Foreign remittance

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

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.

Many thanks in advance.

Amol S Joglekar

Amol S Joglekar (Expert)
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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?

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Querist : Anonymous

Querist : Anonymous (Querist)

04 March 2015 Hi Amol. Thanks for your response.

The definition of NRI says that I have to be out for more than some 182 days, while my stay abroad is lesser than that. Thats why the cofusion.

Also, my work includes travel to India. I have visited India in Dec and Feb for 1 week each.

Amol S Joglekar

Amol S Joglekar (Expert)
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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.

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