Hi, As I'm not much familiar with financial terms, can you please advise me the best way to transfer money to India. Please find my facts below
1. I left India to US on Sep-06-2015
2. Took 10 days holidays in January
3. Till date (June-09-2016) holding my Job in us
4. May come back to India by next month
5. I have a resident account India which is linked to my housing loans
6. Haven't yet transferred any money to Indian account yet.
Questions:
1. What is the best way to transfer money to save tax as I'm paying tax here in us.
a. Open an NRE a/c and Transfer
b. Convert existing resident A/c into NRO and Transfer
2. What should I do to avail DTAA to get a reduced TDS?
a. Is it bank specific, I read that ICICI is offering DTAA benefits for NRO account but Axis bank is not - according to axis bank customer service?
b. I guess that all the banks should use the DTAA to avoid double taxes since this is a rule in India, am I correct?
3. What is the tax implication on transferring money to my wife's bank account or to my existing resident account or even sending money (through WU) to my parents?
CAclubindia
