Wondeful post. Such a clear articulation. Dr Bhat is one of the best, inspite of being so knowledgeable , he can still ask questions in such a simplified way that makes the listening part so enriching and enjoyable. Mr Nikhil is one of the best in this sequence and he is so fluid and fluent in his subject. Thanks for this post, well done and keep up the good work of educating NRIs.
Let me know what will be the scenario NRI children with NRI parents( migrating to where their children are ).What to do with movable and immovable properties in India and their tax liabilities and how to export them ?
Very informative video. Will be nice to get some input into CA and lawyers and financial advisors in major cities in India regarding these issues.. re will, trust, banking for parents with NRI children etc.
Thankyou Sir Transferring /repatriating money is a double edge sword When you sell property One pays India(fed), local state tax & receiving country another hefty % of tax (since it is considered as Income) Any options you can suggest to repartition option?
Unlike many of your other VLOGs this one was more like a marketing video to push services. The man speaks of liquid assets but the most illiquid asset is the house that parents are living in. The person gave no strategy on how to simply the transfer of that house. Generic concepts like you should consider laws on both sides are useless. No actionable info was provided by this VLOG. Very disappointing!
The strategy for immovable properties is simple. Leave a will and identify the beneficiaries. Let the beneficiaries know where the property documents are . If a person dies intestate i.e without writing a will, then the legal heirs need to obtain a legal heir certificate which takes time.
Useless brainless outdated inputs KYC will be a issue fir liquid assets What about PROBATING A WILL POA if any Proper settlement deeds or gift deeds help
It's because we indians are obsessed with possessing house.😮 Imagine you heirs is u s earning in $, as time and patience to do the paper work and sell the property at reasonable rates.
I would like to know whether i can buy a house in US where my son is a citizen (only son) in US. I am residing in Navi Mumbai and I have my own house here. Whether I can sell the house and take the money there for the purchase of a house to reside. Whether I can get tax benefits and if so which all....
I believe anyone can buy a house in the US if you’re buying in cash there is no restriction like citizen or green card or anything like that. I think your problem will be how to convert your rupees into dollars With minimum fees
You can't name a nominee for an immovable property. The will should identify the beneficiaries so that the beneficiaries can sell the property or jointly enjoy the property. It doesn't matter if the beneficiary is a US citizen or OCI. ID proof will be required.
With new LTCG change accompanied with indexation, if will is made before 2023 and transfer happens after 2025, if property is sold in 2026, will indexation option still be available?
You are not acquiring a property. You are inheriting it. The property was acquired by your parents. Since it has been acquired before July 23, 2024, indexation benefit is applicable.
Someone when alive should do the gift deed & transfer the immovable property in their son/ daughter’s name paying the stamp duty or put it in their WILL. Would children face any problem later from the society ?
All of the above can be done and society is obliged to transfer ownership if the paper work is clear. If the will identifies more than one beneficiary, it's better to sell or make a release deed so that one of the beneficiaries keeps the property and the others are compensated .
Important scenario of transferring assets while parents are alive vs a “Will” should have been discussed, I.e. tax implications , pros/cons. What a missed opportunity
We usually do not advise complete transfer via gift during ones lifetime. All of us are well aware of Singhania Family. It is best to transfer only a small portion via gift and rest should be left with the control of the asset owner.
@@nikhilvarg Thanks. Should have been discussed with cons, and may be with the suggestion that we do not recommend. At least viewers can compare both options.
The various options are a settlement deed for a certain share of property in favor of son/daughter. This settlement will only come into effect after the lifetime of the asset owner or a will identifying beneficiaries and their share in the various immovable and movable assets. Nominees are just custodians. They are not the sole beneficiaries. in the absence of a will, all legal heirs will get equal share.
can a CA firm become an Executor, rather than an individual, so that any one authorised by the firm can discharge the executor function, instead of an individual who may or may not be available when the need for execution of will comes up
Dear Dr Bhat and Mr Nikhil I thank you very much for excellent detailed information provided. Still, it is not clear about transfer of parent’s assets in India when both parents and children are OCIs and living abroad. I would appreciate if you could kindly responded promptly to my email. With best regards Rao Mylangam
Sir, in consultation with Mr. varghese can u message ur reply whether LTCG on sale of property by NRI can be availed on old regime (with indexation) basis as per y'dsys Budget amendment passed in LS?
No inheritance tax. But you need to pay capital gain tax 20 percent after indexation or 12.5 percent without indexation. In some countries there is Inheritance tax as well and in India this tax is not applicable
@@kalyanreddy3033 There's no inheritance tax for you to enjoy the property . When you sell the asset, you pay capital gains tax as the new owner of the property.
