NRI Financial Status Myths Debunked

NRIs are required to pay tax on income earned or received in India, even if they do not reside there. Foreign incomes are not taxable in india.

NRIs do not have tax liability

Myth 01

Myth 02

There are three categories of NRI accounts -  1) NRE (Non-Resident External Account) 2) NRO (Non-Resident Ordinary Account) 3) FCNR (Foreign Currency Non -Resident)

All NRI accounts are identical

POA can be given only to relatives

Myth 03

You can technically appoint anyone as your power of attorney so long as you are of sound mind and acting of your own free will. It should be a reliable and capable individual

NRIs cannot get a loan in India

Myth 04

Loans are available to NRIs in India. They can obtain loans for the purchase of residential properties, commercial properties, and residential land.

NRIs cant invest in equities or MFs

Myth 05

An NRI can make investments in direct equity. They must establish an NRE or NRO account. This can be linked to a demat account, which can be opened with any stock broker or the financial institution registered in India.

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