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Such credit of funds to NRE account shall be treated as eligible credit. Bank FD interest on NRE and NRO are same around 9. As NRIs may not get any interest if FDs are withdrawn before 1 year, they have no choice but to keep money in NRO FD. However, on completion of 1 year, NRIs will not keep invested in NRO FD but will rush to break FDs to remit money out of India for investing back in NRE FD.

And, money once gone, may not return. This will drive demand for dollar and could accelerate rupee depreciation. So, to stop that and keep money in India, RBI allowed transfer of money from NRO to NRE.

While it is helpful to Indian Government, it is more beneficial to NRIs. Following are the key 5 benefits to NRIs: No TDSNo need for Tax Residency Certificate TRC introduced in Finance bill for TDS on NRO funds at DTAA rates and no need to file Income Tax return in India as interest on NRE FD and bank accounts are tax free in India. You decide when and how much you transfer your funds out of India: Currently, whenever you want your funds back out of NRO, you file Form 15CA, get CA certificate in 15CB and then after completing procedures, remit funds.

You may follow the same process for transferring from NRO to NRE but you have full freedom to transfer money out of NRE account whenever you want in future be it partial or full and whether next day, month or year. There is no limit for remittance out of NRE account. So after 5 years, when you think foreign exchange is in your favour e. The rules and procedures have been revised again.

Understand new procedures applicable from April 1, I AM GIVING SOME AMOUNT TO MY FATHER IN LAW. HE WILL RETURN THE MONEY IN MONTHS IN MY NRO ACCOUNT. PLEASE CONFIRM IF THERE IS ANY TAX LIABILITY ON THAT AMOUNT. Only income is taxable. If the loan to your father-in-law is interest free, there is no income and as a result, tax liability would not arise. A resident is not allowed to borrow from an NRI for investments or for re-lending.

He is allowed to borrow from an NRI for his business the business can not be of real estate, agricultural, plantation, finance-nidhi company or chitfund. There is no International PAN Card.

PAN card is Indian only. It is your identity with the Income tax department in India. The IT department allows PAN to be delivered at a foreign address. I am an NRI, and am in need of Rs. Can I take a loan from my sister who is a tax paying Indian resident? She has offered to take a loan against her property, and give me the money, which I can repay within a year.

If she can take the loan and lend me the money, can she put it into my NRO account, and then Can i send it out of India? The borrowed funds can not be remitted outside India. However, you can receive a gift from your sister.

Hi there… I NRI had a joint property with my brother Indian resident and planning to sell. I would like to know if do I need to file Income Tax in India even though there is no profit and also what all documents do I need to produce in case I need to transfer this money to my NRE account?

Once you get the CA certificate in form 15CB and file 15CA with required forms and documents, you will be allowed to transfer the funds from NRO to NRE. We need consultancy for doing outward remittance from Indian service company to US sales company. Can you please help with this.

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If you have assets in India, you can sell those assets and transfer funds from India to Dubai. The steps would be to sell assets, pay tax, get CA certificate, transfer funds, file income tax return in India.

Please contact us if you need our help. I am surrendering a policy whose premiums are completely paid via my NRE account not NRO account. The maturity amount will be credited back to my NRE account. Would there be any TDS for the maturity amount? It would depend on the policy.

However, I would think as you are surrendering, it may be taxable. Please consult your CA and agent. Hello SirHope you are doing well my query is below — request your support with suitable reply. I am an NRI and had received some amount in my NRO account due to sale of ancestral property and for which samw amount was been used to purchase a property flat during sept and filing was done accordingly to take tax benefit however now it will complete 3 yrs in sept but I wish to sell same in march put additional amount from my NRE and buy another flatcan I sell same and reinvest in property if this has not finished 3 yrs term also to update you this is the only properly under my name nothing else.

If sell the property acquired to save capital gains tax on sale of original property within 3 years, the gain you saved will become taxable. Also, the sale of new property would attact short term capital gain. I suggest you contact your CA and see professional advice.

Hey, posting my query again coz its only partly showing for some reasons. I have an unused NRE account specifically opened for getting arrears from ex-employer in Saudi Arabia. Im in India from past 8 months and probably not planning for return. Is there a cap on inward remittance and any tax implications if my ex-employer transfers my commision?

Do I need to submit any documents supporting the source of income? If received succesfully in my NRE account, would I able to easily transfer yo NRO? Im currently in a confused state of mind whether to continue job abroad or not, would I be able to uses services from the NRE account?

As you have returned to India and living since last 8 months, you are not allowed to maintain an NRO or NRE bank account and can only maintain resident account. There is no cap on inward remittance. The bank may ask for a proof or support for crediting the money in your bank account. It would depend on the bank so please inquire with your bank for the procedures of crediting inward remittances. You may have to pay tax on the amount based on the nature of remittance, residential status and income tax laws.

He needs it urgently. I need to understand the law and tax implications. NROsavings account-what are the tax implications. The nature of transfer needs to be determined, whether gift, loan or income and the related FEMA rules needs to be complied for acceptance as well as for return.

Transfer from currency exchange or bank account NRE may not matter. The tax is on the income and not on transfer. I am an NRI ,having rental income in india about Rs. Please let me know the procedure to remit the amount to USA.

I would assume that you would have paid the taxes and filed your return. Please contact your CA to issue the CA certificate in 15CB and file 15CA and submit both forms to bank to transfer funds to USA. Hi Jigar, I formed a pvt ltd company in India. My sister who is a USCitizen and my brother in law who is an NRI are investing in my company.

Does t make a difference as to which one of them invests? I am giving them equity against this. As an NRI owns the share, the company may need to comply with the RBI requirements. Please contact your CA. Hi Jigar, I am an NRI with a property in India. This property is fully paid off. If I were to take a loan against property into my NRO account, can I subsequently transfer the funds into NRI account and repatriate the funds to my US bank account?

Appreciate your timely response. I am NRI in USA. I have been investing in Indian mutual funds since last 11 years with multiple AMCs. As I became NRI and declare the same to bank and update my KYC with FATCA declaration, what will happen to my existing investment and SIPs. I read somewhere that AMC can freeze my account or I need to forcefully redeem and pay exit load and taxes. I am checking with individual AMCs. Some have recently allowed investment from USA NRIs but many are still not allowing.

AT present account mapped to all investment is resident account, but will be changed to NRO account as soon as I update the KYC and bank status. But before doing that, I wanted to know the consequences and options available. If you know any rules around it, please help. If you are becoming a US resident, you need to update the bank and KYC documents within reasonable time. It is a requirement. When you complete FATCA declaration, your investment information will be shared with the US government and IRS — IT department of USA.

So it is advisable to file proper forms and report Indian income and assets in your tax return or forms for compliance related to foreign assets, accounts and income. Also, there is no freezing your account as money is yours but you may not be allowed to make additional purchase. You would be allowed to redeem. I would suggest you to contact a financial advisor who can better guide you for proper investment management considering Indian and US tax laws as your tax free income in India e.

This year in January I gave a loan of 70, INR to my resident friend in India. The amount was directly transferred from a UAE currency exchange in to friends savings account in India.

NROsavings account-what are the tax implications when I get this money back? The receipt of the UAE currency exchange as a proof of transfer- is that admissible as a proof for IT records in case I need to prove this transfer?

Tax is only in income. However, I would advise to have a trail of funds from your bank account to the currency exchange. No need as long as you report the interest income to IT department. No, any loan to non-relative on interest is on a non-repatriable basis and can only be credited in NRO account. In the near future, we may become US citizens.

We have a house in India and visit every year. My husband and I receive Govt pension into different accounts. Since pension is being recieved in India should it go immediately into an NRO account or can it be sent to an NRE account directly? The pension would be credited in the NRO account only. If you have been filing tax return and reporting income, there is no additional tax. NRE account is only for foreign sources. Local sources can only be credited in NRO account.