Thank you so much for this talk. very informative. For parents who are OCI card holders with UK passports living in India for past 5 years would all the points mentioned apply when coming to transfer assets to sons who are UK citizens and US citizens ?
When you say NRI, is it people who has indian passports but working in other countries? Or people who have already taking other citizenship and given up indian passport and are called OCI overseas citizens of Indian origin
I had nor account for both minor sons Suddenly they required Aadhar.pan Both weren't interested in coming to india just for this.. They said ypur banking is horribly wrong Noone does anything in one visit We don’t have time to do this Spend yr money or give to Old age home
If the will identifies beneficiaries and their share, beneficiaries can sell it. The money will be credited to your indian bank account. You have to pay capital gains tax for your share of gain. The money lying in the Bank can be transferred as discussed in the video either at one time or in a couple of years . Your bank will be able to help you. Alternatively, you can use Thomas cook / western union for wire transfer.
AS A PARENT IF I SELL A PROPERTY AND PAY MY CAPITAL GAIN TAX ALSO. NOW IF I SEND THIS MONEY TO MY SON IN USA, WILL I HAVE TO PAY INCOME TAX OR 20% TCS AGAIN ON THAT AMOUNT BEFORE SENDING IT ABROAD ?? Although I had paid capital gain tax to government. Please reply and make a video on this aspect also.
TCS is not tax. Its refundable when you file a return. If you don't want TCS to be deducted you have to limit yourself to 7 lakhs. The best way to do this is to transfer in March, pay TCS, file return in July and get a refund of TCS.
If the US citizen doesn’t have any account in India, it is very easy to get an account done such as Icici Bank NRO. NRE account even being in the US through US branch. That’s a very small step.
You both have discussed only about liquid assets. Most of the NRI children are concerned only about the inheritance of residential assets such as house or flat. You have not discussed this important aspect.
Immovable properties is relatively easier. Its better to leave a will identifying beneficiaries. The beneficiaries will then be able to sell it. A probate may be required from court to certify the will . The beneficiaries can then sell the property. As long as you enjoy the property, there is no tax but once you sell the asset capital gains tax will have to be paid.
Thank You! I learned nothing from this useless conversation. Just click bait and just stating some basic common sense items. If you really want to educate about tax planning, put some thought into the material to cover different scenarios. What a waste of our time.
NRI implies Holders of Indian citizenship, Indian passport. However if those children settled abroad, have changed their citizenship status, meaning acquired citizenship of country of their residence, despite their holding OCI . Will NRI provisions apply to such children?
PLEASE MAKE VIDEOS IN HINDI. THOUSANDS MORE VIEWERS WILL ADD UP IN THIS CHANNEL. TRANSLATE ALL PREVIOUS VIDEOS IN HINDI. A REQUEST BY PARENTS AND MOST NORTH INDIAN VIEWERS.
If a person dies intestate, I.e. without a will, then a legal heir certificate is required to identify all legal heirs. This is time consuming. Moreover, a list of assets and bank accounts should be available with legal heirs, which is why a will is better. Registration is not mandatory although a probate may be required for some assets.
Hmmm. I guess its too short video time (18 mins) to explain anything in depth. Maybe you need to do another video with a particular scenario and go through each actionable step. Most common scenario: parent (80 yrs old) is living in own house in India. (parent/s are sole owners since they bought the house 30 years ago) 2 children ( 53 and 57 yrs) are now US and Canadian citizens with OCI. What should they do ( step by step) at this point to ensure property is able to transfer easily after parent’s death?
Property transfer rules don't depend on nationality of beneficiaries. A will should identify the beneficiaries for various movable and immovable assets. This will allow the beneficiaries to sell the property. For some high value assets, a probate i.e a court certification of the will is required. Beneficiaries have to open bank accounts in india for getting their share of immovable and movable assets(once sold). Each beneficiary should pay capital gains tax for his share. There is no inheritance tax in india. The money after tax can be repatriated as explained in the video.
@@krishnaramachandran7722 property transfer rules may not depend, but actual property transfer procedures may be different They will ask for Adhar card for example and US citizen may not have it. Then if a procedure takes 5 months, a NRI may not be able to spend so much time in India. So advice we are looking for is how to do this prep work in advance so it easier and seamless later on.
Inheriting property from India to any foreign country is to be strictly banned. Along with brain drain it also promotes wealth drain. We should not allow this digital colonialism. Do other countries do this for India? or we will accept such things.?
