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Inward remittance

26 May 2023

my brother is residing in Dubai. he sends money from nre account to his sb Indian account.whether it's taxable.....
kindly tell me the limit of such remittance

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9 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178281 Points)
Replied 26 May 2023

No, any amount credited to his NRO account from NRE account is not taxable.

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prasad Nilugal ( GST Practitioner & Accounts ) (14805 Points)
Replied 26 May 2023

Yes , agree with above reply, however after transfer interest accumulated or interest earned in NRO account is fully taxable as per the income tax Act.

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Joshua Dsouza (160 Points)
Replied 26 May 2023

Thanks u @ dhirajlal and @ prasad

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178281 Points)
Replied 26 May 2023

My pleasure.

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Joshua Dsouza (160 Points)
Replied 27 May 2023

Sir what about transfer from nro to nre?

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178281 Points)
Replied 27 May 2023

That depends upon the taxability of the funds to be transferred.

To transfer funds from NRO to NRE account, the following documents are required.

Signed cheque/ letter for funds transfer from NRO to NRE savings account.
FEMA declaration. This is a document which says that you are eligible to transfer funds from a NRO to a NRE account according to provisions of the FEMA law.
Documentary evidence of source of funds

You need to submit form 15CA and 15CB. Form 15CB needs to be obtained from the chartered accountant. This shows the source of your funds. Form 15CA can be filled online.

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