I have received my tax refund cheque with PAN Card and my NRE account no. Can I deposit this cheque to my NRE account?

If not how can I get the refund amount? I have PIS account linked to my NRE account and TDS is deducted for short term capital gains of listed shares. I also receive dividend from listed Indian companies directly to my NRE account. Tax Refund can only be credited to NRO account. You need to update your bank records and request to re-issue the cheque with NRO account details or directly credit NRO account.

NRE-PIS is okay as NRIs are allowed to invest in equity shares of company also on repatriable basis. You can only do that next year unless you have RBI approval.

Please contact us if you need any help in transferring or investing money in the meantime. I have a query for NRO-NRE transfer. About 3 months ago I gave a loan ofto my friend in India. This transfer was done to his savings account from my NRE account. He recently returned the amount ofby depositing it in my NRO account. I have 2 questions: She is a homemaker. Would there be any tax implications? The NRE and NRO accounts are in different banks. I would advise to credit your NRO account only. I have trasferred Rs.

I want to trasnfer Rs. Bank address or person 2. Taxability under provision of Income tax act? Please check with your bank about forms required to transfer from NRO to NRE. While it may not be required, bank usually insist for the same. Please contact your CA or us. Your CA would know how to complete the form. I am an NRI staying in UAE and have following queries I have invested in a flat in Pune, I have following queries. I have come to know of a mechanism to do online correction through TRACES as per following link.

I do not have any other taxable income in India. I had heard that tenant needs to deduct some TDS. If yes how much and through what medium is the TDS deposited and where and how will I get the credit for that? Inspite of me informing the tenant of my NRI status if the Tenant does not deduct TDS or does not want get in to hassle of deducting TDS and gives me the full amount am I liable for any penalty or paying this tax if the total annual income from rent is not taxable as per IT limits?

You can submit another 26QB for the difference and clear the matter. Yes, you would be able to deduct interest on housing loan against the interest income. Tenant may have to deduct TDS. If he does not, it is his responsibility. Your responsibility is to inform him about your NRI status and informing him that you are okay with TDS or that it would he his responsibility to deduct TDS as per applicable law. If TDS is not deducted, you are required to pay the tax.

There is no limit for rent paid to NRIs. TDS would apply even for rent of Rs. Amount payable to builder-3Lakhs so TDS is now I need to show 3 laks in form 26QB but by mistake I showed 2,97, and paid as TDS through online challan.

Now I need to rectify the amount paid to 3 lakhs in form 26qb so the form 16b reflects the actual which is already been paid and not just as reflected now. Also the builder is asking me to deduct TDS on the service tax component. TDS would apply to all payment to the builder so it would include service tax amount too. Please note that TDS is not a tax to you but is equivalent to income tax paid by the builder on his income as a result of sale of property to you.

You are just helping IT department and the builder by depositing the money on his behalf. I am a taking a loan against property in India which will credit in NRO account and i want to transfer the same amount to my dubai account. But the banker is saying the outward remittance of any loan is not possible. Sir, I have been working for an italian based company, outside India for about days. One part of USD salary credited directly to my NRE account in india by the company.

Whether i need to pay any tax for it. For a non-resident, income outside India is not taxable. However, to remove any ambiguity, I would recommend crediting your Italian bank account first before transferring money to India. Hello, I moved to North America from India and became a citizen years back. However, I still want to use my old savings bank account in a nationalized bank in India for local payments, municipal taxes etc.

Can I do that or option. Please advise if KYC is mandatory and if there are hassles. You are not allowed to maintain savings account but must change to NRO account. Also, you are not allowed to open or renew PPF account once you become an NRI. KYC is mandatory for all accounts and investments you make. Hassles are only to those who do not want to comply with rules and regulations. I still have the account as a normal Indian savings account.

But now I need to repatriate the money back to the Uk to use it for house deposit in the UK. I have paid tax on any income earned in india and the money transferred originally from the UK was also taxed. So is there any tax implication if I transfer the money from my indian savings account to uk using the maintenance fund route. Funds are under usd. Secondly I have some savings from before I started staying in the UK.

Can I transfer those funds. If so how and what would be the tax implications. Could you recommend a good CA in Mumbai, India or London,UK who could help me clear this mess a bit and make my finances a bit streamlined. As a UK resident, you need to pay tax on the interest income in India. Also, as an NRI, you are not allowed to keep resident account and must maintain NRO account.

Provided you have done this, you are allowed to transfer funds to UK. Please note there is no tax on transfer; tax is only on the income i.

Yes, you are allowed to transfer your savings to UK. We provide service to clients from all over world having home city all over India.

My question if regarding remitting of money abroad as a gift to an NRI in the USA who is not my close relative. Can I transfer money to him under the LRS Scheme upto USD 2,50,? The Scheme specifies that gift may be given to ANY person resident outside India and mentions that only close relatives may recieve maintenance.

This is a gift and not maintenance, is this allowed? What would the tax implications be if I gift USDin to him? Gift to non-relative is not allowed. You would not be able to send the money out. RBI does not allow and bank will not process the payment. Would it be possible to gift money to a non-relative in India.

I understand this is not an RBI issue, but is gifitng money to a non-relative permitted in India?. I am an Indian Resident. I am borrowing this fund to meet a personal exigency and not for investments in Assets, Stocks, and Securities. I would like to repay him after 6 months. Can my repayment be repatriated?

Hence assuming that the NRI loans me funds from his NRO account and I repay the same to him through his NRO account, can he repatriate the same? I checked the permissible credits in an NRO account it is all income derived from investments in India and sale of assets. A loan repayment is not in the list of permissible credits.

So how can a resident take loans from an NRI that can be repatriated? The conditions for loan from NRI on non-repatriable basis relating to term of loan, interest, use of funds etc. Then money can be credited to NRO and transferred to NRE account.

For some reason i havent yet converted my local savings account to NRO account. I have some money parked in my local savings account and need to move this money to NRE account in indian rupees so that I am not taxed for my fixed deposits. What is the best way to move money to NRE account in indian rupees? Remit money to singapore and transfer money back to NRE account Or 2. I need the most economic way to transfer money to NRE account without making a loss ie 10 lakh in local savings should show up as 10 lakh in NRE account.

First you need to convert your account to NRO and then transfer to NRE. This is the best economical, quick and legal way. Hello Jigar Thanks in advance for such an informative and supportive blog. I am shifting to overseas in North America in June Just now I sold my property. I paid the TDS at resident rate and the transaction is executed in May Now I may need to declare my status as NRI and as per understanding I am supposed to convert all my resident bank accounts to NRO.

While filing IT in India for this FY at what rate I should file my return as resident or NRI and what is the rate of capital gain tax. Shall I file IT return in America too? This seems to be confusing. If you can limelight on this it will be great help for me.

TDS is just an indicative tax and would not affect your tax liability. If you are going to USA and would have income, you would also need to file your tax return in USA.

I am an Indian resident expecting my GC in a month or so. My question is whether my sale proceeds of assets in NRO can be transferred to NRE will open what docs should I submit is it necessary a CA cert for the same. What is your current status. GC is immigration status. If you have been living in USA for more than 6 months, you are already a US resident. Having GC would not change anything. For NRO to NRE transfer, please understand the procedure from bank and contact your CA to provide the requisite forms.

Please check my latest blog on the subject for updated procedures after April 1, at http: Sir, I want to ask that if one of my friend who lives in USA and he is neither an NRI nor an Indian citizenhe is American by birth. We met in India when he was here on some India Tour visits and then we are friends on social networking sites. The question is if he sends me money from theredo i need to answer the Income Tax department or Bank or whatever else?

How much money can I accept here so as to avoid Income Tax and all, is there any limit on gift payment money from a foreigner? If yes ,please tell me the maximum transfer limit? Not like that I am getting money every month, just once. You may not accept gift from non-relative. As per Indian tax laws, gift upto Rs. For any gift over Rs. So if you receive Rs. Patel, I am an NRI residing in UAE and have NRO account in HDFC bank in India.

