Funds Received In NRE Account May Be Taxable - A Must Watch For NRIs - CA Sriram V Rao

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  • เผยแพร่เมื่อ 22 ธ.ค. 2024

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  • @pramoddsinghful
    @pramoddsinghful ปีที่แล้ว +2

    You are running one of the Best channels on Finance advice. Thank you

  • @abhinavddn
    @abhinavddn 2 ปีที่แล้ว +12

    Excellent content Dr Bhat. Really appreciate the research you have put up into your videos. I make it a point to watch your entire videos even when on Ship.

  • @lebijohn7631
    @lebijohn7631 8 หลายเดือนก่อน

    Both of you are so good and your explanations are very very clear
    keep up the good work
    Sriram is so knowledgeable

  • @yuvrajrathore95
    @yuvrajrathore95 2 ปีที่แล้ว +26

    Please note that the an important information provided in the video is incorrect - refer to Pramod-Kumar-Sapra-Vs.-Income-Tax-Officer-ITAT-Delhi case where it clearly says that just because income is received in a bank account in India for a non resident it cannot be taxable unless the source is Indian or the DTAA requires so. The example given in the video does not meet the criteria under section 9 of the income tax act and therefore is not the right interpretation.

    • @sriramrao2514
      @sriramrao2514 2 ปีที่แล้ว +9

      Hello… Hope you have watched the video fully… In the video, I have always pressed on the point that “MAY” & “MIGHT” when it comes to taxability of funds directly received in NRE. I am aware that there are several decision of ITAT and in some case even High Courts which held that under certain facts and circumstances it would not be taxable. I have specifically mentioned in the video also. Further, I would also like you to know that, this forum is suitable to talk technical. Otherwise, even I can talk section-wise, word by word and reading between the line, discussing about various case laws & nuances of them and interpretation of law etc.. but that would not give the desired result, which is to follow Principal of ‘PREVENTION IS BETTER THAN CURE’.
      When it comes to receipts from Salary earned from exercising employment outside of India, the courts have time and again held in favour of NR assessee. However, it is litigious. The department would always want to tax and assessee has to litigate to get desired result/outcome. But if assessee has options, then why cannot he exercise/practice the same rather than getting into complexities. This is the main intention of the video.

    • @noushadch9624
      @noushadch9624 ปีที่แล้ว +3

      Yes, we have watched full. But there is already a verdict from ITAT.In recent judgement ITAT has held that only because the overseas employer paid salary into NRE account of the assessee in India, it would not imply that the income is taxable in India.. ABCAUS 3773 (2023) (06) ITAT.
      All viewers and subscribers of your channel expect a clarification / correction from you with reference to the foregoing verdict from ITAT.. Surprised Why not you accepting or discussing the verdict of ITAT. Why u stick with ur argument may / mught? We don't expect this from a CA professional.

    • @shitanshudamania8226
      @shitanshudamania8226 9 หลายเดือนก่อน

      Agree

    • @alitshariff
      @alitshariff 9 หลายเดือนก่อน

      and how about money made from doing business outside in a foreign country while being an NRI and then gets it remitted to the NRE account by the business owner? like a seafarer

    • @ggbalaji27
      @ggbalaji27 4 หลายเดือนก่อน

      @@alitshariffit must be tax free

  • @margaretjohn5590
    @margaretjohn5590 ปีที่แล้ว

    Each questions are great valuable.Thank you for both of you.k

  • @ahujahbti
    @ahujahbti 2 ปีที่แล้ว

    Only few such videos and knowledge is available on this topic throughout the internet. Thanks for sharing in detail.

  • @Billionaireby2030
    @Billionaireby2030 10 หลายเดือนก่อน

    Sir you have opened the eyes of many NRIs who are ignorant. I usually show your video to my colleagues who are indians.

  • @skg9539
    @skg9539 2 ปีที่แล้ว

    Appreciate your work...This is really ridiculous very complex tax rules...Finally last words giving relief...Pls don't take it as negative...

