Managing wealth across two countries — India and your country of residence — means navigating two tax systems, FEMA regulations, DTAA provisions, and an account structure that most banks explain poorly and most CAs handle in isolation. We bring a unified advisory framework that covers your NRE/NRO accounts, India investments, inheritance planning, and cross-border tax optimisation as a single integrated strategy.
From NRE/NRO account structuring and India investment advisory to DTAA benefit claims and succession planning — we manage the full complexity of NRI wealth so you don't have to coordinate between a CA in India, a bank relationship manager, and a lawyer overseas.
The NRE (Non-Resident External) and NRO (Non-Resident Ordinary) account distinction is one of the most consequential and least understood aspects of NRI financial management. An NRE account holds foreign earnings remitted to India — the principal and interest are fully repatriable and the interest is exempt from Indian income tax. An NRO account holds India-sourced income — rent, dividends, pension, interest on legacy deposits — and is taxable in India; repatriation from NRO is permitted up to USD 1 million per financial year after payment of applicable taxes, and requires Form 15CA/CB certification by a CA. The critical error most NRIs make is crediting India-sourced income into an NRE account, which violates FEMA regulations and can trigger scrutiny. Repatriation of sale proceeds from property, investments, or inheritance adds another layer: FEMA requires that the funds originate from an NRO account, that TDS has been correctly deducted and deposited, that an ITR has been filed for the relevant year, and that Form 15CA/CB certifying the nature and tax status of the remittance is submitted to the bank. We advise on correct account segregation, optimal account utilisation strategy (NRE for foreign earnings, NRO for India income), repatriation documentation, Form 15CA/CB preparation, and the tax efficiency of each account type for the NRI's specific income profile and tax treaty situation.
NRIs can invest in most Indian financial assets — equity and debt mutual funds (through the RBI-permitted route), listed equities on the NSE/BSE (through the PIS route under Portfolio Investment Scheme), immovable property (residential and commercial, but not agricultural land or plantation property without specific RBI approval), and bank deposits (NRE FDs, NRO FDs, FCNR(B) FDs). Each investment category has distinct FEMA compliance requirements, tax treatment in India, and interaction with the NRI's country-of-residence tax laws. Mutual fund investments by NRIs require PAN, KYC with NRI status, and a designated NRE or NRO bank account for redemption credits — and are treated as standard Indian investments for capital gains purposes. NRE FDs offer tax-free interest in India and full repatriability — but the interest may be taxable in the country of residence (e.g., in the US, NRE FD interest is taxable as foreign income). Real estate investments require compliance with Section 195 TDS by the seller, and the rental income must flow through the NRO account. We advise on the optimal investment mix for each NRI client's India corpus, the account-level routing for each investment type, the capital gains and TDS implications on exit, and the interaction with residence-country tax obligations.
India has Double Tax Avoidance Agreements (DTAAs) with over 90 countries — including the UAE, United States, United Kingdom, Canada, Australia, Singapore, Germany, and the Netherlands — each with its own provisions for which country has the primary right to tax different categories of income. Without DTAA planning, an NRI's India income (salary, rent, interest, dividends, capital gains) may be taxed in India and then again in the country of residence — the combined tax burden can easily exceed 50% of the income. The DTAA determines: whether India or the residence country has the primary right to tax each income type; what rate of withholding tax applies in India (often a lower treaty rate rather than the domestic rate); and how the residence country grants relief for Indian taxes paid (credit method vs exemption method). For NRIs in UAE — which has no income tax — India's DTAA with the UAE means capital gains from Indian property are taxed only in India (the property is in India). For NRIs in the US, the India-US DTAA provides specific provisions for dividends (15% rate), interest (15%), royalties, and capital gains. To claim treaty benefits, the NRI must submit a Tax Residency Certificate (TRC) from the residence country to the Indian payer or tax authority, along with Form 10F for certain treaty claims. We identify the applicable DTAA, compute the treaty benefit versus the domestic rate, prepare the TRC and Form 10F documentation, and integrate DTAA planning into the overall India ITR filing strategy.
For NRI families, the transfer of India assets — property, financial investments, bank accounts, business interests — across generations involves a framework that spans Indian succession law (Hindu Succession Act, Indian Succession Act, or personal law depending on religion), FEMA provisions for NRI asset inheritance, Indian income tax implications on the heir, and the inheritance and estate tax laws of the country of residence (notably, the US estate tax for NRIs holding US-situs assets, and UK inheritance tax for UK-domiciled NRIs). India does not currently levy estate or inheritance tax — the heir inherits the asset at the original cost of acquisition of the deceased, with no tax liability at the time of inheritance itself. However, when the heir subsequently sells the inherited asset, capital gains are computed using the original owner's cost and acquisition date — the benefit of long holding periods and historical low purchase prices flows through to the next generation. The key planning interventions are: ensuring the India assets have a valid and registered will or clear nominee designations to avoid succession disputes and legal delays; obtaining Succession Certificate or Probate where required (particularly for NRI estates where the assets are in India but the will is foreign); FEMA-compliant transfer of inherited property and financial assets; and advance tax planning so the heir understands the capital gains position they are inheriting. We provide end-to-end advisory from will drafting and succession structuring to post-inheritance FEMA compliance and capital gains planning for the inherited asset base.
When an NRI returns to India permanently, they pass through an intermediate residential status — Resident but Not Ordinarily Resident (RNOR) — for a period of 2–3 years, during which their foreign income (income earned outside India from assets outside India) remains exempt from Indian tax. This window is one of the most valuable but time-limited tax planning opportunities available to returning NRIs. During the RNOR period, the NRI can continue to hold foreign currency assets without Indian tax on the income generated, convert FCNR(B) deposits, restructure India investments, and bring accumulated overseas savings into India at optimal tax cost. Once the RNOR status expires and full resident status attaches, global income becomes taxable in India — and Schedule FA (Foreign Assets) and Schedule FSI (Foreign Source Income) must be filed annually disclosing all overseas financial accounts and income. We advise NRIs who are planning to return to India on the optimal timing of the return, the RNOR planning window, the asset restructuring to complete during the RNOR phase, and the ongoing FA/FSI reporting obligations once full resident status attaches.
Foreign income exempt during RNOR status — 2–3 years depending on NRI period; we structure the return timing and asset consolidation plan to maximise the exemption window
Convert FCNR(B) deposits on maturity during RNOR period — principal and interest remain tax-exempt; post-return NRE/NRO account restructuring for continued India income management
Post-RNOR, all foreign financial accounts and income must be reported annually in Schedule FA and FSI — non-disclosure under Black Money Act carries severe penalties; we handle full compliance
Consolidate NRE/NRO accounts to resident savings accounts; restructure PIS equity holdings; convert NRI mutual fund folios to resident status; plan the transition before RNOR status expires
NRI wealth management requires a CA who understands both the Indian tax code and the FEMA framework — and who can advise on how India income interacts with your overseas tax obligations. We serve NRIs across UAE, US, UK, Canada, Singapore, and Australia from our Mumbai office.
Whether you need NRE/NRO account structuring, India investment advisory, DTAA treaty claims, inheritance planning, or return-to-India RNOR planning — we manage the full complexity of NRI wealth from a single, accountable advisory relationship.
4th Floor, Solitaire 1, New Link Rd, Malad West, Mumbai 400064.
+91-8169820387 | 022-46022657