Budget 2024 - Benefits for NRIs Investment in India

It is afflicting that the NRIs have to pay tax twice given they are already paying taxes in the countries they are employed and residing. Additionally, paying taxes to the Indian government, answerable under the Indian Tax Authority as a result of owning business ventures, assets, and investments in the country is unpleasant.

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In 2021, India received $90 billion in remittance, contributed by the NRI population of about 3 crores, who are an important contributor to the Indian economy. 

The following are some proposals to enable NRIs to increase their investments and assets in India as Nirmala Sitharaman, the Finance Minister, and her staff are getting ready to release the crucial Union Budget 2024.

Investment Plans for NRIsInvestment Plans for NRIs

Making Investment Simpler for NRIs

Government should ensure NRI's 'Ease of Investment' in India as they mostly invest in real estate and financial products. They can be offered incentives like the ease of compliance, relaxation in tax rates, and concession under the Income Tax Act.

By 2030, India is expected to rise from seventh place to third place internationally in terms of forex/GDP size (after the United States and China). Providing such relaxations can help in accelerating the process and increasing forex profitability.

SIP Investment for NRIsSIP Investment for NRIs

Enhancing Rental Housing

Given the investment market becoming remunerative and transparent due to RERA for NRIs, they can be offered a higher standard reduction in Rental Housing. This can ensure low-cost excess and higher access for those intending to own residents after retirement.

The government is anticipated to promote tax breaks, affordable schemes, digitization, and innovations to ensure the inflow of investment.

*Past 5 Year annualised returns as on 01-04-2024
*All savings plans are provided by the insurer as per the IRDAI approved insurance plan. Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.

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