PAN for NRI's and Foreigners ?


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bison   
Member since: Nov 04
Posts: 306
Location: Toronto, da BEST!!!

Post ID: #PID Posted on: 02-04-08 10:49:01

Apologies in advance for very generic questions... Please pardon my ignorance...

Couple of questions that come to mind :

Why would we need PAN # :
a) For OCI's
b) For Canadian citizens


What are the tax implications?

Would OCI's need a PAN # if they want to buy property or stocks in India?

Can OCI's buy Indian stocks from Indian exchanges?

:confused: :p bison



desi in ottawa   
Member since: May 04
Posts: 1627
Location:

Post ID: #PID Posted on: 02-04-08 11:00:06

OCI's and Canadian citizens can have PAN cards. Its like an photo ID card since OCIs cant vote. Good to have a PAN card for anything.
Buying property, sometimes they MAY ask for a PAN card. Depends entirely on the concerned official.



viggy   
Member since: Aug 07
Posts: 569
Location:

Post ID: #PID Posted on: 02-04-08 12:56:07

PAN card is required for pretty much everything in India these days - opening bank a/c, share trading, properties etc. There is an affidivate which can be given in lieu of PAN - if u don't have one for valid reasons. OCI's can open trading a/c etc.

Foreigners without PIO or OCI cannot buy shares. Only reason I can think of they needing one is if they are in Import/Export business or is if employed in India - income tax purposes.





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