I want to sell a flat in India lets say for 30 Lakhs and deposit the money to NRO account through cheque. What are the documents needed to show to the bank as a proof at the time of depositing the cheque?

What will the tax on this amount? If you are depositing the cheque in NRO account, no documents are required. The tax would depend on the amount of capital gain and whether long term or short term. Unfortunately, you may not increase your limit by transferring to your wife. Please advice on the following:. Refund would be credited to NRO account. Yes, you can transfer funds from NRO to NRE account.

Please email us if you need any help with your investments, tax return filing or transfer to NRE account. I am in NRI living in USA. I took an SBI NRI home loan from India while i am in USA. Can someone my fathermother or brother can repay this NRI home loan amount from India? If yes, how can they repay? If yes, what is the formality?

Please help me with reply for this. Close relatives are allowed to repay the home loan within the limit established by Liberalized Remittance Scheme LRS of RBI. I SOLD MY FLAT IN DELHI FOR 47 LACS. ALL MONEY CAME IN NRO ACCOUNT. IF YES DO I NEED TO PAY TAX ON INHERITED PROPERTY SALE.

ALSO I DONOT KNOW IF BUYER DID TDS DEDUCTION AS I WAS TOLD ITS NOT REQUIRED FOR PROPERTY OF LOW VALUE. If you had received money, it would be exempt. However, as you inherited the property, you would need to pay tax on the capital gain amount. Also, as you are an NRI, TDS will apply. In your case TDS Once you pay the tax, you are allowed to transfer the funds from NRO to NRE. I would suggest you to contact your CA.

I am a NRI living in US. I took a loan from my LIC policy for X amount and deposited it into my NRO account. If so, why not? Yes, loans taken in India are not allowed to be remitted outside India. In that case, the Indian government would lose that much foreign exchange as remittance would be in USD. Dear SirHope you are doing welli wish to know below information thankyou in advance:. Currently, RBI is not strict about enforcing the requirement.

I would recommend to inform change in residential status to your bank where you have resident account and re-designate your account as NRO. You may have the same account number and cheque book.

It is just a mechanism for RBI to track accounts and investments by NRIs. However, as you are an NRI, the tenant would need to deduct TDS It is his liability provided you have informed him of your correct residential status. If you have told him that you are a resident, you could be at fault.

I have sold my flat in Delhi and now want to transfer funds from NRO to NRE account. What all documents are required for issuance of 15CB? Ive with me the purchase and sale deeds and bank statement reflecting transfer of funds from NRE to NRO for purchase of flat and from NRO to NRE for sale of flat.

Is there anything more that is required? As you are an NRI, the buyer would have deducted TDS on amount. You would also need to provide TDS certificate to your CA for issue of CA certificate.

I hold a savings account in India since a decade. But now i am working in kuwait. I want to save money for future. Can i be able to transfer my SBI savings account to NRO by being abroad? If you just inform your bank that your residential status is now NRI, they will re-designate your savings account as NRO.

If you have an NRO account with another bank, you can also write a cheque and transfer the funds in your NRO account as well. I have money from lic in my nro account and some money I got refund from hajj cancellation. Can I withdraw this money from ATM in Abu Dhabi?

Thanks in advance Regards. The dividend are reinvested and tax free. I am non resident US citizen. Can I redeemed dividend and deposit in NRO account? Bank says I can and then transfer to NRE account for remittance to USA and that are also tax free. If not please give guidance how to proced. US citizens are considered as US resident for tax purpose and you are required to report your foreign financial assets, accounts and pay tax on any income.

If NRE account, you can remit to USA without much documentation easily. Thanks for your prompt reply.

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Dividend coming from HDFC mutual fund is tax free, so tax liability is not coming. Tax liability only come if interest earned on NRO savings account, in that case bank will withhold tax. Please let me know your thoughts on this. The objective is to have a Chartered Accountant verify that the tax, if any on the income — rent, interest, etc. You are allowed to tranfer — remit funds provided the tax on the current income is paid.

If you have invested from NRE account, the dividend or interest can directly credited to NRE account. No CA certificate is required. However, your friend may need to request the MF company for change in banking details. Hi Actually a friend of mine had taken policy from lic for 20 years, when he was resident Indian and also paid premium through his resident Indian savings bank account for the first 3 years. But now his status has changed to Non Resident Indian, and now he is paying premiums through NRE Account.

Now his question isin future after 20 years,when his policy will get matured, than will Lic credit that maturity amount in his NRE or NRO account or the share equal to amount he paid premiums from NRE account, will that part only in NRE account and remaining in NRO account. Hope to hear from you soon, thanks. I would think the maturity would be credited to his NRO account.

Please check with your agent. Our company got an investment towards share capital from an NRI recently. This money was transferred from their US account to a savings account Public Sector Bank which the NRI has and then it was transferred to our company account via RTGS. I heard that this would attract tax and it would become an issue for share allotment.

This investor is one among few investors NRIs investing in the company. Can you clarify please. The investment may be considered as FDI and certain requirements needs to be complied with. I suggest you to please check with your CA. Also, an NRI is not allowed to have a resident savings account. The account needs to be changed to NRO. Is it compulsory to have sale deed in english language while you want to transfer fund from NRO to NRE.

Further what is the validity of 15 CA and 15 CB form.

However, it should be in a language that the bank employees understand. I would recommend it to be in English as you may also need to report your income in your country of residence and english language deed would be required. I wanted to know, I am a Resident of UAE and if I provide consultation to any indian national and charge certain service or consultation fees and Indian national provide the payment in Inr at my native place.

Will I be getting any tax on that amount and should I transfer the amount to my NRO account. Any income received in India may also be taxable in India. Also, as an NRI, you are not allowed to keep resident account. The money would be credited to NRO account only. Below is a the scenario which I plan to use to trade forex from India. Could you please check this scenario is permitted and let me know the answers to the questions following that:.

He links the bank account he opened abroad account A to trading account he just opened. He transfers the money and trades from India using a trading account abroad funded from money made abroad by the relative. He gives money to the relative who deposited the money in his bank account. The remaining profit he keeps. Since FEMA basically says INR cannot be converted or used for leverage trading.

And in the above scenario, we are not doing that. Or is it also that we cannot use any Internet IP from India to trade forex? In other words, its not the trading that is banned correct? It is the transfer and conversion and usage or Indian rupee that is regulated by this? If we can fund the trading account in other ways as described in the scenario, we can still trade correct? If trading in forex by residents is not allowed, it is not allowed.

Ultimate Beneficial Ownership is important. Also, there is no guarantee of profit in any forex trading. What is there is a loss? I would not recommend. I have a property in India bought with HDFC NRI loan. I pay monthly EMI through SBI NRE account electronic direct deposit. Now I want to sell off the property in India. Since the transaction is going to be in Rupees, How I pay off my loan to HDFC? HDFC needs a check from my NRE account but how will I deposit rupee in SBI NRE account that I have?

Yes, after you have paid the tax, funds in NRO can be transferred to NRE. Please contact your bank and your CA as you need to coordinate with both for the same.

I am a freelancer based out of SE Asia. Till now axis bank forex internet banking company I freelance for paid me in India NRO Account and Tax was deducted stock broker misconduct cases source which I could claim by filing ITR.

However, going forward, I will be paid from Singapore office and payment will be made to my NRE account on monthly basis. They have specified that no tax will be deducted at source in Singapore.

Could you please let me know how much tax will I have to pay in India? Will I be eligible for tax deductions? I would suggest you to open an account in Singapore and credit the funds there.

