Accepting Deposit from Outside India to pay the local chitty payment of a 3rd Party
This query is : Resolved
Jacob Abraham
(Querist)
17 February 2025
Kindly advise
Can I accept funds from outside India in my local bank account and deposit them into his (NRE) local chitty investments from my bank account?
Is there any limit to accepting funds from foreign sources in our local bank account?
Are the same treated as income to us?
Can I accept funds from outside India in my local bank account and deposit them into his (NRE) local chitty investments from my bank account?
Is there any limit to accepting funds from foreign sources in our local bank account?
Are the same treated as income to us?
Nikhil Kaushik
(Expert)
17 February 2025
1. no limit as long as treated as income. You will have to register for GST if the total turnover crosses exempted limit.
however, you cannot transfer money from a savings account to a NRE account.
however, you cannot transfer money from a savings account to a NRE account.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST on reimbursement of expenses
- Query on effect of registration of property
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Additional trade name
- Whether output tax is taken credit by purchaser
- Visiting card purchase
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Number of years as per AS amortisation of Goodwill
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
