Nri

This query is : Resolved 
 


Querist : Anonymous (Querist) 01 January 2017

I am an Indian Resident. My daughter married to a UGANDA ( S.Africa ) based Indian boy in the year 2014. ( 2 years). She is migrated to Uganda. She was having her bank account jointly with me. So far no Income Tax return is filed as her Income was not taxable. She is working as well as practicing there as a phisyotherapist doctor.
Queries
1 Can I operate her existing S.B. account in her absence?
2 Can I deal in the Stock market on her behalf and do the financial transactions in her account?
3 If she comes to India for a short period, can she open a new bank account jointly with her husband? If yes,which account is to be open ed?
N.R.I. / N.R.O.
4 Whether that account can be operated by either of me or my wife?
5 Whether she has to declare her Income there or in India ?
6 Her income is still not taxable in India but may be taxable there in Uganda.
7 Whether her return can be filed here – ( nil return ) .
8 Will it be any consequences in my income tax account?
9 So far she has not transferred any foreign currency in India. What to do if she wants to transfer it to India. Wher can she transfer the fund in
India? NRE / NRO Account ?


CA R SEETHARAMAN (Expert)

01 January 2017

1 Being joint ac you can operate it.
2 You can't do that.
3 Yes open NRE ac.
4 Check it about it with the bankers.
5 Income earned in India only has to be declared.
6 Not taxable in India the income earned in Uganda.
7 File return in India if taxable income is earned in India.
8 No consequences if you maintain accounts clearly
9 Transfer the funds to NRE ac as it will earn higher interest and exempted from income tax.

CA R SEETHARAMAN (Expert)

02 January 2017

In respect query No. 2 you can't do it.



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