Q602. PAN Card Number does not

change if you move out of India

Question: Dear Sir, I want some clarifications on following questions, 1 ) Suppose a person moved to Canada 4 years ago as a permanent resident. In India he had his PAN Card which is still with him. Being an NRI if he is interested, should he get new PAN card or old one is valid for him. 2 ) To convert existing saving fund account to NRO category should he send proof of his foreign address to his bank or simple e-mail information is enough. 3 ) The basic Exemption limit for individual is for income up to Rs.230000/-.If some one has no other income in India except interest in NRO A/C ,say Rs.15000/- per annum only, can he get the benefit of basic exemption limit or he has to pay tax @ 30.9%. 4 ) If the same person who came to Canada 4 years ago gets some ancestral agricultural land property transfer in his name in 2012, should he wait for 10 years to sell the land and bring money to Canada or he can sell any time and bring money to Canada legally. Thanks L S Kahlon Answer: Regarding your questions: 1. PAN Card Number always stays the same for life. Consider it to be like your Canadian Social Insurance Number. Such numbers are issued for life. So there is no need to apply for a NEW Pan Card. 2. Your bank in India cannot convert your account from resident bank account to NRO/NRE bank account on the basis of a simple email. They will require a copy of passport also. Contact your bank and they can tell you exactly what documents they need. Then you can send them the documents by submitting them in person, by post or perhaps email. 3. For the financial year 2013-2014, the basic income tax exemption amount for no tax to apply is Rupees 2,00,000. However, even if a person has income of less than Rupees 2,00,000 in India, banks in India will always deduct TDS at the applicable rate set by the government of India, from NRO accounts. If you want a refund of the tax deducted by your bank as TDS, then you have to file a tax return in India to get the money back. 4. Whether you can transfer the sale proceeds of agricultural land would depend on how you acquired the agricultural land in India? NRIs cannot acquire agricultural land by way of gift. If you inherited the land, then it can be sold and the money brought to Canada. The government of India allows up to one million dollars per year to be transfered out of India, provided you have documentary proof to support that you acquired the property by way of inheritance and and all tax formalities have been completed. You will need the services of a chartered account for preparing such documents for you.