transferring money to India
This query is : Open
29 June 2016
kindly tell me the tax implications of transferring money from abroad to India for NRI Mr. A
there are 2 queries:
1. if Mr. A from abroad is transferring money to his own indian saving bank account.
2. if Mr. A from abroad is transferring money to his real unmarried sister's savings bank account.
29 June 2016
tax implication will be country from where you are sending the money.
1) you can open NRO a.c in india
2) amount will be gift for her sister and tax free for him and her.
1) you can open NRO a.c in india
2) amount will be gift for her sister and tax free for him and her.
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29 June 2016
thanks for the point 2 but pls tell me about the implications of first type of transfer....ie where mr. A doesn't have NRE or NRO account but normal savings account on his name ...which was already there before leaving India.
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