  • @nehasingla5235
    @nehasingla5235 ปีที่แล้ว +1

    Excellent discussions.

  • @vicky-nc3to
    @vicky-nc3to 4 หลายเดือนก่อน

    Thankyou I do not know what inspired you to make such videos, but these videos are very valuable to me.

  • @shamrao3954
    @shamrao3954 2 ปีที่แล้ว +2

    To explain better is that an employee must transfer from his personal account to India nre account, as this is treated as savings and then transfer to his nre account. Or else when an employer transfers directly to nre account of the employer then it is treated as receipt and hence taxed, is correct

  • @vikramnarayan5672
    @vikramnarayan5672 2 ปีที่แล้ว

    Thanks both of you for another brilliant work .

  • @venumohan2756
    @venumohan2756 2 ปีที่แล้ว

    Excellent video...Thanks both of you 🙏

  • @shubu_Kasar
    @shubu_Kasar 2 ปีที่แล้ว

    Thank you so much for the information … I live in dubai and you have given exact situations and explained!!!

  • @koyakoya7869
    @koyakoya7869 2 ปีที่แล้ว

    Thanks a lot..... Simply understand

  • @arunketuseth6101
    @arunketuseth6101 2 ปีที่แล้ว

    thank you very much for taking up sailors issue.

  • @CS-si8kl
    @CS-si8kl ปีที่แล้ว +2

    NRE FD interests are Tax Free for Indian tax purposes. But one might want to check their resident country's tax rules on world wide incomes

  • @piyushbatra1999
    @piyushbatra1999 7 หลายเดือนก่อน

    awesome clarity!

  • @arusekar
    @arusekar 2 ปีที่แล้ว

    Thanks. That's what I am looking for.

  • @sunitshanbhag9536
    @sunitshanbhag9536 2 ปีที่แล้ว

    Glad to see you addressed this issue of seafarers.Now you are seafarer NRI money clinic.

    • @NRIMoneyClinic
      @NRIMoneyClinic  2 ปีที่แล้ว +1

      We will do more videos for seafarers . Keep posting your specific queries of seafarers

  • @mohammedabdulazim5764
    @mohammedabdulazim5764 ปีที่แล้ว

    An nri sells his property in India, say for Rs. one crore, can it be deposited to nro account without tds. Of course tax will be given on the interest earned later on as per FEMA rules. Please answer.

  • @rags125ny
    @rags125ny ปีที่แล้ว +1

    What ever we earned FD intrest in NRE tax free in India but the same is subject taxable in the country where you live.. may be 25 to 30%..(I don't know why no body mentions that ).

  • @atulrane5765
    @atulrane5765 ปีที่แล้ว +1

    suppose salary comes into foreign account..then transferred to NRE..it is tax free. Now if entire amount is sent to NRO account, will it be under taxation? or it has no implications?

  • @RameshPatel-ph3ie
    @RameshPatel-ph3ie 4 หลายเดือนก่อน

    Very helpful thanks😊

  • @a.k.prajapati2469
    @a.k.prajapati2469 ปีที่แล้ว +1

    you could have covered transactions from NRE to NRO account.

  • @yogisays09
    @yogisays09 ปีที่แล้ว

    Question: Employer remits directly to NRE account, employee works in a location where he cannot open a local account being a high risk country or non availability of international banks at the work location? How would this be treated?

  • @koyakoya7869
    @koyakoya7869 2 ปีที่แล้ว

    Thank you sir ...... it was valuable Hope your next ,,,,,,, advise

  • @sachcom
    @sachcom ปีที่แล้ว

    Very nicely explained. All doubts are clear 👌👍

  • @ehotelmanagementschool8036
    @ehotelmanagementschool8036 10 หลายเดือนก่อน

    Thanks for the informative session. Is there any change in provisions since the video was released?

