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It totally depends on the residential status of the OCI living in India. For ROR, the global income is taxable in India, and for NR or RNOR, the foreign income is generally not taxable in India.
Yes, the definition of residency is different according to FEMA and ITA. The basic criteria are 182 days of stay in India in the past 12 months, but the key difference is the purpose and intention of the stay.
Yes, the sales of foreign property in India are taxable for PIO/OCI. Taxability totally depends on the residential status of the OCI living in India. For NR or RNOR, it is not taxable in India, and for ROR, it would be taxable.
When you return to India permanently, your NRI bank account will be converted to a resident savings account, and it will be subject to taxation and interest earnings for Indian residents.
Yes, once you get the ROR status, your Canadian pension will be taxable in India, but you have the option to claim your foreign tax credit through the help of the Double Taxation Avoidance Agreement (DTAA) between India and Canada.
You can remain RNOR for about 2-3 years after your return to India from Canada. It also depends on your previous years of overstays.
Yes, you can continue to use your TFSA and RRSP accounts in India, but you will be taxed on the interest and gains that you earn through these accounts in India, and you are also not allowed to add more new contributions.
Yes, you need to declare all your foreign investments and assets in Canada to the Indian Income tax report after you get the resident of India status.
Yes, you can continue to keep your Canadian bank account after returning to India, but you need to inform the Canadian bank about the change in your residency and follow the local tax reporting rules.
Spring and Autumn are the Prettiest seasons.
The cheapest European countries to visit are Albania, Hungary, Bulgaria, and Poland.
October is comparatively the cheapest month to fly to Europe.
You can travel by using buses, trains, and flights.
May-June or September-October is best because of fewer crowds and lower prices.
It's quite an individual's opinion, but generally, Switzerland and Italy are the most beautiful.
Mostly because of its rich culture and vibrant heritage.
Prague is known as the heart of Europe.
Yes, you can deposit money in your NRO account from India.
Yes, you can transfer money from a Non-Resident External (NRE) account to a Non-Resident Ordinary (NRO) account.
Yes, NRE account holders can repatriate money without any limit.
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