As of 2024, with the TCS taxes introduced in India last year I think that it makes no sense to invest thru a NRO account especially if you plan to bring the money back to the country where you are (USA, Canada, Australia etc).
So if you plan to repatriate the money back some point in future.
Foreign account → transfers wise or something → NRE account → PINS account
Some point in the future, its the reverse flow. (After hopefully capital gains and paying taxes)
I am researching this for my sister who is Australian citizen looking to park overseas earning in Indian markets to be used 10 years down the line for kids University education and marriage.
Could someone confirm if my understanding is correct?
I am already trying to figure out how she could invest in mutual funds (buying the direct mutual fund and thus avoiding the middleman commission). She is Australian and not US or Canadian so she wouldn’t have the tax issues.
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