  • @charanjitchhatwal893
    @charanjitchhatwal893 2 ปีที่แล้ว

    Great information. My Question: RBI Master Direction no.14/15-16 dated 1/1/2016 updated on 9/1/2020, Part II, Para 4.7 states “Current income like rent, dividend, pension, interest etc., will be construed as permissible creditto

    • @charanjitchhatwal893
      @charanjitchhatwal893 2 ปีที่แล้ว

      Sorry please continue: credit to NRE Account. Kindly give your opinion. Thanks

  • @Lamp141
    @Lamp141 2 ปีที่แล้ว +1

    Hi please,
    What is the maximum daily or monthly ATM withdrawal limit from HDFC Bank NRE account in India?

    • @NRIMoneyClinic
      @NRIMoneyClinic  2 ปีที่แล้ว +1

      You need to check with the bank

  • @judithchen5673
    @judithchen5673 7 หลายเดือนก่อน

    add english subtitles on all viedos , it will convient for foreigner to understand your talk

  • @vsab786
    @vsab786 2 ปีที่แล้ว

    Thanks for the good information.

  • @noushadch9624
    @noushadch9624 ปีที่แล้ว

    My friends working for a european company in Africa. Their salary remits from company account outside India to my Indian NRE accou 18:41 nt at the end of each month. (Not from an Indian company and not for the service/ employment in India). How is it taxable?

  • @subodhpatwardhan8108
    @subodhpatwardhan8108 2 ปีที่แล้ว +1

    Thank you for the informative vedio. I have recently redeemed my Mutual Fund investments and depending upon the source of Purchase, they are credited to my NRO & NRE acconts respectively. TDS (@ 10.4%) is cut on all redumptions as I am NRI. Now my question is, do these redumption amounts need to be considered to caluclate my agregate income and will that get taxed as per the normal tax slabs in India ?

  • @pratap153
    @pratap153 ปีที่แล้ว +1

    I have an Yes bank NRE account and one of my friend send me as a Gift to me in my NRE account as it was first time, I have received a forgein inward remittance message from bank but my relationship manager write me to revert that mail by saying it's my Salary. But it was not, it was a gift by my foreign friend. Now I am feeling I can be subject to scrutiny or they won't look at it as it was just 3 times in total and approx. 2000 euro. Should I be worry or tell the relationship manager about it? can it be done anything now? Thank you

  • @vpm1136
    @vpm1136 2 ปีที่แล้ว +2

    Is retirement funds received from overseas which are typically credited by Retirement board in respective country directly into NRE account in india, are there tax liability on that.

    • @sriramrao2514
      @sriramrao2514 2 ปีที่แล้ว

      Yes, it would be taxable in India… remedy may be available depending on facts and circumstances as explained in the video

  • @gopalkrishnaprabhu375
    @gopalkrishnaprabhu375 2 ปีที่แล้ว +1

    What I understood and certain queries relating to the same are:
    1. Remittance by self by debit to his/ her personal account maintained in the country of his / her residence I.e. person having residential cum employment visa in that country to which the employer credits his / her salary is treated as income earned abroad and remitted by self is not falling under the category income earned in India.
    If my understanding is correct whether spouse of NRI staying with him / her having bank account abroad and remitting money from.that account is considered as income accrued ( not earned ) abroad and eligible for credit to NRE account and does not attract tax
    Residential Visa status in the country of employment is the basic criteria.
    2. Exemption is for sea fairies account since they do not have any residential visa issued not they live in India too . Kind of Trishanku status. Their income though remitted by their overseas employer is tax free income.
    Doubt: if the employer is a India based shipping company whether qualifies for NRE Aaccount ?
    3. In gulf most of the NRIs do not maintain bank accounts and salary or wages disbursed to them in local currency of the country where they reside/ witk. They remit through exchange houses which are not banks.
    NRE accounts are opened by banks in India.
    Grey area : funds are not remitted by debit to NRIs overseas account.
    4. As there is no restrictions on the amount of remittance from abroad by debit to his / her account with a bank abroad if such account is funded by business income or third party there other than employer what cheque IT authorities can have if the remittances are disproportionate to ones income ? Possible that individuals overseas account could be misused through funding by many who may be friends or non Indians which may facilitate money laundering
    Whether the concept of disproportionate wealth ( here balance in overseas account, ) to known income and remittance to NRE Accoubt is a possibility? The query is because bankers here may not be aware of NRIs monthly earning.

