Nri transferring money.
This query is : Resolved
11 December 2015
A NRI wants to transfer money approx. 22lacs per year from abroad and also have some 4 to 8 lacs cash income from india. Please give me treatment in tax return, account require to open and head in which cash income can be shown.
12 December 2015
Deposit the transfer amount in NRE deposits so that interest earned on it is tax free.
You have to file return and pay taxes on cash income in India.
What is the nature of cash income so that I can tell the head. If you can't tell the source show it under other income.
You have to file return and pay taxes on cash income in India.
What is the nature of cash income so that I can tell the head. If you can't tell the source show it under other income.
12 December 2015
Sir actually person has two options one is to take cash in India and other option is to transfer from outside India which is very costly due to exchange difference. He comes India only for approx. 20 days in a year and also have 2 house property in India. There is only two heads under which income can be shown HP and other source. So, pls guide which option is better bring from outside India or receive in India in cost and risk point.
13 December 2015
Pls provide solution.
13 December 2015
If the income is legally earned out side India Bring it through banking channel. Cost of transfer is not much. No tax need to be paid in India on money earned by NRI outside India.
If you bring it otherwise tax has to be paid and highly risky avoid it.
If you bring it otherwise tax has to be paid and highly risky avoid it.
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