Bank Accounts NRI’s can hold

1. NRE account: Interest Earned is exempt from income tax Freely repatriable Investments done from NRE account are taxable Funds from India cannot be directly transferred to NRE. Bank may ask to submit Form 15ca and 15cb certificate to transfer funds from NRO or Resident account to an NRE account. 2. NRO account: Interest Earned [...]

Repatriation of own funds by an NRI

We get lot of queries from our NRI clients that what is the process they need to follow if they want to transfer their own funds residing in Indian bank accounts to their own NRE account or bank accounts in the country where they are residing. Rather than sharing what is written in law and [...]
taxability of Gift in India

Taxability of GIFT

In this blog, we are going to understand the taxability of Gift in India, in case of individual. Gift is a sum of money or movable property (jewelry, shares etc.) or immovable property (house, plot, land etc) received or acquired by an individual without consideration or adequate consideration. If a person resident or non-resident including [...]
Liberalised Remittance Scheme

What is Liberalised Remittance Scheme (LRS)?

Under the Liberalised Remittance Scheme, all resident individuals are allowed to freely remit out of India up to USD 2,50,000 per financial year. It means a resident can remit money to his non resident relative under this LRS scheme, provided provisions of this scheme is fulfilled. As per current rule, If any forex transaction under [...]
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