NRE, NRO after US citizenship

Save Share

This query is : Resolved

Quick Summary

This discussion addresses whether US citizens, who were previously Indian residents, can continue to hold NRE and NRO accounts in India and file Indian income tax returns. The consensus is that they can maintain these accounts and continue filing as usual. They are considered Persons of Indian Origin (PIO) for visa purposes, and their residential status is already reported, meaning no immediate need to re-inform banks or the tax department.

Raghu Shrm

Raghu Shrm (Querist)
Follow

20 September 2023 Sir,
My sister and Brother in law who went to USA a decade ago are now Citizens of USA which happened recently , both have NRE and NRO accounts in India and both file Income tax returns in India. Income in India is from Rents and FD'S in my Brother in law account and just FD's Interest income for my sister. Just wanted to know do they need to change any in their Bank accounts as they are US CITIZENS and any change in IT filing from this year.
Can they still maintain their NRE and NRO accounts in INDIA and file Income tax returns in India as they used to do earlier , or there are any major changes in treatment of their status in BANKS and Income tax department.
Thanks and Regards.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

20 September 2023 They can still maintain their NRE and NRO accounts in INDIA and file Income tax returns in India as they used to do earlier.
They will be considered as PIO.
Persons of Indian origin for Visa purposes.

Raghu Shrm

Raghu Shrm (Querist)
Follow

20 September 2023 Thank you very much sir , for your reply, do they have to intimate Banks and Income tax regarding their Citizenship status. Thanks and Regards.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

20 September 2023 No need it's already reported the residential status.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now