If you directly credit the funds in Indian bank account, it may be termed as income received in India and you would be liable to pay tax on the income freelance income. Is it done to a foreign bank account by wire transfer? If so, do we need to specify the purpose prior to transfer or can we transfer to foreign account under LRS and then use to for any permissible transaction example — suppose we want to buy shares or buy property — both of which are permissible — do we need to specify exactly what we are buying — is it property or is it shares, or can we transfer and later decide whether to buy property or shares?

What personal expense if you are living in India? Also, if you travel for busines or pleasure, you are allowed to take foreign currency with you. You may mention investments. You may or may not. However, you would have to pay tax in India because as a resident, your global income is taxable in India. Ofcourse, if you have paid any taxes outside India, you may claim the credit under DTAA between India and the country of your investments. This is not just for travel related to business or tourism, but also for residence purposes.

In addition, you are also subject to the regulations of FEMA — Foreign Exchange Management Act and Income Tax Act of India as you are an Indian resident dealing investing in foreign exchange.

In what way would the profit from selling foreign stock, the profit which would be deposited in a foreign bank after selling the foreign stock on the foreign stock exchange, be subject to FEMA? I am asking because I am looking at various choices available to invest abroad. As of now, from what I know, Indians in India are not allowed to trade derivatives put and call options on say, CSE Canadian Securities exhange.

But, I thought, if LRS money is invested in a stock on CSE which is allowedonce I make sufficient profit I would sell it back on CSE, and have the profits and principle deposited to a bank there. I assumed that this money can then be used for any purpose including Options trading and Intraday trading on CSE. Am I correct on this? As you are an Indian resident, you are governed by laws of India — FEMA and Income Tax. As you are an Ordinary resident, your global income is taxable in India and subject to the FEMA provision.

If FEMA does not allow something, the source of money is not an issue. I hope this helps. If someone lives abroad NRI and does Intra day trading in NSE using some trading account in India, what are regulations for sending money abroad? Could you binary options 101 home study course a general idea about this and also answer below questions specifically.

Can we move money from our regular Indian bank account to NRO account and then from NRO to our foreign bank account? If we want to use it for personal expenses what reason do we give and 5 minute expiry binary options strategy we send to our foreign account? An intraday trading is not allowed for NRI. NRI can only invest in equity market through PIS — Portfolio Investment Scheme of RBI on delivery basis through recognized stock exchange.

I suggest you immediately close the practice day trading seminar options pdf free download trade through PIS.

Please contact your bank or broker for the same. Also, an NRI is required to inform bank of the change in association automated dealer market national quotation rcn securities stock system statu resident to NRI within a reasonable period within months and bank would re-designate the account as NRO — account number and cheque book may be the same.

I suggest you contact your CA or FEMA expert for your needs. If I move abroad, how do I move the money earned intraday during stay in India from here to a foreign account?

I would think so. What is the limit for outward remittance from normal Stockport market hall history bank resident savings account to a foreign bank account? When you become an NRI, your normal account is re-designated as NRO account. The limit is per person and is different for resident and NRI. I am having NRE account in long term causes of stock market crash of 1929 A.

It was opened normal saving account by another bank-B along with DMAT account by mistake. I purchased some equity shares in physical form by NRE chq. NRIs are allowed to invest in equity market only through PIS Portfolio Investment Scheme of RBI. Also, remington model 700 wood replacement stock are not allowed to have a normal savings account.

Please inform your bank of your NRI status and then the bank will re-designate your account as NRO.

How do we calculate the TDS charges for the funds Rental Income we are transferring from India NRO to USA. I see the following in form 15CB. TDS on rent would be If you are not claiming DTAA benefit, these would not apply. The DTAA benefit is available only if you have obtained the TRC Tax Residency Certificate from IRS. I have NRE account. Through fx trader cambio jamaica exchange rate NRE account i transfer my salary to my family in india.

Is there any tax will be charged for that???? No tax on transfer of funds. Also, interest on NRE account is exempt from income tax in India. Let us know if you have any question about investing or taxation in India.

I am not able to understand the correct question. 1988 stock market chart is a little confusing. Please re-draft your question and contact us for further clarification. Dear sir, I want to know if i transfer 40 lakhs of amount from dubai to my icici nro account, will bank deduct any charges for that? It is your money that you are transferring from your account in Dubai to your account in India.

I would suggest to transfer to your NRE account. Can we transfer the money from DUBAI TO INdia without NRE accounts?? Right now i have indian bank accounts.

As you are an NRI, you are not allowed to keep resident account. Please change re-designate your account to NRO. You may also open NRE account with the same bank and transfer the funds there. Dear Sir, first of all Thank you and salute you for the work you are doing to help people like us regarding taxation. I am NRI based in UK recently got British citizenship, and have NRI account in India and invested in Indian stocks through NRE account. If I sell shares after 1 year of holding do i need to pay tax on capital gains?

Can I invest through NRO account as well being British citizen now? What are implications if i invest through NRO accouunt for long term capital gains? Thank you very much in advance. Long term capital gains on sale of equity shares is tax-free in India. However, as you are a UK resident, you may have to pay tax in UK. Please check with your local accountant. You are also allowed to invest using your NRO account. The difference between NRO rebate processor jobs from home NRE are mainly for repatriation purposes.

If a non resident does not convert his savings account to NRO Account, is there any penalty from RBI or anyone else? If yes, how much? Currently, there is no penalty but you know you are supposed to inform your bank of change in residential status within reasonable time.

I have NRI and NRE sccounts with ICICI. And I want to tranfer 20lacs to my account in USA. Money resides in NRO account. I have form 15CA and 15CB ready. Which way is the best to wire tranfer the amount? From NRO to USA bank by wire tranfer Or From NRI to NRE and then withdraw from NRE to USA bank by wire transfer or bank withdrawl in USA.

As the money is yours, there is no tax. Tax is only on the income e. Either way, you would not have to pay any tax. If you want the money immediately, please transfer directly from NRO. Dear Sir- I am s NRI and have both NRO and NRE accounts. I recently took a loan 80 lakes from a bank in India as loan against one of my property in NCR. The loan money was deposited in NRO account. I wanted to buy another property in rural area but that exit options for private equity investors did not go through.

Now I have loan money in NRO account and interest on this money will be taxed. Eventually I do want to invest this money some where in months but meanwhile I was thinking — can I transfer this money from NRO to NRE account to earn tax free interest? What should I do? Now I want to transfer it back to my NRE Account. If I need to transfer money from India to Dubai what is the procedure.

Do i need to fill any particular forms etc. Is there any limit to that. No limit if you want to transfer out of NRE account and just fund transfer request would be enough.

I am an NRI living in Kuwait. Three to 4 years back I have taken a money back policy from Aegon Religare. Now I have received my first Refund cheque. Can I deposit the same into my NRE account? If not, what is the next best solution? You would need to review the policy terms and contact the Aegon Religare agent or customer representative.

Dear Mr Jigar Patel I have property in Bangalore in my husbands name he cannot travel to India because of health issues, I already have power of attorney for all the matters in USA, do I need to take POA FROM MY HUSABND AGAIN IF I NEED TO SELL THE PROPERTY IN INDIA,I need ur advice I will be very greatful. WE ARE US CITIZENS. CAN I ASK YOU TO HELP me WITH THIS MATTER. Please make sure you have a POA that allows you to sell property in India. Please contact on our email if you require any service.

I need your advice with following questions- Is there any tax liability for me? Will there be any tax incidence on me? What kinds of form s I will need to fill? What kind of information these forms require? Also is it a fairly simple process or income tax dept advfn.automarketsol.com.au chart research stock stock tool it complicated???

You would just sign a form and declaration that you want to give gift to your son to your bank and the bank would remit the funds. You just contact your local bank and the bank will provide the form.

Hi Jigar, I have moved in recently to UK. Can you please tell me how many NRE and NRO accounts call forwarding iphone 5 to voicemail one NRI hold? There is no limit of number of NRO or NRE account. There is no limit on transfer of funds from one NRO to another NRO account. The limit is on transfer from NRO to NRE account as it is considered remittance out of India.

