Funds received from overseas
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 February 2018
Mr. A (NRI) Partner in a UAE firm expired and the firm needs to transfer the amount in his capital account to his spouse Mrs.A in her Indian Savings Bank account.
Kindly explain the Income-tax Implications and other RBI regulations effecting the transactions.
Kindly explain the Income-tax Implications and other RBI regulations effecting the transactions.
CA R SEETHARAMAN
(Expert)
05 February 2018
No income tax applicable on this transfer being received by legal heir.
Receive the amount through banking channel and report RBI through your bank.
Receive the amount through banking channel and report RBI through your bank.
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