No such thing as seamless for any procedure in India. There will be many hiccups. Don’t want to be skeptical, but its the reality in Indian bureaucracy. Every official will have a different answer on what’s to be done for any procedure. And property is one of the most complicated process.
Wondeful post. Such a clear articulation. Dr Bhat is one of the best, inspite of being so knowledgeable , he can still ask questions in such a simplified way that makes the listening part so enriching and enjoyable. Mr Nikhil is one of the best in this sequence and he is so fluid and fluent in his subject. Thanks for this post, well done and keep up the good work of educating NRIs.
Thanks!
Let me know what will be the scenario NRI children with NRI parents( migrating to where their children are ).What to do with movable and immovable properties in India and their tax liabilities and how to export them ?
Thank you Dr Bhat and Nikhil
Excellent discussion
Very helpful
Excellent episode. Very useful. Look forward to many more
Thanks to Dr Bhat and Mr
Nikhil
Excellent. Facts which were hazy so far have been clarified without doubt. Thanks
Useless
Excellent information and very well explained 👍
Very informative video. Will be nice to get some input into CA and lawyers and financial advisors in major cities in India regarding these issues.. re will, trust, banking for parents with NRI children etc.
Very good ,informative. Should the Nomination be in will as well as equity/ mutual funds/bank accounts ?
Excellent informative video
Thank you and Mr. Nikhil very much for such a great informative video.
Beautiful. Thanks to both of you.
Thankyou Sir
Transferring /repatriating money is a double edge sword
When you sell property
One pays India(fed), local state tax
& receiving country another hefty % of tax (since it is considered as Income)
Any options you can suggest to repartition option?
Really well made ❤❤❤❤
Unlike many of your other VLOGs this one was more like a marketing video to push services.
The man speaks of liquid assets but the most illiquid asset is the house that parents are living in. The person gave no strategy on how to simply the transfer of that house. Generic concepts like you should consider laws on both sides are useless. No actionable info was provided by this VLOG. Very disappointing!
The strategy for immovable properties is simple. Leave a will and identify the beneficiaries. Let the beneficiaries know where the property documents are . If a person dies intestate i.e without writing a will, then the legal heirs need to obtain a legal heir certificate which takes time.
Useless brainless outdated inputs KYC will be a issue fir liquid assets
What about PROBATING A WILL
POA if any
Proper settlement deeds or gift deeds help
Tru worthless
It's because we indians are obsessed with possessing house.😮 Imagine you heirs is u s earning in $, as time and patience to do the paper work and sell the property at reasonable rates.
I would like to know whether i can buy a house in US where
my son is a citizen (only son) in US. I am residing in Navi Mumbai and I have my own house here. Whether I can sell the house and take the money there for the purchase of a house to reside. Whether I can get tax benefits and if so which all....
I believe anyone can buy a house in the US if you’re buying in cash there is no restriction like citizen or green card or anything like that.
I think your problem will be how to convert your rupees into dollars With minimum fees
@@sanm4836 Converting money is not a problem. you can use Thomas cook or Prithvi or western union.
An NRI can repatriate proceeds only two properties If an NRI has more than two properties how to get RBI approval for more than two properties.
Very important information well explained. Thank you.
Can i make 2 separate wills for property in India and another for my UK estate ? Does the Will in India has to be registered?
It is best to make separate wills for assets in different countries. In India while registration is not mandatory its good to always registered.
Very useful. Nicely explained in simple words
No use actually.basically advising to have liquid.but legally right assets on legal terms transferable.
You said to make heirs as nominee. Whats the exact procedure to make a property nominee when the inheritor is US citizen.( with OCI card)
You can't name a nominee for an immovable property. The will should identify the beneficiaries so that the beneficiaries can sell the property or jointly enjoy the property. It doesn't matter if the beneficiary is a US citizen or OCI. ID proof will be required.
With new LTCG change accompanied with indexation, if will is made before 2023 and transfer happens after 2025, if property is sold in 2026, will indexation option still be available?
You are not acquiring a property. You are inheriting it. The property was acquired by your parents. Since it has been acquired before July 23, 2024, indexation benefit is applicable.
Sirs, my son is UK citizen with OCI, does your disscussion hold good for him. Or applicable to NRI only.
Applicable to him as well.
Someone when alive should do the gift deed & transfer the immovable property in their son/ daughter’s name paying the stamp duty or put it in their WILL. Would children face any problem later from the society ?
All of the above can be done and society is obliged to transfer ownership if the paper work is clear. If the will identifies more than one beneficiary, it's better to sell or make a release deed so that one of the beneficiaries keeps the property and the others are compensated .
