Posted on: 27-06-08 13:29:33
Hi guys,
We are going to be canadian and planning to move back to india with OCI.
As per my knowledge, we will not have NRI status while living in India with OCI. We will be resident of India. Please correct me if I am wrong.
I have following questions.
1) Do I have to mention my citizenship status "Canadian" at all places and forms where it required? (like Income Tax Return, Open Bank Account, Investing money in KVP or mutual fund, property documents.....)
2) Do I have to pay more school fees for my son in compare of Indian Citizens?
3) Do I have to pay more income tax while working in India with OCI?
4) Can I invest in KVP, Agriculture land while living in India with OCI?
5) What other restriction can be applied to OCI while living in India? (Except vote, govt. job)
Thanks in Advance
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Success is Never Ending and Failure is Never Final.
Quote:
Originally posted by meitsme
Hi guys,
We are going to be canadian and planning to move back to india with OCI.
As per my knowledge, we will not have NRI status while living in India with OCI. We will be resident of India. Please correct me if I am wrong.
I have following questions.
1) Do I have to mention my citizenship status "Canadian" at all places and forms where it required? (like Income Tax Return, Open Bank Account, Investing money in KVP or mutual fund, property documents.....)
NO U dont HAVE 2 mention . Mention only if you see that foreign nationals / NRI's are being offered a priviledge
2) Do I have to pay more school fees for my son in compare of Indian Citizens?
NO since u dont mention that U R Canadian ..
3) Do I have to pay more income tax while working in India with OCI?
Absolutely not
4) Can I invest in KVP, Agriculture land while living in India with OCI?
No agriculture land please ( restricted )
5) What other restriction can be applied to OCI while living in India? (Except vote, govt. job)
That is pretty mcuh ...
Thanks in Advance
Hope it helps ..Enjoy
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Growing Old Is Mandatory ..Growing UP is Optional
School/College admission may be a problem for a foreign born. I think you might have to provide a birth certificate or last school attended certificate. If the authorities find out one way or the other that you are a foreigner then you are definetly going to be treated like a foreigner (pay like a foreigner).
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4z4z
Quote:
Originally posted by meitsme
Hi guys,
We are going to be canadian and planning to move back to india with OCI.
As per my knowledge, we will not have NRI status while living in India with OCI. We will be resident of India. Please correct me if I am wrong.
Once you are a Canadian citizen, you can never be an NRI. NRI's are Indian citizens living outside india for >6 months. OCI rights are the same as NRI, even if you are resident in India.
Quote:
I have following questions.
1) Do I have to mention my citizenship status "Canadian" at all places and forms where it required? (like Income Tax Return, Open Bank Account, Investing money in KVP or mutual fund, property documents.....)
Citizenship is not asked at all places. If asked, you need to mention the correct one in order to avoid issues later.
Quote:
2) Do I have to pay more school fees for my son in compare of Indian Citizens?
Depends.. Upto 12th, you probably don't have to. But for higher education, there is NRI/PIO/FN quota with higher fees.
Quote:
3) Do I have to pay more income tax while working in India with OCI?
Nope
Quote:
4) Can I invest in KVP, Agriculture land while living in India with OCI?
Most states won't allow you to own agri land. Need to check the state laws. KVP - no idea. But why will you want to invest in KVP these days?
Quote:
5) What other restriction can be applied to OCI while living in India? (Except vote, govt. job)
To visit some areas, you need special permission. Also need to pay higher adm fees to some attractions. Then again, if you look Indian, you can probably get thru without all these unless you keep flashing the passport or talk about it.
Quote:
Thanks in Advance
Thanks for your reply.
i think whenever we open bank account or filing tax return, there must be the column for nationality/citizenship.
If I'll mention canadian, what about interest rate? (banks will treat me as an NRI for interest rate even if i'll have OCI?)
Thanks in Advance
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Success is Never Ending and Failure is Never Final.
