Family office planning for NRI families with assets in India
A family office for NRI families has to satisfy two legal systems. In India, FEMA and the Income-tax Act decide who may hold what, how money leaves the country and how it is taxed. Abroad, the country of residence may tax the same trust, gift or inheritance on its own rules.
We handle the Indian legal side from our Sanpada-Vashi office, by video call and email, and coordinate with your overseas lawyer or CPA. We do not advise on foreign law ourselves.
Last updated 8 November 2026 · VIVS Legal, Sanpada-Vashi, Navi Mumbai
Legal lead: Adv. Swanand Pandit, Advocate, High Court of Bombay
- Main Indian rules
- FEMA 1999, Non-Debt Instruments Rules 2019, Overseas Investment Rules 2022
- Remittance by residents
- USD 250,000 per person per financial year under LRS
- NRO repatriation
- Up to USD 1 million per financial year, with paperwork
- Foreign assets of residents
- Must be reported; Black Money Act 2015 applies to non-disclosure
- Working from abroad
- Video, email, apostilled or notarised documents
On this page
What can NRI and OCI family members hold or receive?
| Transaction | General rule under FEMA |
|---|---|
| Buying residential or commercial property | Allowed, but not agricultural land, plantation or farmhouse |
| Receiving a property gift | From a relative who is resident, NRI or OCI, for permitted property types |
| Inheriting | Allowed from a person resident in India, or from one outside who acquired the property lawfully |
| Gift of money from a resident | Within the LRS limit |
| Sending sale proceeds abroad | Up to USD 1 million per financial year from an NRO account, with Forms 15CA and 15CB as applicable; different rules for NRE funds |
Check the current rules on RBI's website. Our NRI legal services pages cover property in more detail.
Can an Indian trust have NRI beneficiaries or trustees?
It is possible, but it needs planning at three points.
- FEMA: how the trust is funded and how distributions reach an NRI. A resident's own LRS limit is available to individuals, not to a trust.
- Indian tax: a non-resident beneficiary may face tax deducted at source on distributions.
- Foreign tax: the US, UK and others have their own rules for foreign trusts, including reporting. A structure that works well in India can be costly in another country, so your overseas adviser should see the draft deed.
See family trust in India for the basics.
What about assets outside India?
A person who is resident and ordinarily resident in India must report foreign assets in the tax return, including a role as settlor, trustee or beneficiary of a foreign trust. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015 provides for tax at 30 percent, a penalty of up to three times that tax and possible prosecution for non-disclosure.
This matters when a member moves back. Returning to India can change tax status, so plan before the move. The status under FEMA and under the Income-tax Act uses different tests.
Do NRIs need two wills?
Often it helps to have one for Indian assets and another for those abroad, drafted so that neither cancels the other. A foreign court's order may not transfer Indian property on its own, and Indian banks and sub-registrars may ask for Indian court documents. See succession planning and our power of attorney guide for NRIs.
Family matters across countries can also raise questions of child custody and NRI divorce. Start with our family office services, or write to us with your country and the assets involved.
This page is general information, not legal advice. Tax points must be confirmed with your chartered accountant, and rules change, so we check the current text before acting on your matter.
Documents to bring
- A list of family assets: property, shares, business interests, bank and investment accounts, in India and abroad.
- Existing wills, trust deeds, HUF papers, partnership deeds and shareholders' agreements.
- A family tree with the residential status of each member (resident, NRI, foreign citizen).
- Company shareholding and board details for family businesses.
- Any earlier family settlement or court order.
What decides the fee
- Structure advice only, or drafting and registration as well.
- How many family members, entities and countries are involved.
- Tax advice is given with your chartered accountant and is separate.
- Government charges (stamp duty, registration fees, court fees) are paid at actuals, separately from our fee.
We quote in writing once we have seen the papers. Call +91 8291849797 or book a consultation.
Frequently Asked Questions
Still have a question?
Speak with our legal team about your matter with clarity and confidence.
Generally yes by inheritance, although buying it or receiving it by gift is restricted. Selling it and taking the money abroad has its own rules, so check before acting.
Yes, within the Liberalised Remittance Scheme limit, currently USD 250,000 per person per financial year. Tax collected at source and the rules in the child's country should also be checked.
No. We advise on Indian law and work with your overseas lawyer or CPA on the foreign side.
Often not. Many documents can be signed abroad and notarised or apostilled, or handled under a power of attorney. Some steps may need adjudication or registration in India.
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