Yen,why the limit cannot be linked with same currency at time of repatriation, especially when there could be great changes in exchange rates. As USD is the viewed as the most trusted currency and has the least probability for manipulation or severe fluctuations, USD is used as a benchmark. You are allowed to trannsfer the funds in EUR, GBP, JPY or any other currency but the limit is fixed in USD.

For example, you transfer GBPest. USD, EURest. USD, you would have only equivalent of USD to transfer out of India in today euro cost in indian year. In India, Accounting and Financial years are the same. The year is April 1 to March My dad must had opened a demat account for me when I was young in India.

He had bought many stocks for me and took care of that account. This demat account is connected with resident savings account. I was told that no stocks were sold by my dad so they been there for years and have no tax implications.

What do I need to do to sell all stocks, close the account and transfer money to US account? You may transfer the funds from resident account to NRO account and then to NRE account.

However, I would suggest you contact your CA or us to sell and then remit funds while complying with RBI and income tax laws. To open NRO account, I need icici bank forex branch jaipur have valid work permit or employment visa.

How can I transfer from local resident Indian account? If you work in USA, you are a NRI. You may also give 1988 stock market chart work or student VISA or greencard or US passport to prove that you are an NRI and a bank would be more than happy to open your account.

Technically, if you tell your bank that you are an NRI, they would re-designate your current regular savings account into NRO. If you want to open a new NRO account, let me know if you have any problem and I can give you name of 5 banks who would be ready to open your accounts.

OR from Interest, dividend and maturity proceeds of investments made in India etc on non-repatriable basis. I am not sure why bank is not crediting the inheritance money. If required, please make a declaration to the bank that it is the inheritance money on death of my father and provide death certificate.

However, as you have inherited shares, you would need to open a Demat account linked to your NRO account under PIS and then when you sell the shares, the money will directly credited to your NRO account. Interest on NRE accounts is tax free and TDS is not deducted or tax is not to be paid. You may transfer the funds calendrier economique forex pro NRE and make an FD to earn tax free.

As an NRI, you are not allowed to invest in any Post Savings schemes. Anyway, the interest is taxable. My friend is an NRI and has sold a property in India jointly held with her husband. The buyer deposited the money in the NRO account of which she and her father are the account holders. The TDS was not done on Long term capital gain. She now wants to transfer the money in the NRE account.

There are 2 NRE accounts. One in her name only and one in the name of her husband. The bank is asking for 15CA and 15CB. However since tax was not deducted when the Tax should have been deducted,what recourse does she have? Who owned the property, i. Person who paid for acquisition is the owner as per income tax. TDS is mandatory as seller is an NRI. If TDS is not deducted, seller to pay advance tax and then transfer the funds from NRO to NRE 5.

CA certificate would be required. If property owned by 2 persons, 2 certificates and procedures for NRO to NRE needs to be followed for both accounts. Please contact us if you need our services. First of all thanks for the wonderful information you are sharing on your website. My question could be unrelated but I am not able to find a relevant place so I am posting it here, with a hope to get an answer. I do a software business and I provide forexa to one of my client in US.

He is willing to make me payment directly in INR instead of transferring a USD amount to my EFC current account which I setup to accept payments in John c hull options futures and other derivatives ppt. As long as money coming in through normal banking channel, it would be okay.

However, you would need to check whether it qualify as export or not, if you are taking any tax or other benefit for export of service. Hi Sir I live in UK as an NRI British passport holder and want to sale my property in India which I bought 7 years ago.

I would like to know that if I get the buyer and I need to make fundamental forex visit to India then what documents should I carry with me from UK to India for the sale of the property as well as repatriation of the money so that it does not delay the sale as well as save me numerous trips from UK to India.

You do not need to make any trips to India for selling the property if you give the Power Of Attorney to someone to sell and register the property. Option trading strategies hsbc, no physical presence required for transfer of funds from India to UK as you may sign the documents in UK and mail them to bank.

Please note that as you are an NRI, the buyer needs to deduct TDS Please contact your CA before you make a trip to India. Hi, I have a question. I am selling a property in India which I have owned since as an NRI Living in USA for last 17 years. I would like to avoid paying capital gains as I would be re-investing in a year. The buyer needs to deduct TDS Funds can be deposited in NRO and then after CA certificate and certain procedures, funds can be transferred to the NRE account.

If you do not want buyer to deduct TDS I transferred my savings from USA to this account and it was material balance. I believe I need to report this in the FBAR filling along with my US return.

Any consequences of material amount reflected on FBAR filling? Sometime the balance did exceed the required threshhold but I never reported those accounts along with my US tax return.

I recently closed those account and opened this new account. What are the consequences of not disclosing those accounts??? As long as your amount is after tax money from USA and you report the balance and any income, there is no consequences.

I would suggest to contact your CPA and seek professional guidance.

Money Transfer from Overseas to India - Citibank India

You may choose not to forget about it or consider one of the voluntary disclosure initiatives of IRS. Hello Sir, I came to US 3 years back. I am getting rental income from my ordinary savings account. I have fixed deposit amount 2 lakhs each in both ordinary bank account and also NRO account. I have purchased an apartment in india and loan taken for 40lakhs in NRO account.

I have couple of queries please clarify and suggest the same. As fx option butterfly convention income tax laws, you can file tax return for maximum of 2 years.

March 31, was the last date to file tax return for financial year Now you can only file tax return for and Please contact us if you need any help with filing taxes. I am a US Citizen with a valid India Visa and held an Indian passport before I naturalized. An uncle passed away i get money remix lyrics 50 cent India and has left cash in back accounts, some shares and fixed deposits.

How can I transfer the cash, sell the shares and FDs into a US bank account and avoid or limit taxation? Any amount received as inheritance is not taxable. Please transfer funds to your NRO, pay tax, if any, and remit funds out of NRO or transfer to NRE and remit from NRE to your account in USA. Hello Sir, i have a question. We have filed a return to IRS for calender year Income tax return for india citi nri forex rates A. We have earned interest on NRO n taxes on the same has been paid in USA added in gross total income.

I am just confused as here we pay taxes as per calender year n there april to march. Please contact your CA or us if you need any help in filing tax return in India. My bother in law lives in Us and he want to send a small amount to me, is it possible to get this amount in my indian bank account. The bank does not matter. Any gift from brother is tax free in India.

I am in the process of emigrating to UAE. All my bank accounts will be designated as NRO and therefore all my savings I have in banks will be in NRO account. My question is can I repatriate all the savings in my NRO account to my UAE bank account? Or only money from sale of assets can be repatriated from NRO account and nothing else? Yes, you can transfer all the funds from your savings and sale of assets. But, only after you become an NRI actually emigrating to UAE and providing CA certificate and performing certain procedures.

Thanks for the helpful article Jigar. Had a few questions for which I am getting different responses from my local banks. I currently have multiple NRE FD accounts and am a U. I moved back recently and will be in India for at least 1 yr with a job here.

Will I have to convert my NRE FD accounts to resident FD accounts once my status changes or can I keep them as NRE FD accounts and avail of tax benefits till maturity? If I convert to resident FD accounts but change my status to NRE again 1 year from now, can I move the money from these resident FD accounts to NRO account and then to NRE account and then repatriate after paying applicable taxes? As per FEMA laws, on your return to India, NRE accounts can not be maintained but transferred to either resident savings account or RFC Resident Foreign Currency accounts.

There is no provision about immediately transfer or transfer after maturity of FDs. I would think immediately. I suggest you check with the respective bank where you have FDs and understand their requirements and procedures.

It is for RESIDENT Indians remitting money abroad or to NRIs — for loan, gift, investments, etc. You may say it is from your savings out of income in USA. I have left a query regarding maturity of insurance policy earlier also. I would suggest you contact your agent, bank and the insurance company and clear out the matter. Please note that you may also need a CA certificate for direct credit to NRE account. It may depend on the FEMA rules and regulations when the policy is matured. I would suggest you to check with the insurance company or agent through whom you took the policy.

