Non resiationdent tax
This query is : Resolved
04 November 2012
Hello,
One of my relative is shifting to US for 3 years on employment.He will continue receiving basic salary in India during his stay in US apart from salary of 5000$ p.m in US,moreover he will receive rent amounting 1,20,000 pa in India.
I want to know what financial arrangement he should do before leaving India.What is NRE/NRO account and how it can be helpful?
One of my relative is shifting to US for 3 years on employment.He will continue receiving basic salary in India during his stay in US apart from salary of 5000$ p.m in US,moreover he will receive rent amounting 1,20,000 pa in India.
I want to know what financial arrangement he should do before leaving India.What is NRE/NRO account and how it can be helpful?
04 November 2012
Your relative should convert his existing savings account to NRO account .
Anuj
femaquery@gmail.com
Anuj
femaquery@gmail.com
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16 November 2012
It depends the intention of returning back to India or not if no then NRO a/c will do but for Income Tax Act he has to file his return in India for income earned in India and in US he has to club his income and declare all his assets and income in the annual return. The account in US is from 1st Jan to 31st Dec
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