26 December 2013
One of my friend presently working in India have not transferred his earned salary income at Singapore 5 years back not transferred to his NRI account. Now if he is transferring to Indian Account are there any taxability since he has earned some interest against that balance in his account. Can you please provide info whether transfer of this amount now whether attract income tax?
26 December 2013
see you are not giving complete info...advice will change on relevant items so give all data for stay in india and where he rec or earned moner in india how much everything in detail.
26 December 2013
Till 2006 he was working in Singapore and now back to India and working in India and filing returns on the salary income. But he is not transferred his earned income when he was at Singalore during the earlier period. Now he wanted to transfer his amount from the bank to his Indian Account.
26 December 2013
if income already earned and 6 years passed then there is no income earned and its just income transfered for which there is no tax applicable.
as it is not an income as per definition under sec 2(24).
26 December 2013
Thank you very much for the clarification.
But balance amount available at the foriegn bank earned some amount of interest. Will that be taxable in India now? Or can be just transferred to Indian account?
Persons who having been resident outside India, on return to India and attaining status of resident, are required are required to close their foreign currency accounts, if any maintained by them during their stay abroad and arrange to transfer the balance therein to India within 3 months from the date of their arrival in India. . However, RBI has granted general permission to persons who have come or returned to India after a minimum continuous stay of one year abroad as non-resident in regard to the maintenance and operations on foreign currency accounts with banks abroad provided the funds held in bank accounts were acquired by such persons otherwise than in contravention of provisions of FERA, while they were residents outside India. . Such persons, on return to India can therefore, continue to maintain their foreign currency accounts abroad. . Funds held in these accounts can be used by resident account holders for making any payments to persons outside India. . There will be no restriction on utilization of the balances in these accounts for any bonafide payments in foreign currency. . The funds can also be utilized for making further investments in shares/ securities or immovable property etc. abroad provided the cost of such investments and/or any subsequent payments are met exclusively out of foreign currency held in these accounts. . For more details read at
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