Neither agricultural or plantations plots etc
Yeah very true. Not so clear
Important scenario of transferring assets while parents are alive vs a “Will” should have been discussed, I.e. tax implications , pros/cons. What a missed opportunity
We usually do not advise complete transfer via gift during ones lifetime. All of us are well aware of Singhania Family. It is best to transfer only a small portion via gift and rest should be left with the control of the asset owner.
@@nikhilvarg Thanks. Should have been discussed with cons, and may be with the suggestion that we do not recommend. At least viewers can compare both options.
The various options are a settlement deed for a certain share of property in favor of son/daughter. This settlement will only come into effect after the lifetime of the asset owner or a will identifying beneficiaries and their share in the various immovable and movable assets. Nominees are just custodians. They are not the sole beneficiaries. in the absence of a will, all legal heirs will get equal share.
can a CA firm become an Executor, rather than an individual, so that any one authorised by the firm can discharge the executor function, instead of an individual who may or may not be available when the need for execution of will comes up
Very well explained an important information.
Dear Dr Bhat and Mr Nikhil
I thank you very much for excellent detailed information provided. Still, it is not clear about transfer of parent’s assets in India when both parents and children are OCIs and living abroad. I would appreciate if you could kindly responded promptly to my email.
With best regards
Rao Mylangam
Thank you. Both for this knowledge
Excellent demo
Sir, in consultation with Mr. varghese can u message ur reply whether LTCG on sale of property by NRI can be availed on old regime (with indexation) basis as per y'dsys Budget amendment passed in LS?
There's no specific rule for NRI. If property has been acquired before July 2024 indexation can be availed.
Thank you. excellent presentation
So no tax on inherited property from parents on grand parents ?
That is right as per current laws.
Could you please explain the question with an example?
No inheritance tax. But you need to pay capital gain tax 20 percent after indexation or 12.5 percent without indexation. In some countries there is Inheritance tax as well and in India this tax is not applicable
Thanks!
@@kalyanreddy3033 There's no inheritance tax for you to enjoy the property . When you sell the asset, you pay capital gains tax as the new owner of the property.
Thank you so much for this talk. very informative. For parents who are OCI card holders with UK passports living in India for past 5 years would all the points mentioned apply when coming to transfer assets to sons who are UK citizens and US citizens ?
Yes even i need to know the same
What are tax implications on NRO/NRE ACCOUNT
No tax on any amount in NRE...there will be tax on amount in NRO , interest part...
When you say NRI, is it people who has indian passports but working in other countries?
Or people who have already taking other citizenship and given up indian passport and are called OCI overseas citizens of Indian origin
Very useful topic can you cover for assets like house or flat
I had nor account for both minor sons
Suddenly they required Aadhar.pan
Both weren't interested in coming to india just for this..
They said ypur banking is horribly wrong
Noone does anything in one visit
We don’t have time to do this
Spend yr money or give to Old age home
Very useful information, thanks…
Need step by step education on fixed assets such as House example sell the house and how to bring Money to USA legally
If the will identifies beneficiaries and their share, beneficiaries can sell it. The money will be credited to your indian bank account. You have to pay capital gains tax for your share of gain. The money lying in the Bank can be transferred as discussed in the video either at one time or in a couple of years . Your bank will be able to help you. Alternatively, you can use Thomas cook / western union for wire transfer.
AS A PARENT IF I SELL A PROPERTY AND PAY MY CAPITAL GAIN TAX ALSO. NOW IF I SEND THIS MONEY TO MY SON IN USA, WILL I HAVE TO PAY INCOME TAX OR 20% TCS AGAIN ON THAT AMOUNT BEFORE SENDING IT ABROAD ?? Although I had paid capital gain tax to government. Please reply and make a video on this aspect also.
TCS is not tax. Its refundable when you file a return. If you don't want TCS to be deducted you have to limit yourself to 7 lakhs. The best way to do this is to transfer in March, pay TCS, file return in July and get a refund of TCS.
Thanks Sir
Well explained
? What did you learn?
Did you not already know that estate planning is important. Is there anything new you learnt?
Useful information.will look frwrd to more on such topics .what if the inheritor ,a US citizen doesn't have any account in India
If the US citizen doesn’t have any account in India, it is very easy to get an account done such as Icici Bank NRO. NRE account even being in the US through US branch. That’s a very small step.
Opening an account is not even a problem. OCI card /PIO is required.
You both have discussed only about liquid assets. Most of the NRI children are concerned only about the inheritance of residential assets such as house or flat. You have not discussed this important aspect.
