വിദേശഫണ്ടുകൾ കൈകാര്യം ചെയ്യുന്നതു സംബന്ധിച്ച ചോദ്യങ്ങൾക്കു ജനങ്ങൾക്ക് ഉത്തരം നൽകാൻ ഫോമാ ക്യാപിറ്റൽ റീജിയൻ ഒരു പരിപാടി സംഘടിപ്പിച്ചു. വിദേശത്തു വസ്തുവകകൾ വാങ്ങുന്നതും വിൽക്കുന്നതും പാരമ്പര്യമായി ലഭിക്കുന്ന സ്വത്തു കൈകാര്യം ചെയ്യുന്നതും വിഷയമായി. 

നൂറിലധികം പേർ സൂമിലും മറ്റുമായി പങ്കെടുത്തു. സാധിക അനിലിന്റെ പ്രാർഥനാ ഗാനത്തോടെ ആരംഭിച്ച പരിപാടിയിൽ ഡോക്ടർ മധു നമ്പ്യാർ ഫോമാ നാഷനൽ എക്സിക്യൂട്ടീവ് അംഗങ്ങളെയും മറ്റുള്ളവരെയും സ്വാഗതം ചെയ്തു. 

ഏറെ തിരക്കുകൾ മാറ്റിവച്ചാണ് ധനകാര്യ-നികുതി വിദഗ്ദൻ പി ടി തോമസ് പ്രധാന അവതാരകനായി എത്തിയത്. വിദേശത്തു ജീവിക്കുന്നവർക്ക് ഇന്ത്യയിൽ തുറക്കാവുന്ന എൻ ആർ ഇ, എൻ ആർ ഓ, എഫ് സി എൻ ആർ അക്കൗണ്ടുകളെ കുറിച്ച് അദ്ദേഹം വിശദീകരിച്ചു. 

പാരമ്പര്യമായി കിട്ടുന്ന സ്വത്തിനു അപ്പോൾ നികുതിയില്ല. എന്നാൽ അതു വിൽക്കുമ്പോൾ നികുതി നൽകേണ്ടി വരും. 

യുഎസിലേക്ക് എങ്ങിനെ പണം കൊണ്ടുവരാം എന്ന് വിശദീകരിച്ച തോമസ്, ചെയ്യാൻ പാടില്ലാത്ത കാര്യങ്ങളും പറഞ്ഞു. 

ഫോമാ പ്രസിഡന്റ് ഡോക്ടർ ജേക്കബ് തോമസ്, ട്രഷറർ ബിജു തോണിക്കടവിൽ എന്നിവരും സംസാരിച്ചു. ദേശീയ കമ്മിറ്റി അംഗം മാത്യു വര്ഗീസ് നന്ദി പറഞ്ഞു. 

FOMAA Capital Regions Foreign Fund Transactions Event was a Huge Success

Since there were many questions during the 2023 TX updates event held in April 2023, FOMAA Capital Region Organized another event to educate and empower people on Foreign fund transactions including sale and purchase of overseas property and inherited properties. Considering the importance of Foreign fund transactions for all the immigrants, the meeting was well attended with nearly hundred participants in the Zoom and many more in the Facebook and social medias.

The program was started with a prayer song by Sadhika Anil. Dr. Madhu Nambiar,
FOMAA Capital Region RVP, welcomed all the FOMAA National Executives including
President Dr. Jacob Thomas, General Secretary Ojus John, Treasurer Biju
Thonikadavil, Vice-President Sunni Vallikalam, Joint Secretary, Dr. Jaimol Sreedhar,
and Joint Treasurers, James George. Dr. Nambiar also welcomed all the FOMAA
National Office bearers and National Committee members. He also welcomed the
FOMAA Capital Region National Committee members Shri. Rajeev Sukumaran From
the Kerala Cultural Society and Mathew Varghese (Biju) from the Kairali of Baltimore.
He welcomed all the member association leaders and all the guests who joined the
program.

Shri P.T. Thomas was the main presenter for the evening, and we appreciate his
willingness to speak during his busy schedule. When it comes to finance and tax, the
name of Shri P. T. Thomas comes first. He is the household and most trusted name in
the community regarding Finance, Tax preparation and Accounting services. He served in various roles in the Federation of Indian Associations in New York, the Civil Services Employees Association, and other Indian Heritage Associations.  
Shri. P.T. Thomas highlighted the three most important items when it comes to Foreign Fund transactions. Non-Resident External (NRE) account - A Non-Resident External (NRE) Account is opened and maintained by NRIs using foreign funds, and is held in rupees.

The accounts can be held as a savings account, current, recurring or fixed
deposits. Non-Resident Ordinary (NRO) account - A Non-Resident Ordinary (NRO)
account can be in the form of a savings account, current, recurring or fixed deposits.
The account accepts foreign currency as well as Indian rupees to open an account, with the balance being held in Indian rupees. It can be held jointly by two NRIs or can be held jointly with an Indian resident. Foreign Currency Non-Resident (FCNR) Account - Foreign currency denomination: It is a foreign currency-denominated account. The money will continue to be maintained in the NRI's preferred choice of currency amongst those approved by RBI.

He also spoke about inherited and purchased real estate properties. For inherited
properties, there is no tax on the inherited property at the time of receiving the property.

There will be tax implication when you sell the inherited property. For acquired property, if you sell the property, there is a capital gain and the capital gain is calculated as the sale price – purchase price- capital improvements and other costs. The capital gain is then adjusted for Index value.

Shri. P. T. Thomas also shoed how the costs are calculated, adding and computing
indexed costs. He also indicated where this money will go and how you can repatriate
the amount to US. For the benefit of the people, from his experience, he advised few
things that should not be done. He discussed various forms that we need to file in the
US after bringing the money.

Shri. PT. Thomas Sir addressed numerous questions related to foreign fund Transfer
and many other related questions. FOMAA President DR. Jacob Thomas, Treasurer,
Biju Thonikadavil and many FOMAA leaders spoke at the event.

Just to give some background of Shri P. T. Thomas – He holds a BA in English
Literature from the University of Kerala, an MA in English Literature and Political
Science from Meerut University, a Master of Divinity from Drew University, and a Master of Social Work from FORDHAM University. He studied accounting at the Dominican College and the Neuro-linguistic Program at the American Pacific University. For 32 years, he worked in the Rockland County Department of Social Service, Child Protective. Regarding Tax services, he received the Excellence in Electronic Filing Award from IRS since the inception of IRS electronic filing. He was also a guest speaker at the IRS nationwide tax forum.

FOMAA Capital Region really thank Shri P.T. Thomas for his continued support for the
community. Program ended with a vote of thanks from the National Committee member Mathew Varghese followed by National Anthem. The video of the event is available at, https://www.facebook.com/2832331250364174/videos/308930778674407