Home Buying Agreement
Estimates Expenditure: usually a lawyer or a broker appointed by you will charge you anything between INR 5,000 to 15,000 for preparing the home buying agreement. However you can negotiate on the amount with the lawyer and broker. In most cases both the parties (the buyer and the seller) contribute equally to the expenses incurred [...]
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Overseas Citizen of India (OCI) Card
The Overseas Citizenship of India (OCI) Scheme was introduced in response to persistent demands for ‘dual citizenship’ from the Indian Diaspora in North America and other developed countries. According to this scheme, any Person of Indian Origin (PIO) can apply for registration as an Overseas Citizen of India (OCI).
Benefits to an OCI:
Registration as an OCI does NOT mean ‘dual citizenship.
Mutual Funds
Mutual funds are a collection of stocks, bonds, commodities that are actively managed by a fund/money manager. The goal of a mutual fund is to invest in a broad category of equities (based on the fund objective) to minimize risk and maximize reward. Mutual funds carry lesser risk than individual stocks.
Before you begin:
Get into mutual fund investing only if you have a longer time horizon (>5 years)
Pay close attention to the expenses. Ask for the
Tax Residency Status
Indian citizens or people of Indian origin residing outside of India, temporarily or permanently, can hold different statuses that reflect their ties to the home country. These are especially important for taxation and immigration related needs, since the regulations and requirements differ based on the status they hold. Non-Resident Indians (NRI) In general and [...]
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About TI
Transparent India (TI) will become the ultimate resource on how to get things done in India. We will create the platform where people can share their experiences and benefit each other.
We want to ensure that whenever you step into a new & unknown territory, you will spend very little time to find all the relevant information, resources and references! Stay tuned and let’s make India Transparent!
Events
We recently conducted an internship program at Narsee Monjee Institute of Management Studies (NMIMS).
Recent Articles
Trusting doctors
Trusting doctors is a challenge in India. From what I have heard, India has doctors that are just as qualified as the best in the developed countries. If you have sufficient funds, there are medical facilities that match the west at your disposal as well. However, the challenge here is in trusting the doctor’s intent. [...]
Travel Insurance
Estimates Expenditure It depends on the duration of coverage, total coverage, type of travel insurance and insurance company one is choosing. The premium is approximately between 3000 and 6000 rupees for a basic travel insurance plan for one person travelling for around 60 days and a coverage of around 1 lakh rupees. This is for [...]
Buying and claiming Vehicle Insurance
Estimates Expenditure It depends on the car make, model, specifications, year and city of purchase. For example, the gross premium of Maruti Alto LX purchased on 2006 from Kolkata having IDV of Rs. 1.3 lakhs is ~Rs.2600 and a brand new Volkswagen Polo purchased on 2012 from Bangalore having IDV of Rs. 6.5 [...]
Stamp paper agreement
Estimates Expenses – Depends on the value of stamp paper. For example : It is required that a stamp paper of minimum 2.5% of the agreement value (as per the stamp act) should be used in case of property deals or there could be penal implications if/when the document is used [...]
Spending more than 2,00,000 per annum on credit cards
If you have have more than 2 lakh rupees of total credit card spending in a given tax year, you should report it when filing your IT returns in India. More generally, any high value transactions should be reported. This does not result in any extra tax, but just ensures that the IT department [...]
