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Ever (Not known)     15 November 2014

Oci - continuing the business

Previously  i am working & living  in uk  and at that time of i have applied for uk citizenship . If they offer me uk citizenship, i will lose the indian citizenship and stay with indian OCI status. 

Recently my father has passed way, still can't digest it. And he is sole proprietor  for his business.  Now i came back from uk and I am going to take care his business and everything.  Just  back in mind as backup and futurist purpose, i want to accept the uk citizenship but living in india with OCI status.

Can  indian oci status person, transfer the indian firm proprietorship on his name? What are implication to firm for being a OCI proprietor? Need to know all the complications.

How about the personal taxation, will be same as indian citizen? Please advise..

 

 

 

 



Learning

 1 Replies

T. Kalaiselvan, Advocate (Advocate)     17 November 2014

An Indian of OCI status can very well acquire the proprietorship of firm which has been inherited by him through his father.  for taxation and other tax related queries, you may consult your auditor/CA/tax consultant who will be a better person to advise you properly on all those technical issues.


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