Member since: Jul 05
Yes, TR is still there.
Customs Rules for Transferring Residency to India
Following rules will apply to the people who are Transferring their Residency to India apart from the usual allowances applicable to Indian residents or foreigners residing in India,
I. Articles not allowed free, but at a concessional rate of duty of 30% :
Colour TV/Monochrome TV.
VCR/VCP/Video Television Receiver/VCD Player.
Video Home Theatre System
Electrical/Liquefied Petroleum Gas Cooking Range (other than Electrical/Liquefied Petroleum Gal stoves with not more than two burners and without any extra attachment)
Personal Computer/Desktop Computer.
Video Camera or the combination of such video camera with one or more of the following goods, namely:
Sound recording or reproducing apparatus;
Video reproducing apparatus.
Word Processing Machine.
Portable Photocopying Machine
Passenger to affirm by a declaration that the goods (Items 1 to 14 of above) have been in his/her possession abroad or the goods are purchased from the duty-free shop by him/her at the time of his/her arrival but before clearance from Customs.
Unaccompanied goods were shipped or despatched or arrived within the prescribed time limits (within two months before arrival and within after one month of arrival - see rules regarding unaccompanied baggage for details)
Only one unit of each item (Items 1 to 14 of above) per family is allowed and total value of these items should not exceed Rs.1.5 Lakhs.
The person claiming this benefit affirms by declaration that no other member of the family had availed, or would avail this benefit. The term "family" includes all persons in the same house and forming part of the same establishment.
Passenger has not availed this concession in the preceding three years.
Minimum stay of two years abroad, immediately preceding the date of the passenger's arrival on transfer of residence. Shortfall of upto 2 months in stay abroad can be condoned by Assistant Commissioner of Customs if the early return is on account of -
Terminal leave or vacation being availed of by the passenger, or
Any other special circumstances.
Total stay in India on short visits during the 2 preceding years should not exceed 6 months. Commissioner of Customs may condone short visits in excess of 6 months in deserving cases.
Note 1:Transfer of Residence entitlements are applicable to returning Indians as well as Foreigners transferring their residence to India subject to the fulfillment of prescribed eligibility conditions
Note 2:Earlier there was a clause of minimum stay in India of 1 year after taking TR. This has since been abolished.
Depreciation of value on old and used items
Though there are no specific guidelines in the Baggage Rules for according depreciation benefits to old and used items of baggage for the purpose of their valuation, as a matter of practice, the following depreciation benefits are given on the purchase value of old and used items:
For every quarter during 1st year - 4%
For every quarter during 2nd year - 3%
For every quarter during 3rd year - 2.5%
For every quarter during 4th year & after - 2%
Since there are no specific guidelines, the assessing officer uses his / her judgement and discretion for determining the maximum limit. The depreciation for each year is supposed to be calculated on the reduced value of the previous year and not on the original value. However, for quick calculation and clearance, sometimes the straight line method of calculation of depreciation is followed at the airport, which incidentally is more beneficial for the passenger.