Thanks Jigar for your revert. That policy will mature in this month end. Hello Sir, I am selling my house which I purchased in The capital gain will be around 80 lakhs I believe. In the meantime, I have received Australian PR and wan to move there.

I want to use the sale proceed to buy a house in Australia. What should I do to minimize tax on the capital gain. Since only 50 lakhs are allowed to be invested in bonds, what can I do with rest of my capital gain amount avoid capital gain tax? Will I be able to transfer the post tax amount immediately to Australian bank account after getting the requisite documentation done from a CA?

There is no other way. As it is a long term capital gain, you would need to calculate the indexed cost of the property and then calculate capital gains tax. The rate of There is always a money trail i. However, if you give money to your brother as a gift, it is his property and not yours. And gain would be his only.

I suggest you contact your CA and clarify the matter as to who needs to whose income and who needs to pay tax. Dear Jigar Patel, Thanks for your valuable info. If you are working in Dubai, you are an NRI under FEMA. You are supposed to inform your bank of your change in residential status to NRI so that bank can redesignate your account as NRO. You may continue to use your account, cheque book and other facilities just as a resident.

If you want to transfer money from Dubai to India, there is no restrictions and you can transfer to your resident account as well. However, I would recommend you to inform your bank of your NRI status. Britisher selling purchased property after 3yrs.

What is the tax easiest way to earn money in plants vs zombies applicable on capital gain. Tax rate is Also, buyer needs to have TAN Tax Deduction Account Number for deducting TDS. Let us know if you have any question. We are planning to return to India for good.

Once we become resident, we are planning to file separate tax returns. My wife was also working in UAE and we were sending our savings to our NRE Account that was opened in our joint names. Is it advisable to have separate NRE accounts that can be converted to resident account to avoid clubbing of income when we become resident?

I would suggest you to please have 2 bank accounts — one for you and other for your wife.

In India, the income tax is to be filed separately. Also, it is assumed that first holder owns the account. My brother is a US resident and am located in india. Now he is offering me a job there whic I will be operating out of India.

Now what is the process of transferring my salary to Indian accountil? Will I have to open a new account and what about the taxes?

The structure of operation, transaction and money flow will be important. If you are providing service in India, and receiving money in India, it will be taxable in India as you would be an ordinary resident of India. Only if you are located outside India and providing service outside India, you would not pay tax in India.

I am a UK resident. An Indian resident uncle who passed away recently left property in his will to come to me. The property is in his estate and there is a buyer in India who wants to buy it. The executor has advised that the sale proceeds can go into an NRO account in my name. I understand upto 1m USD can be repatriated, and I assume that can be translated into sterling equivalent.

However, does the original source of the money need to be overseas for the repatriation to be possible? In this instance the source is India. You will be able to repatriate the sale proceeds of the property.

As you have received the property under will, you can sell and repatriate the funds. However, as you an NRI, the buyer needs to deduct TDS tax on gain as a result of the sale of property before making payment to you and pay only the after tax amount to you.

You would need the CA certificate in Form 15CB and you would need to file Form 15CA online and provide both to the bank to transfer the funds. Let me know if you need any help with the same. It is sum of 10 crores and I want to transfer this amount to my Dubai bank account.

Wht are the legal formalities and taxes involved. Will my Dubai bank accept this huge funds transfer? Wht could be the best option for me. Pls advice and have a nice day — raves. Yes, you will be able to transfer funds to Dubai and the Dubai bank would accept the funds. The amount received as inheritance or under will is not taxable. However, as the amount is very high, I suggest you contact your advisor for documentation or formalities for the transfer to avoid any future complications. Thanks Jigarfor your advice.

Is it not possible for me to transfer this amount to my Dubai bank account, directly? I also need to check, if at all there is limit set on my savings account- Dubai bank to receive such a huge amount. What could be the fastest way to transfer this amount, if possible? The bank needs to have proof of genuineness of the transaction and the it is not relating to money laundering.

Also, usually, there is no limit on receiving funds. Everyone wants more funds. Limits are usually for payments. The fastest way would be to hire a good advisor, complete all documentation requirements and wire the funds.

Hi Jigar, thanks for replying. I would like to know how my funds can routed to my Dubai account. As u said, there is income tax exemption on my amount of inheritance here. But NRO comes under taxation law of the govt. Please advise further, have a nice day. It is not mandatory to have the amount routed through your NRO.

Can I check what the situation for repatriation would be if, under the will, money was gifted? I see a lot of information on repatriation of proceeds from sale of inherited property, but little on if the actual inherited asset was in the form of liquid funds. It is always easier to inherit the funds rupeesdeposit in NRO and transfer to NRE or UK. If you inherit the property, you can only do that after paying taxes, providing documents to bank for the transfer and you would also need to file your income tax return in India.

Hi, I am and NRI and I want to give a loan to my father in india interest free. Can I repatriate that money when they return the money back to me? What kind of documentation is required upfront so that Ican repatriate the money later to USA. Interest free loan to your father is allowed and can be made on repatriable basis. However, there are certain restriction on term, and use of funds that you need to consider. I am working in Chennai.

I have few fixed deposits with HDFC Bank which are fixed for about 2 to 5 years from now. I also have a Jeevan Anand LIC which will mature in I am going to get married to a guy in USA through K-1 Fiance visa process by the end of this year or early and then acquire green card in probably another few months.

Is there anything i have to do with my money already fixed in India, as well as my LIC policy, or they will mature normally as they were booked long before i would actually go abroad and acquire a green card? As long as you are okay with reporting your assets and income to USA, it is fine. Was very glad to see your responses to each of every question posted by the users. Would be really grateful If you could help me with an answer to a question regarding repatriation.

I was working with a firm in India till December 8, and have taxable Income of INR 4. Thereafter moved to Dubai Left India for first time for employment and joined on January 6, Now I have few queries as follows. They were never in tax slab earlier. Please let me know If I can go ahead with the above steps and any other careful points from tax and FEMA point of view. You are allowed to transfer your foreign income in your name in NRE account and earn tax free interest. You may also give gift of funds to your parents, which would be taxfree for them.

That is really great. They would be able to transfer funds to you as gift. If not, they would need to pay the gift tax. Jigar Patel, My daughter and son in law are in U. If government value is 78L, make sure you document it for 78L. As per Indian laws, gift from relative is allwed and is not taxable. Only gift received from YOUR relative is exempt. I am an NRI a canadian citizen, and if I will receive some proceeds in Indian rupees into my NRO account our of a sale of my one house. Can use this to repay a NRI loan I have taken on another house from ICICI.

If you have taken loan in NRO account, other NRO funds can be used to repay the loan. Please contact your ICICI bank for repayment. While they may not like it as it would result in pre-payment and loss of interest income, it is allowed. Jigar Patel, I am NRI and since 12 yrs I am out of India but my family leaves in India.

I am filing their IT returns regularly to show this interest income which is under limit so it is not taxable. Now to get benefit of tax free interest in NRE FDs ,I want to take this money back which totals around 50 lacs. Please give your advice. Also let me know if banks are not aware about this change then how to proceed.

If you say it was a gift, then it is not your money. If it was not a gift, then it would be a loan so whether the loan was as per RBI rules or not. I have a slightly different scenario and need your advise.

My wife converted her status from resident to NRI and subsequently converted her regular savings account to NRO account. Since her NRO savings are taxable, is there an option to transfer the amount to my NRE account either by a. Will there be any additional taxes imposed gift tax etc.

Kindly advise which of these is the right way or if there is any other way around to achieve this ensuring total compliance. There is no need for repatriation to singapore and back. It would only make bank happy to charge conversion fees twice. Instead, you may transfer the funds from NRO to NRE directly and save tax. Please contact if you want us to help you in transfer from NRO to NRE. I have a query, my dad is an NRI and I am currently married and settled in India.

