sure what are all the documents I should have.  After browsing a lot I came to know that after purchasing the land I should file a declaration in form IPI 7 with the Central Office of Reserve Bank at Mumbai within a period of 90 days from the date of purchase of immovable property or final payment of purchase consideration along with a certified copy of the document evidencing the transactions and bank certificate regarding the consideration paid.

Question 1: Where would I get the IPI 7 Form?
Question 2: The money should come from NRE and NRO or just NRE account?

Please advice.

Thanks
PRasanna

A: You can view form IPI-7 HERE This form is for foreign citizens of Indian origin. Check with the authorities what is required and mention your OCI status. A qualified accountant in India could help you sort this out.

Disadvantages of getting OCI

Dear Sir,

I am currently a permanent resident in UK and am planning to go back to India for good, next year. However I am eligible for British citizenship and would quite like to get that before I come back as it would be quite useful if I ever decide to come back to UK.

I believe if I do apply for a British passport I would have to also apply for an OCI card, if I want to reside and work in UK.

My question is that are there any disadvantages to residing in India with an OCI card and British passport? As far as I can see, I would be able to purchase agricultural land in any place apart from Maharashtra. But I cannot see any obvious disadvantages. I would be extremely grateful for your advice.

Regards

Dr.Sasi Attili


A: There are a few disadvantages but they may or may not be of concern to most OCI holders. For instance as an OCI you cannot currently vote in Indian elections. There are some other aspects to consider also if you have younger school going children as you may be required to pay extra fees etc depending on the schools selected.

You mention in your email, "I would be able to purchase agricultural land in any place apart from Maharashtra" This is not true! OCI holders cannot purchase agricultural land anywhere in India.

Unless buying agricultural land is a priority for you, I would suggest you get your British citizenship and return to India with OCI. Those who hold OCI and are living in India are also eligible to apply for Indian citizenship after five years.