Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English

5 Common Challenges that Every NRI Investor Faces in India

The tax rules for NRIs are quite different from those that apply to normal residents.

Anshika Bajpai |

Updated:April 30, 2019, 12:44 PM IST
facebookTwitterskypewhatsapp
5 Common Challenges that Every NRI Investor Faces in India
The tax rules for NRIs are quite different from those that apply to normal residents.

Timely and a solid investment for future needs is one of the most sought after goal among Indians and NRIs both. For NRIs though it becomes a more confusing process since they do not reside here. The struggle is real and so we’ve listed some of the most common problems that NRIs face when investing in their home country.

1. Confusion over legal rights

When investing in real estate there is a lack of clarity on the legal rights of NRI investors when they invest in India. The locals sometimes dupe them by selling illegal lands thereby leading to huge losses for them. What the investors can do to tackle this problem is by always dealing with a certified real estate broker.

Moreover, since NRIs stay overseas, it gets difficult for them to be updated with the latest news and reforms in the Indian real estate. It’s advisable to always discuss with a certified legal expert before signing any document or transferring money to the seller.

2. Dubious builders

NRIs also suffer because they unknowingly invested in the wrong project or the work got delayed by the developers. To curb this issue the investors should make it a point to track the record of the builders on the RERA website. It’s also helpful to check reviews by previous homebuyers online. And when buying, they should only deal with projects that are verified by going through real estate portals.

3. Delay in process

A lot of NRIs complain that when it comes to investment, there are a lot of background checks that lead to delay in services and time loss. Most of them face issues when they have to invest money in their NRE, NRO or FCNR accounts. That’s why NRIs need to use the banking services of a place that has a smooth process and have credibility in the market.

4. Lack of professional advice

More than half of the issues arise for NRIs because of their advisors who are dubious and know how to take advantage of them. It’s very important to have a trustworthy source of advice. Take help from your bank or a trustworthy legal advisor who can offer you end to end solutions from tax planning, real estate investments, ITR, TDS, mutual funds and other investments.

5. Financial Discrimination

The tax rules for NRIs are quite different from those that apply to normal residents. There is no tax on foreign income but still, the tax reporting is quite elaborate, the TDS rules are stiff and NRIs don’t enjoy some of the tax privileges that resident citizens enjoy. There is a long list of rules that one needs to know before going in for any kind of investment whether big or small. Once you know all the rules, then it’s suitable to think what kind and how much of an investment you are ready to make.

A few steps taken in the right direction can secure your future and help reap benefits of your investment sooner and hassle-free in a foreign shore.

To know more, click here.

This content has been created in association with YONO SBI.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results