Immovable properties is relatively easier. Its better to leave a will identifying beneficiaries. The beneficiaries will then be able to sell it. A probate may be required from court to certify the will . The beneficiaries can then sell the property. As long as you enjoy the property, there is no tax but once you sell the asset capital gains tax will have to be paid.
Is it imp to register the Will ?
Only superficial info that most of the people know. Nothing discuss for specific scenario.
Sir how to contact you personally and also Mr Nikhil
Vandhen da paalkaaran adadaa pasumaatta patthi paada poren
What docs should NRI kids have ready so that process is smooth? If they are already foreign citizens
Thank You! I learned nothing from this useless conversation. Just click bait and just stating some basic common sense items. If you really want to educate about tax planning, put some thought into the material to cover different scenarios. What a waste of our time.
They are trying to sell their services. They will offer such services for a price, i imagine.
हींदी भाषा मे बोलीये
NRI implies Holders of Indian citizenship, Indian passport. However if those children settled abroad, have changed their citizenship status, meaning acquired citizenship of country of their residence, despite their holding OCI . Will NRI provisions apply to such children?
What specific provisions are you talking about? Money transfer in dollars can be done by anyone including foreigners as clarified in the video.
Just wearing a suit talking some jargon wont mske u an authority on it v v poor exchange of info look for better ppl
Seamlessly, maybe. But scamlessly?
How a resident parent can transfer funds with out tax from sale of inherited property to their nri son in USA.
Presentation in ppt form would be more appropriate to understand common audience.🎉🎉🎉
How can I send money to my NRI son in USA,?
What if kids have OCI and not NRI how do we transfer family inherited property??
PLEASE MAKE VIDEOS IN HINDI. THOUSANDS MORE VIEWERS WILL ADD UP IN THIS CHANNEL.
TRANSLATE ALL PREVIOUS VIDEOS IN HINDI. A REQUEST BY PARENTS AND MOST NORTH INDIAN VIEWERS.
Good
Mine is single daughter family, where my daughter is a US citizen. Is will a mandatory ?
Pl do it and register it. Further ensure nomination in all assets you own in real estate and bank etc
If a person dies intestate, I.e. without a will, then a legal heir certificate is required to identify all legal heirs. This is time consuming. Moreover, a list of assets and bank accounts should be available with legal heirs, which is why a will is better. Registration is not mandatory although a probate may be required for some assets.
Hmmm. I guess its too short video time (18 mins) to explain anything in depth.
Maybe you need to do another video with a particular scenario and go through each actionable step.
Most common scenario:
parent (80 yrs old) is living in own house in India. (parent/s are sole owners since they bought the house 30 years ago)
2 children ( 53 and 57 yrs) are now US and Canadian citizens with OCI.
What should they do ( step by step) at this point to ensure property is able to transfer easily after parent’s death?
Property transfer rules don't depend on nationality of beneficiaries. A will should identify the beneficiaries for various movable and immovable assets. This will allow the beneficiaries to sell the property. For some high value assets, a probate i.e a court certification of the will is required. Beneficiaries have to open bank accounts in india for getting their share of immovable and movable assets(once sold). Each beneficiary should pay capital gains tax for his share. There is no inheritance tax in india. The money after tax can be repatriated as explained in the video.
@@krishnaramachandran7722 property transfer rules may not depend, but actual property transfer procedures may be different
They will ask for Adhar card for example and US citizen may not have it. Then if a procedure takes 5 months, a NRI may not be able to spend so much time in India.
So advice we are looking for is how to do this prep work in advance so it easier and seamless later on.
Inheriting property from India to any foreign country is to be strictly banned. Along with brain drain it also promotes wealth drain. We should not allow this digital colonialism. Do
other countries do this for India? or we will accept such things.?
NRI community pours 120 billions into India .. India is a beneficiary of this flows
If the person is US citizen and live in US, where the documents have to created and signed ?
You have the choice to make your will in India or US. Both options are legally valid but follow the process to make this
Which person. The parent or the child ( inheritor) ?
If the parent ( ie) property is India, I think a US WILL has no meaning
@@sanm4836 all of them are US citizens
Simple rule. Make a will in a place where the assets are. You can do it from remote as well.
No such thing as seamless for any procedure in India. There will be many hiccups. Don’t want to be skeptical, but its the reality in Indian bureaucracy.
Every official will have a different answer on what’s to be done for any procedure. And property is one of the most complicated process.
If a will is made, there's no major problem.
Very Good information. Could you pls share his contact details.
Waste of time. Just blah blah blah... No useful information or actionable advice