Yes, if he has an OCI card ...
... I am though not entirely sure about PIO, but I assume that's applicable therein too.
At the worst there will be a tax deduction at source for any income and this will be refunded to you at the time of filing a tax return the next year. It's very easy.
On another front, Indian economy is going up by leaps and bounds and it'll be a good idea to have a DEMAT account there and invest in equities. This also gives you the benefit of diversification and alternate investments.
Take care.
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Thanks, Knowledgeable!Originally posted by knowledgeable
My brother is a US Citizen (of Indian origin). He has some outstanding shares/stocks in firms he bought when he was in India some years back. To DEMAT them, they are asking for PAN.
Can US citizen (of Indian origin) apply for PAN?
Is it for a US citizen (a former Indian citizen) legal to continue holding shares in India?
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Easy
Easy, you apply for a PAN card on-line, pay on-line with a credit card and mail the documents to them.
There is no implication of any kind and you're not obligated to pay any taxes unless you have taxable income in India.
It will be in your benefit to have your PAN card.
Also, if you do pay any taxes in India and show that income in US, then you don't have to pay those taxes again. India and US have a treaty that avoids you paying double taxes.
Good luck.Leave a comment:
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PAN Card in India (for NRIs in US)
I am an NRI resident in the US. I have some land and house in India. To buy or sell land, and to operate bank/credit-card account in India, and to buy/sell stocks in India (including DEMAT), they ask for the PAN Card (personal account number).
What are the implications of applying for PAN in India?
If I apply for and get a PAN card, am I required to file income taxes in India (in addition to the US)?
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