Indians in US, other countries to get tax concession
It is what you may call charity with benefit. Indians, staying in the US, could in next three months avail tax concession on the money they will spend on social welfare projects at their native places in India.
Under the 'India Development Foundation for Overseas Indians', an initiative of ministry of overseas Indians, they will get tax exemption if they want to build schools, primary health centres and other infrastructure in their villages and places of origin in India.
The ministry has already started the process of registering the foundation in the US and it will be in place in next three months, overseas Indian affairs minister Vayalar Ravi said in an interview.
After the US, the ministry will register the foundation in other countries, including the UK and the Gulf. According to official data, there are about 24 million Indians overseas.
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