NRI INCOME - INTO INDIA
This query is : Resolved
CA Vikram Bohra
(Querist)
03 January 2008
Hi Friend
one of our NRI client has foreign income of worth 5 crores .
He wants to bring that money into india.
The problem is that the person wants
to bring in as white money not by way of any money laundring or any thing else.
And also he dont want to pay any taxes.
WHAT TO DO?
ANY SUGGESTION OR IDEA
one of our NRI client has foreign income of worth 5 crores .
He wants to bring that money into india.
The problem is that the person wants
to bring in as white money not by way of any money laundring or any thing else.
And also he dont want to pay any taxes.
WHAT TO DO?
ANY SUGGESTION OR IDEA
S.Srinivasaraghavan
(Expert)
28 February 2008
There is no restriction in bringing into India Foreign Exchange through authorised dealers as per FEMA. As regards taxation if it is an accumulation of income already earned in NRI status, there is no question of its getting taxed on remittance.
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