  • @sinojkj3522
    @sinojkj3522 4 หลายเดือนก่อน

    Could you do a video on Whats are the possibility of living abroad with out becoming nre

  • @jayakumarC2006
    @jayakumarC2006 ปีที่แล้ว

    what are the charges for withdraw fund received from NRI account to RI account

  • @NimblePrerana
    @NimblePrerana 6 หลายเดือนก่อน

    3:38 NRE FD is taxed on their country right?

  • @hemvatis3540
    @hemvatis3540 ปีที่แล้ว

    What about the money received from sale of lands in India kindly make clear

  • @dayalprasadsuthar6799
    @dayalprasadsuthar6799 2 ปีที่แล้ว +9

    Great coverage in this session by you both CA Sriram and Dr. Bhat.
    I’ve NRE/NRO A/c in some banks in India. I transfer money in the A/c of my spouse to run the family and pay the expenses of schooling of kids. As I understood, it should be declared as gift. But, what’s the process to declare the gift?
    Also, should my spouse file the ITR even though, she doesn’t have any income apart from the money I transfer?
    I hope you’ll help me by addressing my query.
    Thanks

    • @sriramrao2514
      @sriramrao2514 2 ปีที่แล้ว +2

      It is self explanatory as GIFT… she need not file return of income, if this is the only receipt/income for her…

    • @krishnaramachandran7722
      @krishnaramachandran7722 2 ปีที่แล้ว +3

      why? Transfer to your own account and give her the ATM card. This is what most people do.

    • @sundarv1485
      @sundarv1485 2 ปีที่แล้ว

      Transfer to your joint account NRE /NRO instead of transferring to resident savings account . Debit card / checks / online banking will take care of expenses. This way you have transparency. Transfer from your joint account to joint account NRE is the way to go

    • @krishnaramachandran7722
      @krishnaramachandran7722 2 ปีที่แล้ว

      @@sundarv1485 interest earned in NRO has a TDS of 30%. So NRE is the only option

    • @seshuaiyar5047
      @seshuaiyar5047 2 ปีที่แล้ว

      When a married man only earns? Then he is earning for the family so all money belongs to all members of the family? How can that be a gift?

  • @vijvipin
    @vijvipin 2 ปีที่แล้ว +1

    A brilliant video, you read the questions in our minds. Hats off

  • @srikanthpadava3834
    @srikanthpadava3834 11 หลายเดือนก่อน

    What would be tax exemption limit on a joint NRO account? Is it still 2.5 lakhs?
    For example if i have a joint nro account for me and my wife (both are NRIs) is the tax exemption limit 2.5 lakhs or 5 lakhs for this particular account?

  • @travellingforpeace1289
    @travellingforpeace1289 ปีที่แล้ว

    What if I don't open an NRE account and I sent my money from abroad to my saving bank please tell me wt will happen

  • @Kedar-dutt
    @Kedar-dutt 2 ปีที่แล้ว

    Thanks for information sir। It's great ☺️

  • @crazyworld6633
    @crazyworld6633 2 ปีที่แล้ว

    Which section or rule or provision of IT ACT covers that money received in NRE account is not taxable in India?

  • @pkadurai3045
    @pkadurai3045 ปีที่แล้ว +1

    How do I contact Mr Sriram

  • @nirpreetdhillon
    @nirpreetdhillon 10 หลายเดือนก่อน

    Hello sir, as you said that seafarer are exempted even if they receive salary directly in nre account in India. But how will tax department identify that a person is seafarer,unless they send notice to him first explaining the source of income and profession. Or they already know before in hand that a fellow is a seafarer and they don’t scrutinise further by sending notice to him

  • @sudhirkolhe7397
    @sudhirkolhe7397 ปีที่แล้ว

    Very informative video. But have one more scenario is money received in NRE account can be transferred to other payments with in India (e.g home loan repayment etc) or it should be transferred only via NRE>NRO>home loan repayment likewise?

