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PAN Card for OCI

Discussion in 'Overseas Citizenship of India (OCI) Issues' started by rthakkar11, Nov 14, 2007.

  1. rthakkar11

    rthakkar11 New Member

    Hi,

    I am currently residing in Australia as an Australian citizen. I have also applied for the OCI.

    I am interested in making property and shares investment in India and would like to know if I need to have PAN for this.

    Also, If I do need a PAN , how do I go about applying for the same online?

    Will appreciate any help.

    Thanks,
    Raj
     
  2. dude4mrestonva

    dude4mrestonva Registered Users (C)

    Raj,
    You dont need pan card to buy property in India.Unless your taking loan to do so.In that case there is forms available at the banks for get pan card.They charge 100 Rupess.I dont think there is one available online .BUt check Citinbanks wesbite .They have live support.Perhaps they can help you out.
     
  3. kcpant

    kcpant Registered Users (C)

    Get a PAN card at the earliest. As I see it, this card is becoming increasingly important. You can do it online (google pan card india) or haveone of your people in India apply for you. They just need any Id/Proof of address. Older document would also do. The card is just a tracking mechanism for tax purposes
     
  4. dude4mrestonva

    dude4mrestonva Registered Users (C)

  5. rthakkar11

    rthakkar11 New Member

    Thanks all for your comments
     
  6. Terese

    Terese Registered Users (C)

    I am in the naturalization process (US). I do not have a PAN card (I left india in mid 90s and there was no PAN card back then).

    I believe you can obtain PAN card even after getting OCI. Please confirm.
    I am wondering if i should apply for a PAN card now or should i wait till i get my OCI? Please advise.
    For those who live outside India, Why do we need PAN card?
     
  7. CrossHairs

    CrossHairs Registered Users (C)



    Dont know. Good thread, lets see what answers we get.
     
  8. akgarg

    akgarg Volunteer Moderator

  9. aabbcc11

    aabbcc11 Registered Users (C)

    Just because a person gets OCI does not mean they have to apply/get PAN card. If the OCI does go to live in India and maybe starts working, opens a bank acct or even applies for a ph line then the PAN comes into play.

    Basically these days the PAN is a necessity to buy "luxury" items or for those who move large sums of cash around. Eventually this will make black money harder to use which will be a good thing for the economy.
     
  10. saf

    saf Active Member

  11. Delhite

    Delhite Registered Users (C)

    hmm...good question... Never thought about it... Last year I got a PAN card when I was in India... dont know how things will change now that I am a US citizen.
     
  12. kcpant

    kcpant Registered Users (C)

    PAN number is more important to conduct financial transactions in India or if you live in India to operate your dmat account, other accounts, file taxes buy item like you have said etc.
    If you apply for one as a resident or NR indian, you will get it. Doesn't mean you have to.
     
  13. Terese

    Terese Registered Users (C)

    Any replies on the stuff in bold....
     
  14. aabbcc11

    aabbcc11 Registered Users (C)

    You can get it later if you are not doing any financial transactions in IN. There is no rush.
     
  15. DEB

    DEB Registered Users (C)

    PAN Card and Buying property

    I have OCI card and US passport. Do I have to get a PAN card before signing the legal agreement with the builder in India to buy a property ? Is it OK to get the PAN card later before doing the registration of the property ? I would like to start paying the bulider in installment as soon as possible after signing the agreement without a PAN card. Is is possible ? I am not taking any loan form anybody. Let me know.
     
  16. ginnu

    ginnu Registered Users (C)

    ------------------- Keep the record that you are paying from your NRE account. Bank can also give you letter that Check number........ was paid to builder from NRE account. Once you get the registray done then you have to fill up a form with RBI (I forget the form number).
     
    Last edited by a moderator: Sep 16, 2010

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