04 March 2015
Hi Everyone, I have moved to Hong Kong for a job on 22 Sept 2014. I was previously working in India and was paying regular income tax for last 3 years.
I have my NRE account opened in India.
I have borrowed some money from my company in form of advances. Can I remit this money to my NRE account even though I am not qualified to be NRI by definition? Will there be any tax implications?
Please help me here as I am really confused what to do.
04 March 2015
Why do you feel that you are NOT NRI? Can you please elaborate? Have you revisited or proposed to revisit India during financial year 2014-15? If not, then you are very much a NON resident Please ask your exact AGONY/TENSION?
05 March 2015
That is fine. First of all, let us try to make distinction between NRI as per FEMA and NRI as per Income Tax Act. Your query is basically related to FEMA, so keep the Income Tax Act aside, for the time being. Your remittance has got no such restriction. You can very well remit the funds and repay the loan. No issues.
CAclubindia
