Transfer of amount to nro account
This query is : Resolved
25 June 2014
Dear Sir,
If I am getting salary in USD from which I want to transfer a particular amount (say Rs. 2 Lakhs p.m.) to my NRO account in India, do I need to pay income tax on this amount in India ?
P.S : I know that the interest on this amount is taxable. I just want to know whether the principle amount i.e. Rs. 2 lakhs pm is taxable in India or not.
If I am getting salary in USD from which I want to transfer a particular amount (say Rs. 2 Lakhs p.m.) to my NRO account in India, do I need to pay income tax on this amount in India ?
P.S : I know that the interest on this amount is taxable. I just want to know whether the principle amount i.e. Rs. 2 lakhs pm is taxable in India or not.
25 June 2014
no. the transfer wont trigger the income taxation in India on the principal amount
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25 June 2014
Many thanks. Much appreciated. Is there an upper limit to this transfer every year ?
25 June 2014
Sir,
when it comes to bringing Dollar into India, we got no limits...bring in as much as you can....
when it comes to bringing Dollar into India, we got no limits...bring in as much as you can....
25 June 2014
Thats great to note. Thanks again.
So I understand that whatever amount I transfer to my NRO account, I dont pay any tax in India. I only pay a tax on the interest earned on the NRO account. Is that correct ?
So I understand that whatever amount I transfer to my NRO account, I dont pay any tax in India. I only pay a tax on the interest earned on the NRO account. Is that correct ?
25 June 2014
yes.. but please ensure that your salary is never directly credited to your NRO account by your employer....it should always be first received in your account outside India and then transferred to the account in India.
25 June 2014
Yes Sir. It will be credited to my local bank account here and thereafter I will be doing the transfer. Thanks once again.
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