29 January 2015
A person, say 'Z' is a salaried person in Germany since very long time. He has a NRE account through which he has made investment & earns interest & dividend income. For last 4-5 years he resides in India. Now he wants to close his NRE account & wants to transfer all amount from NRE to saving bank account. What will be the tax treatment on this transfer for A.Y. 15-16.
29 January 2015
Tax on interest earnings in India has to be paid and return has to be filed and no tax payable on foreign earnings remitted in NRE account. Dividend income is exempted.
CAclubindia