  • @arunantony9165
    @arunantony9165 5 หลายเดือนก่อน

    Im a NRI seafarer maintaining my NRI status and I receive salary in my NRE account directly. I have not linked my AADHAR and PAN card, as per rules NRI is exempted from lonking. If my understanding is correct i dont have to link right?.

  • @venkatrajeshwar290
    @venkatrajeshwar290 2 ปีที่แล้ว

    Immence help eye opening 👍

  • @loydsouza3504
    @loydsouza3504 4 หลายเดือนก่อน

    Thanks so much for the wonderful videos that educate all of us. I have a question. Can my children who are Non Residents open NRE accounts in India and can I as an NRE and having an NRE account in India, transfer funds directly from my NRE account to my childrens' NRE account in India. And, would they have a tax liability. Hope to hear from you. Thanks so much.

  • @a.balasubramanianbala8500
    @a.balasubramanianbala8500 2 ปีที่แล้ว +1

    One of my clients is having business outside India and getting income in the name of Management Fees. He is doing some business in India too. He needs some funds for Indian business. If he infuse capital out of such foreign income, will it be taxable.

  • @arulnathan632
    @arulnathan632 ปีที่แล้ว

    Usually salary is paid after tax deduction in foreign country. it is tax paid salary. So what is wrong then transferring the money whether it is the employer or NRI employee transferring ? If it is taxed in India also, It will be double taxation.

  • @vipinviswanathan1792
    @vipinviswanathan1792 ปีที่แล้ว

    Very helpful ❤

  • @ProfMurty
    @ProfMurty 2 ปีที่แล้ว +1

    When an NRI returns back to India to settle down permanently, which is the case with me, when should my NRE deposits and NRE saving account be Resudent Accounts?

    • @sriramrao2514
      @sriramrao2514 2 ปีที่แล้ว

      FEMA rules specifies, that’s why sir…

    • @prashantdevadiga6696
      @prashantdevadiga6696 2 ปีที่แล้ว

      Murty please never disclose. Enjoy your NRI status by visiting abroad every 6 months to meet the criteria. Ask your chartered accountants for loopholes and enjoy your honeymoon forever.

    • @prashantdevadiga6696
      @prashantdevadiga6696 2 ปีที่แล้ว

      @@sriramrao2514 why no draconian FEMA rules for the corrupt and the highly placed.

    • @ProfMurty
      @ProfMurty 2 ปีที่แล้ว

      @@prashantdevadiga6696
      Travelling abroad cannot just keep your NRI status. You have to be outside India for more than 183 days in a Financial year to attract NRI status which is quite expensive.

  • @anoopverma3167
    @anoopverma3167 3 หลายเดือนก่อน

    Is the tax free salary earned outside India is taxable india before being NRI status.

  • @manmohansharma3837
    @manmohansharma3837 ปีที่แล้ว

    All videos from your side are quite informative & useful to lots of NRIs & others. It’s a great service to all such tax payers.
    Rao ji Could you please confirm if interest income on FCNR deposits of RNOR status is taxable in India? Many thanks in advance!🙏

  • @GhaLib-tj2oj
    @GhaLib-tj2oj 9 หลายเดือนก่อน

    What do you mean by ‘may be Taxable’???

  • @floatinsun
    @floatinsun 2 ปีที่แล้ว

    The direct debit to NRE account from outside india might attract tax because the govt thinks this is a way to avoid local taxation in your country of residence. Hence the gov of India wants subject that money to tax to prevent money laundering

  • @Dr-qs4oi
    @Dr-qs4oi 2 ปีที่แล้ว

    I opened my NRE a/c without a PAN card, how will the ITD know of the money?

