15 December 2008
I am NRI holdng Indian citizenship and having Indian Passport residing & serving in UK since last7 Years. I am also Filing my I.Tax Return in UK . Now I want to transfer funds on regular basis to my parents in India . I have NRE Account .
Pl guide me in the matter regarding tax liability for the transfer of such funds into india and also whether any limit on the amount of transfer
15 December 2008
This income was already taxed in India so it will not be taxable again in India. You are a citizen of India but not a RESIDENT as per Income tax act.
I am also dealing with UK personal tax return. If you want any assistance you can email me on ca.tilakrajsharma@yahoo.com. I can also prepare and submit your UK income tax return.
CAclubindia