There is an NRE account in my name, in my native place, which hold more than 50 lakhs and yet another account to which he will be transferring over 50 lakhs.

The amount will be used to purchase a property. Can you please advice me the tax implications at each stage. And also if there are any ways to transfer it tax free. Also, as you are settled in India, you are not allowed to have NRE account. As per Indian laws, a gift from close relative father is not taxable but it is advisable to be have a gift deed and be reported to the Income Tax return.

Please contact us if you have any other question. My wife and are UK resident for over 35 years and our tax affairs are in proper order. We bought two properties in India between and One of the properties is rented since and rents are regularly paid in our NRO account. We also have NRE account and NRO plus NRE FD accounts.

We have notified UK tax office HMRC that we have properties in India and have rental income from one of them. We do not have any other income from any other sources in India. We are now contemplating to sell our rental property as soon as possible. Both properties were bought by transferring monies from UK and were transferred to our NRE accounts. Once sold we wish to transfer money to UK in sterling pound at the prevailing rate.

Can you please tell me what does this involve. What documents I need to bring with us 2. What is involved as regard to Capital gains? How much can we transfer? As you are a NRI, rules relating to TDS are to be complied with and for remittance, CA certificate 15CB is to be obtained and you would need to e-file Form 15CA to the Income tax department.

The document required would depend on the bank so liaison with bank is important. You also need to have great relationship with bank so that you get better exchange rate. We have helped many NRIs from all over world having properties in any part of India.

Please contact us if you need more information. Dear Jigarsalute to you for such a tremendous and professional work. Hi i am looking for advise for the following casei know you will give me solution.

NRI holding residential property in INDIAapplied for Loan Against Propertyas the loan amounts are not repairable please confirmit has been credited to NRO account. Can that be transferred to co-applicant accountwho is resident of India. And from there can route to indirectly to NRI account.

Is there any out waywith proper compliance of RBI. Hi Sir, Can we get back the tax paid to US govt once we come back to India? I heard that, As we are not US citizen, the tax will be repaid to us.

If so how can we do that? If you have paid tax more than required, you would file your income tax return to IRS and ask for refund of tax.

I m working in doha and transferring my salary into my indian saving account, please let me know whether the income will be taxfree. As you are an NRI, your salary income outside India is not taxable in India. Also, there is no tax on transfer of savings from Doha to India.

However, income tax on your India income, if any, may be subject to income tax in India. I am residing in oman in depondant visa. Since last one year I have Been saving some amount doing some personal work at home like taking tution and the same I want to remit omr in my husband nri account. How much will be limit for remittance to husband nri account and any income at source will be raised as this amount has been not directly credited in oman bank account.

I would suggest you to open NRE bank account in your name and transfer the funds. In India, the income tax return is to be filed individually by you and your husband and any transfer to spouse raise a flag. There is no limit on remittance. However, any income from the funds transferred to spouse your husband is clubbed into the income of transferor you. The Owner of the property an apartment in India is a PIO, holding a British Passport, Permanent Resident of Australia.

She does not have a PAN Card at the moment, but will be applying for one now. She has no source of income in India, from any head except the rental income under discussion below. She has a NRO account in HDFC bank. The tenant here is us — we can be an individual or a company if it makes a difference on TDS or something relevant, else we prefer we are a company.

After TDS deduction by us here, is the income tax free in Australia, given the treaty, if not — how much tax? Does it make a difference if the owner does or does not have a PAN card and how? I require a bit detailed understanding of the transaction from the tax, refund and filing perspective.

The query is urgent, I would be grateful if you could help me at your earliest convenience. Any taxable payment to NRI, tax If you want to take the DTAA treaty benefit, she would need to have a TRC — Tax Residency Certificate from Australia and PAN.

Please contact your CA for the forms and procedures. I was working in India in till July and moved to the US as dependent. The salary that I earned with the Company in India deducted my tax at source. I also had an FD created with my savings in India and remittance sent from my husband. I filed my tax return in India for Apr Mar for the salary I earned and the interest from the FD in July While in the US, my husband and myself filed tax returns Married filing jointly showing me as his dependent.

I am in India for a vacation now and plan to re-designate my accounts from Resident to NRO as I could not do the same in July I stayed in the US for days in Will I be considered a resident for Tax Purposes in US? If so, till when? Only if you file NR, you are considered a non-resident for IRS. If you file as married filed jointly, you are a resident for tax purpose.

If you are a resident, your global income is taxable in USA. The deadline for filing FBAR was June 30, and no extensions are allowed. Conversion of accounts to NRO has no relation with filing taxes. You would file taxes if your income is more than basic exemption limit i. If you live less than days, you would be considered as a non-resident for income tax in India.

Instead, I would suggest you to transfer the funds from NRO to NRE as interest on NRE is exempt in India and no TDS. For all interest — whether NRO or NRE, you would need to report and pay tax in USA. Could you provide some names, so I could research them before deciding? I tried searching on my own, and not able to find one except Naviamarkets.

Could you guide please? I need your advice regarding money transfer to India for buying a residential property. If possible, could you please share your contact details. I am ready to pay your consulting fees if any.

We would definitely help you for the same. Is it possible to transfer large amnt of money to singapore.???. We can definitely help for the same.

Please contact us through email. I have a question. I am a GC holder. Can my parents gift money to me in INR and deposit funds directly in my NRE account. The bank may not allow you to directly deposit the gift money to NRE account. You may credit the gift into NRO and then transfer from NRO to NRE. Your parent may also gift directly into your US bank account.

Patel, your past queries have helped me answer this question but wanted your confirmation as every case is different. However, you would need to inform IRS of foreign gift received. Your parents can also transfer remit the funds directly to your bank account in the USA.

For any transfers in Indian bank account, you may also need to file FBAR to department of treasury or Form to IRS. RBI does not regulate or limit any particular transaction for NRI to remit.

The remittance limit is general out of NRO. Amount credited in your NRO bank account can be transferred. However, you may need a CA certificate for the same. Also, please keep in mind that any cash deposit of Rs. Please check with you bank and your CA before you deposit the cash in your account as wedding gift. I remit my salary in this account. I do not pay tax on remittance in India; DTAA with Ukraine. Will this deposit attract tax on me because it is apart of my salary sum and deposited by different entity than me?

Are you a resident or NRI? As an NRI, you are not taxed in India for your foreign income earned during employment outside India. I would suggest you to ask your employer to pay through banking channel only. I suggest you take the credit in your foreign account and then remit to your NRE account in India. INR I can gift. You may also transfer the funds to her in foreign currency in foreign account directly. It will be great if you can give a clarification on the same.

I read quite a few articles but am left highly confused. I consulted a CA firm too, one of the partners said the same thing. If thats true how rent from india and sale proceeds from indian property can be transferred to NRE? Your guidance on this matter will be highly appreciated. Money can be transferred to NRE.

I am surprised to hear this especially it has been allowed since May If your CA or bank cannot help, change them. Thanks Jigar for your valuable advice. The main thing I guess here is the source of funds. The bank says that it should be a foreign source. My source of funds is Indian and quite varied. Can I transfer only the interest income earned to NRE or the entire principal amount source of income as mentioned above.

Your CA may require but bank only cares for the CA certificate with the amount that you need to transfer in it. I am staying in US and have Green Card. Is it mandatory to declare the tax-free interest earned on NRE FD while filing US tax returns? Is there any tax implication in US when the funds in NRE account are transferred to US account? Can the proceeds from the sale of property or rent in India be deposited directly to NRE account or it has to first come in NRO account and then be transferred to NRE account?

Thanks and regards, Milind. Tax is only on income. There is no tax on transfer of funds from your one account to another. Else, NRO and then transfer to NRE. While I was Resident Indian 15 years ago, bought a flat and sold recently.