    • @sriramrao2514
      @sriramrao2514 2 ปีที่แล้ว

      it is same as I will cross the signal when the light is red, how will the cops know? 🙂

  • @arunkumarmistry6614
    @arunkumarmistry6614 ปีที่แล้ว

    HOW ABOUT I OPEN NRE ACCOUNT IN NEWYORK BRANCH USA ????? AND MAKE FD IN USA !!!!

  • @mmmohit5
    @mmmohit5 ปีที่แล้ว

    Please advise about salary received by seafarers aa salary directly into nre account. Is it taxable?

  • @ravishanker4217
    @ravishanker4217 2 ปีที่แล้ว

    Thanks for the informative video. May I request that if possible a video be published outlining shareholders' rights and options when companies fail to provide TDS Certificates on dividends paid? Thank you.

    • @sriramrao2514
      @sriramrao2514 2 ปีที่แล้ว

      Just approach the company via e-mails and giving them details of your shareholding… they will provide you the same

  • @janefernandes4104
    @janefernandes4104 2 ปีที่แล้ว

    Excellent information. Do you have something similar on MFs remittance received in your NRE account in India.

  • @milochanzyyo8904
    @milochanzyyo8904 2 ปีที่แล้ว

    Website is not working Dr. Bhatt.

  • @mukuljain7845
    @mukuljain7845 2 ปีที่แล้ว

    Can you please help me out with this query. Once an NRI return back to India what changes need to be done to the NRE account? and how taxation works on FD and money deposited in NRE account post NRI move back to india?

    • @sriramrao2514
      @sriramrao2514 2 ปีที่แล้ว

      Watch video “when NRE bank account should be closed” on this channel and be guided

  • @KiranKumar-gg7ff
    @KiranKumar-gg7ff ปีที่แล้ว

    Can i do kyc online to start investing in MF & shares having NRE account

  • @ashokpatel5291
    @ashokpatel5291 8 หลายเดือนก่อน

    Indian citizen getting pension
    After becoming american citizen will he receive pension .? Yes or no .
    Please reply

  • @kamymehta
    @kamymehta 7 หลายเดือนก่อน

    Can a NRI, Indian citzen but a US resident can accept loan from a Indian friend in its NRO bank account?

  • @akumar62
    @akumar62 ปีที่แล้ว

    Sir, if money has to be transferred from a father's resident accout to a NRI daughter as inheritance under Will, is it better to transfer to the daughter's NRO account, NRE account or directly to her foreign bank account?

  • @muckadackalmathew9889
    @muckadackalmathew9889 2 ปีที่แล้ว

    Is there any tax implications when we externalize funds from NRE & FCNR accounts ?

  • @jdmohan51
    @jdmohan51 ปีที่แล้ว

    All NRIs please note that , if you have NRE FDs and are getting interest ,it is taxable. My bank Manager asked me to show the amount while filling IT. My auditor also tells me it is necessary to pay tax for interest from NRE FDs.
    It's confusing.

    • @NRIMoneyClinic
      @NRIMoneyClinic  ปีที่แล้ว

      Either you or your bank manager has wrongly understood . NRE FD interest in India is tax free

    • @jdmohan51
      @jdmohan51 ปีที่แล้ว

      @@NRIMoneyClinic thanks so much sir. I will keep in mind and inform my auditor also for my coming year tax filing. I have been doing this for the past five years. You are great help for us.

  • @AnjuSharma-eo5cj
    @AnjuSharma-eo5cj ปีที่แล้ว

    Please if you can answer…if money received in NRE account is from the same person who is an NRI…like from my USA bank I am sending money to my NRE account…is it still taxable?

  • @nr574
    @nr574 ปีที่แล้ว

    But why would my income be taxed again although I have paid my tax at the source of income but chose to receive salary in my NRE account? It’s like I am paying tax twice on the same salary at one point outside India and then in India.

