233. Nri holding inherited agricultural land - can I buy more agricultural property
Q: Dear Sir, I am a NRI holding ancestral agricultural property in Karnataka India. I would like to sell timber on this land and expect to get Rs 50 lakhs. Should I file the returns for agricultural income tax or the general income tax? After paying the tax whether I am eligible to buy agricultural property using the money(still being a NRI)? My second question is if I use money from NRE account for investing in mutual funds the returns including the dividend are treated as NRE or NRO? Suppose after filing the agricultural income the money is invested in stock market which normally levies TDS. What is the maximum amount of income for which we can ask for refund of TDS? Rudolph A. While you may be currently holding ancestral agricultural land by way of inheritance, being an NRI you cannot buy agricultural land. NRE account investments are normally repatriable. You should consult a qualified accountant regarding filling of tax inquiries in India.
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233. Nri holding inherited
agricultural land - can I buy
more agricultural property
Q: Dear Sir, I am a NRI holding ancestral agricultural property in Karnataka India. I would like to sell timber on this land and expect to get Rs 50 lakhs. Should I file the returns for agricultural income tax or the general income tax? After paying the tax whether I am eligible to buy agricultural property using the money(still being a NRI)? My second question is if I use money from NRE account for investing in mutual funds the returns including the dividend are treated as NRE or NRO? Suppose after filing the agricultural income the money is invested in stock market which normally levies TDS. What is the maximum amount of income for which we can ask for refund of TDS? Rudolph A. While you may be currently holding ancestral agricultural land by way of inheritance, being an NRI you cannot buy agricultural land. NRE account investments are normally repatriable. You should consult a qualified accountant regarding filling of tax inquiries in India.
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