11 May 2013
sir , there is a provision in wealth tax act 1957 that if any person returns to india permanently then any assets purchased within 1 year before his return in india from NRE a/c shall be exempt , i want to know that in NRE a/c the amount deposited should be of the assessee only or any other person can also deposited in the a/c and the same can be utilize to purchase the assets and it will also be exempt
26 June 2013
NRE account is opened for individuals who are NRI and no other person can open this account. In fact this account is opened for braining foreign currency in India and this account should only be in the name of the person of Indian origin and is right now a NRI.
CAclubindia