  • @santanodcosta3360
    @santanodcosta3360 2 ปีที่แล้ว +1

    Dear Dr Bhat..I have a Tax residence certificate issued from dubai authorities. Can i make use of it to avoid payment of tax if i sell my property in India?

    • @NRIMoneyClinic
      @NRIMoneyClinic  2 ปีที่แล้ว

      No .. not possible. Capital gains tax has to be paid in India

  • @noormohammed9599
    @noormohammed9599 10 หลายเดือนก่อน

    Sir thank you very much for this video. Actually I invested in MF as SIP through NRE Account and before one year period I redeemed MF but till Now money not credited to my NRE account please what is the procedure tu get my money back my money stuck somewhere I don’t know where. MF companies send emails that your redemption money is rejected. Please advise me to get out with this. Thank you

  • @vidyasagarrasetti7979
    @vidyasagarrasetti7979 ปีที่แล้ว

    If one of my friend planning for vacation to the country im staying, lets say thailand and instead of carrying local currency he can send money to my NRE account? In this case will it be taxable?

  • @mydigitalplanet28
    @mydigitalplanet28 3 หลายเดือนก่อน

    I have NRE account and very soon the RD of that account will be matured of around 12 lakhs and now i need to transfer it to my International bank account of Spain. will it be tax deductable by the spanish bank account or not?

  • @ganapathyiyersubramanysubr1268
    @ganapathyiyersubramanysubr1268 11 หลายเดือนก่อน

    very informative

  • @belagurkrishnamurthyvenkan694
    @belagurkrishnamurthyvenkan694 ปีที่แล้ว

    Very informative, in depth analysis/explanation. My question: My daughter is having NRE account in India. Can she invest in co operative Society FD through NRE account (Transfer money from NRE to co operative Society FD)

  • @vidyarao7930
    @vidyarao7930 ปีที่แล้ว

    thanks for this useful video. Can I send one hundred thousand dollars to my NRE account and whether it is taxable by the bank as TDS please give me the answer.

  • @kokilapatel6530
    @kokilapatel6530 2 ปีที่แล้ว

    How much tax allowance is there in India before the savings income from interest is taxable in India please?

    • @sriramrao2514
      @sriramrao2514 2 ปีที่แล้ว +1

      Please watch the video when an NRI is required to file income tax returns in this channel and be guided

  • @karankkrj
    @karankkrj 2 ปีที่แล้ว

    In uk, the income tax clubbing is not applicable I believe. So can I gift UK income to my wife to minimize taxes on capital gains as she doesn't have other as sources of income?

    • @sriramrao2514
      @sriramrao2514 2 ปีที่แล้ว +1

      If you are talking about UK taxes, I am not a righteous person to answer… better to approach a tax consultant in UK… however, if you are talking about gifting UK earned money to your wife and in turn she earns capital gains from Indian share market or MF’s clubbing in Indian would attract for such capital gains also…

  • @dhulipalamalleshwaraswamy3526
    @dhulipalamalleshwaraswamy3526 2 ปีที่แล้ว

    Excellent video sir.

  • @jitendrabijlani2188
    @jitendrabijlani2188 2 ปีที่แล้ว

    What happens if the employer in case of direct NRE transfer, has already done the TDS in the country of employment, and the country has Double tax avoidance treaty. During Covid, has been many situations - where NRI cannot go back to country of employment and only practical way to get salary is credit into NRE account.

    • @jitendrabijlani2188
      @jitendrabijlani2188 2 ปีที่แล้ว

      I have understood the remedial procedure. Thanks

    • @sriramrao2514
      @sriramrao2514 2 ปีที่แล้ว

      Covid situation was something different.. watch the video on Overstay in India about the same and be guided

  • @rajivnarula9854
    @rajivnarula9854 ปีที่แล้ว

    Dear sir
    Can we move Indian income from NRO account and park it in NRE fixed deposits using Form 15Ca.
    This way we can save tax on interest

  • @vinnivincent7481
    @vinnivincent7481 6 หลายเดือนก่อน

    If my nri friend send remittance to my nre account. Is it taxable

  • @rsgauba7401
    @rsgauba7401 2 ปีที่แล้ว

    NRE a/c opened in PNB. Due to poor response and also distant location. We intend to open NRE a/c in nearby another bank. Can we close existing a/c and open another one. In that case remaining amount, can we transfer to new a/c.

