Do OCI card holders have to pay income tax?

Overseas Citizens of India (OCI), or Foreign Citizens and who are residents of India for more than 182 days have to pay tax and file income tax return in India. The income tax filing is usually based on his/her global income and is subject to the conditions of DTAA (Double Tax Avoidance Agreement).

Do Indian citizens have to pay taxes on foreign income?

Some tax may have been deducted outside of India on such foreign income. If you are a resident Indian as per the income tax rules, the income earned anywhere in the world is taxable in India for you.

Can you own property with OCI?

A: By virtue of being born in India but being a U.S. citizen, you will be a Person of Indian Origin for the purposes of the law. You are free to either hold the property or sell it.

Can OCI card holders buy property in India?

As per the guidelines issued by Reserve Bank of India, an NRI or OCI card holder can invest in any residential or commercial property. The guidelines also state that one can buy any number of residential or commercial properties. But, they can inherit the agricultural land/plantation property/ farmland.

Can OCI holder inherit property in India?

Inheritance: NRI/OCI can inherit any immovable property (including agricultural land, farm house, plantation property) from Person resident in India or from Person resident outside India.

How are OCI holders living in India taxed?

However, the taxation of OCI holders living in India is not very complicated, and is similar to the taxation of resident Indians. The OCI card grants you same rights to purchase property as an NRI. You are likely to be taxed on your income generated in India, as well as any capital gains tax for the current fiscal year.

Who is an OCI Cardholder?

OCI Cardholders | Background Section 7A of the Citizenship Act, 1955 (CZ Act) classifies OCI cardholders as people of Indian origin who are allowed to travel, live, and work in India indefinitely, while still holding a foreign citizenship.

Can an OCI card holder buy agricultural land in India?

A: As per the Indian law, even NRIs (as against those who have overseas citizenship) are not allowed to buy agricultural land. Therefore, there is no question of a dual citizenship to be allowed just on account of the OCI card.

What are the benefits of OCI card for NRIs?

Parity with NRIs in the matter of appearing for all India entrance tests such as NEET, JEET or such other tests to make them eligible for admission only against any Non-Resident Indian seat. OCI card can be used as ID proof for application of PAN Card and driving license and for opening a bank account if the OCI cardholder lives in India.