—Name withheld on requestUnder the exchange control law, NRIs can’t own agricultural land in India. However, they may acquire such agricultural land through inheritance from a person resident in India. Under the income tax law, there is no tax levied upon inheritance of agricultural land in India and on the sale of agricultural land in India (unless the agricultural land is situated in or within the periphery of certain specified urban areas such as an urban agricultural land). If you qualify as a resident of India, dividend income from shares of Indian companies will be exempt from tax in India if the total dividend income is up to ₹10 lakh during the relevant financial year. If you qualify as a “non-resident", dividend income from shares of Indian companies will be wholly exempt from tax.

Source: Mint March 16, 2020 09:11 UTC