    • @sriramrao2514
      @sriramrao2514 2 ปีที่แล้ว +1

      Yes, it can be done... transfer from one NRE to another NRE is allowed.

    • @rsgauba7401
      @rsgauba7401 2 ปีที่แล้ว

      @@sriramrao2514 thanks a lot. Regards

  • @correiaalfred
    @correiaalfred 2 ปีที่แล้ว

    I have an NRE savings/FD account in india. Is there a clause where interest earned above 15 lacs on an NRE fixed deposit is subject to tax?

    • @sriramrao2514
      @sriramrao2514 2 ปีที่แล้ว

      No such clause… further, there is also a video on 15 lakhs threshold limit which is applicable under certain facts and circumstances… you can watch the same for further information

  • @avijoshi7696
    @avijoshi7696 2 ปีที่แล้ว +1

    Dr Bhat and Dr Rao,
    I maintain separate NRO & NRE accounts from my wife who in turn has both NRE/NRO accounts. We are not making remittances to our NRE accounts as we are well settled in Australia and have no intention to settle back in India. But from time to time we need to debit/credit our NRE accounts to keep the accounts from going dormant. So once in a while we transfer say Rs 100/- between our NRE accounts. In that case would the credit be considered income and become taxable? Thanks in advance.

    • @sriramrao2514
      @sriramrao2514 2 ปีที่แล้ว

      These are all self explanatory transactions between your own bank accounts or of your wife’s… will not be in the nature of inocme

  • @sanjaypatil5183
    @sanjaypatil5183 ปีที่แล้ว

    Sir,
    Being low charges I transfer amount in my NRE account via western union (I pay to western union from my bank account in UK & western union transfers it in my NRE account in India. I guess this transaction is not my income in India, right?

  • @akzz1977
    @akzz1977 2 ปีที่แล้ว

    Sir which is the best bank for seafarers? Thank you

  • @sureshmangalath
    @sureshmangalath 2 ปีที่แล้ว

    Very informative
    I have a doubt
    you can transfer funds from an NRO account to an NRE or Non-Resident External account. The Reserve Bank of India allows the transfer of funds up to USD 1 million a year from an NRO to an NRE account.
    In future the income from this transferred money (in NRE account )is taxable ?

    • @sriramrao2514
      @sriramrao2514 2 ปีที่แล้ว +1

      Till when you remain NR, interest from NRE will be exempt

  • @RaghuramMuthukrishnanchannel
    @RaghuramMuthukrishnanchannel 2 ปีที่แล้ว

    Please do an episode on using Transferwise (now called Wise) to mit to India and out of India

    • @zizelle9273
      @zizelle9273 2 ปีที่แล้ว

      Yes I to want to know the answer to the above question please.

  • @anthonyrebello2580
    @anthonyrebello2580 2 ปีที่แล้ว

    Thank you Sir, informativ vedio plz make som more vedios .

  • @rsgauba7401
    @rsgauba7401 2 ปีที่แล้ว

    Thanks for the informative video. But sorry to say it has not given solution which, probably, I have asked you.
    Funds received in NRE, from children, transferred to parents as gifts. What tax treatment to parents will it receive? Request you to address this issue. Shall remain grateful to you for your favour.

    • @NRIMoneyClinic
      @NRIMoneyClinic  2 ปีที่แล้ว +1

      Watch the video completely . Gifts to parents are tax free. This is mentioned. Also watch a video on taxation of gifts available on this channel

  • @avijoshi7696
    @avijoshi7696 2 ปีที่แล้ว +1

    Great in depth analysis and interpretation of NR tax laws. Greatly appreciated. Thank you.