My local job savings plus home loan was used in buying the property then. I became NRI 8 years ago. The sale proceeds are currently in NRO account and LTCG is paid.

I do have NRE account. As my source of funds into NRO are not from foreign, would it be possible for me to transfer the funds to NRE account from NRO. Out of sale from my house property, I have invested Capital Gain in NHAI. Can I do so with form A2 declaration?. In USA, gift is on giver and any foreign gift received is not taxable for US residents. However, a form needs to be submitted to IRS declaring foreign gift received. I am an NRE for more than last six years. You may be able to receive the amount upto premium paid in the NRE account.

Any additional amount is to be credited to NRO account only. Please check with your insurance company or agent for the same as different insurance company may have different requirements. I am referring to Life Insurance Company of India, if you are aware of the requirements, please do advise.

I tried to get an answer from LICI since last one year through customer care as well as so called agent, but in vain.

Also, if you receive only 1 cheque, I think, it would be credited into NRO only. My father Indian Citizen is getting ready to furnish some funds to me. I am a US citizen. Can I deposit those funds will be in Rs into NRO account? Would I be able to move those funds from my NRO to NRE acct? Once those funds are in my NRE account, can I repatriate them to US? Just ask your father to contact his bank in India and tell them than he wants to send money to you in the US as a gift.

He would just sign a declaration that it is a gift and money can be transferred immediately in days. This would be the easiest, fastest and cheapest way to have funds in the USA.

Anything more than that amount, I will have to file that in my annual taxes. You mentioned that he would just sign a declaration, is that a form of some sort provided by the bank or a Legal document or something for which we will need a CA? As per US taxlaws, the gift tax is on the giver and not received. About gift from your father, who is an Indian resident, a US resident can accept any foreign gift without any taxes.

However, you would need to declare the amount to IRS in a form. Yes, your father can send you gift in USD even if he only has resident saving account. We do not have any contact in Patna. Technology allow us to provide service to NRIs from all over India and all over world from Ahmedabad. Hello Jigar, I moved to Canada 1. Is it possible to directly re designate resident savings account to NRE account. I have paid TDS and filed returns on earnings prior to moving.

Resident account can be redesignated to NRO account as both resident and NRO account can be credited with local as well as foreign funds. Only funds with foreign source can be credited to NRE account.

I am an NRI living in the US on L1-A visa. I have been in the US and UK for the last 10 years on work permits H1-B in the US, Tier2 ICT in UK and now L1-A in the US I have applied for my green card under EB-1 and should get it within the next 2 months or so. I was told by some friends that if I become a US green card holder, there are severe tax implications on my India income and assets under the new FATCA rulings. They also advised me that I should repatriate these funds back to the US before I get my green card.

What are the implications of getting my green card on my india investments and should I repatriate these funds back now? Also, how much can I repatriate back to the US and what are my tax liabilities if I repatriate?

Having a greencard does not change your status for IRS. As a US resident, you are required to include all your global income in your to IRS and report any financial accounts in Form FBAR to Department of Treasury.

The requirements apply to all residents of USA, whether or not you have a greencard. In India, your status is NRI. The rules are same whether you are a resident of USA or UK, whether have a greencard or not. It is a transfer of your money from one account in one country to another country.

There is no tax on the transfer. The income tax department in India only want to ensure that taxes, if any, on the funds in India, have been paid. I have taken 25 Lac loan in UAE country and remitted this money to my mother SB account through Exchange.

She withdrawn that money and used for personal commitments and bought one property. Now due to some personal problem I wanted to comeback to India, So I have to return the complete 25 Lac to bank in UAE.

I have paid 5 Lac in last 6 monthsthe rest 20 Lac I have to pay. I have below questions: How do I get my money from India to UAE account — what are the options, can I do bank transfer from my mom SB account to my international account. If yes how much do I loose in case of 20 lac due to currency conversion and commission approximate 3. I googled the the same and found that a.

You need to determine if the transfer to you mother was a gift or loan. If loan, your mother can return the loan without interest however, other RBI requirements to be complied with. In that case, the money can be credited to your NRE account. If your money is in your NRO account, you can transfer the funds from NRO to NRE and then remit out of NRE to your UAE account.

The exchange with friend in UAE and India is a type of hawala transaction. Such and other hawala transactions are illegal. We do not recommend such transfers. You may want to select one of the first 3 options. As per 2nd option — how much money will I loose due to currency conversion. For eg my mom will 1 Lack INR to my UAE account INR — USD — UAE in this case how much will I collect in the UAE country due to currency loss.

Just want to know the approx. It would depend on the exchange rage on the day of transfer and the bank you use for transfer. Dear Jigar, I am an NRI and live in USA. I had remitted USD 50, The funds were converted at the ruling rate of exchange and credited to our joint NRE account. I visited India shortly after that in October, and requested bank to add some more domestic funds and to place funds in terms deposit to earn quarterly interest. In this case also instead of opening NRO term deposit the bank opened a domestic term deposit.

When these deficiencies came to my knowledge, I requested the branch for conversion of domestic deposits into NRE term deposits in terms of RBI AP DIR Cir no 45 dated 14th May, wherein the apex bank had instructed bankers to allow repatriation of current income In India such as like rent, dividend, pension, interest etc.

Delhi branch of the bank took up the matter with their International Division in Mumbai who informed branch that they made mistake in my case by opening domestic term deposits instead of NRO term deposits.

International Division,Mumbai informed the branch that the conversion of deposits into NRE deposits can be permitted only from NRO accounts duly complying with other CA certification etc. I have been filing my tax returns on line and my PAN no is recorded with banks. The branch is deducting TDS and mail me the original certificates annually. Further, the domestic term deposit was maturing on Oct 15, and I requested the branch on September 30, to place the maturity proceeds to my NRO account.

After that I requested the branch to debit my NRO account and open a new NRO term deposit. The branch is silent about my request. My another domestic term deposit of INR 30 lacs,which consists of inward remittance of USD 50, This account will be maturing in November, Please guide me as to how I can get the conversion of these accounts done into NRO accounts and finally get them converted into NRE term deposits. Your guidance and step by step procedure will be highly appreciated.

Open new NRO and NRE accounts with other bank. Let me know if you need any help with finding the right bank for easy conversion into NRE. Transfer your current funds — both in your resident account and NRO account to the new NRO account with new bank 3. Transfer funds from NRO to NRE in the new bank I hope this helps.

Thanks for the informative article. I have a question related to interest earned in India on nRE fixed deposit. Although the interest earned is tax free in India, should the tax earned be reported in USA tax return and tax be paid on that income? Unfortunately, you can not prevent it. It is taxfree in India as India is getting much needed foreign exchange. USA does not benefit from NRE deposits so it is taxable in USA. Hi Jigar, My father in law was working abroad and passed away.

His NRE account has been closed by bank while he has an NRO account along with my mother in law. My mother in law also has a savings account.

For the final settlement the company wants to transfer money. Is it fine to transfer to the savings account of my mother in law? Will there be any tax?

You need to understand the composition of settlement in detail — PF, Gratuity, life insurance or case settlement. Also, tax can be deducted only at the time of payment. Once you have received the payment, it can not be deducted later. Generally such payments are not taxable. However, any investment of the money received by your mother-in-law may be subject to income tax.

Please contact us if you need guidance for investment or taxation. Can Axis bank repatriate the balance unused amount to me in Thailand based on evidence of transfer document? Or Can Axis bank transfer it to my NRE account in corporation bank India. As per RBI rules is both ways possible? Thanks in advance and best regards.

I wish but it man not be done that easily. Your brother may gift the funds back to you in Thailand or write a check that you can credit in your NRO account. Once in NRO, you may transfer the same to your NRE account.

Hi jigar i want to deposit money in my brother nri account without convert the money from delhi whta is the processor.