NRE Account : Help needed

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Guest

Guest (Querist)

25 November 2010 Thanks a lot and the query previously posted has been resolved.

O.D.SHARMA

O.D.SHARMA (Expert)
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26 November 2010 Hi,
You need to disclose the period.The days you are in india after completion of project.
1)Six month in india close this NRE account .
2)Yes

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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26 November 2010 Transfer from NRE to NRO a/c will not invite any tax liability.

Certain Wealth Tax Exemptions are available to you U/s 5(v).

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O.D.SHARMA

O.D.SHARMA (Expert)
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26 November 2010 Hi,
Where is NRO account tax free in India ? wealth tax is no way connected to NRE/NRO ? what you want to say ?
Explain & read the question.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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26 November 2010 Dear Sharma Ji,
What I wanted to say has been read by you. For more explanation please refer Section 5(v) of The Wealth Tax Act.
In NRE A/c money is deposited from the country of employment in foreign currency by the NRI and it is income accrued and arisen out of India. The said Income is not taxable in the hands of an NRI. Now Mr Verlekar wants to get transferred his NRO A/c balance, which is merely a remittance and not the receipt of Income, and as such the same is not taxable.
I will be happy if you can rectify me.
Thanks.

O.D.SHARMA

O.D.SHARMA (Expert)
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27 November 2010 Dear Go thru the question.Any amount Trfd to NRO account is taxable 30-10% also question is not about wealth tax.Read & Reply fo the question.