ONE OF MY CLIENT IS A WIFE OF PERSON WHO IS NRI(US)..... HE WANTS TO TRANSFER SOME MONEY TO HIS WIFE IN INDIA FROM HIS BANK ACCOUNT.???
IS THIS TRANSFER TAXABLE OR EXEMPT.??
3 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177741 Points)
Replied 23 October 2016
Treatment of the amount called TRANSFER requires clarification, e.g. loan, gift, payment etc.....
shobhit
(aa)
(339 Points)
Replied 23 October 2016
Just a normal transfer of money from his saving account to her wife that is a joint account in both name..she resides in mumbai...he is in us.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177741 Points)
Replied 23 October 2016
"Just a normal transfer of money......"
Does ownership change? Does the fund get transfer from Husband's account to wife's account? How treated in books of accounts?, or its just contra entry, or credited to NRO account?
Please clarify.
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