Payment from nre/nro account
This query is : Resolved
23 September 2014
Hi All
I am a NRI, have purchased a residential property in Mumbai, India for investment purposes.
I am not availing any loan facilities in India and need to make payment to the builder based on the remittances I have made from my overseas earning.
Wanted to know, from which account(NRE/NRO) should I make the payment in the following two situations:
1) In case I dont go for property registration.
2) In case I go for property registration.
Will like to know if there are any restrictions in the nature of payment I make from either of the accounts and what are the tax implications.
I am a NRI, have purchased a residential property in Mumbai, India for investment purposes.
I am not availing any loan facilities in India and need to make payment to the builder based on the remittances I have made from my overseas earning.
Wanted to know, from which account(NRE/NRO) should I make the payment in the following two situations:
1) In case I dont go for property registration.
2) In case I go for property registration.
Will like to know if there are any restrictions in the nature of payment I make from either of the accounts and what are the tax implications.
Nikhil Kaushik
(Expert)
25 September 2014
1. you should always register...
2.. you can transfer funds to your NRO account for payment for the purchase...
2.. you can transfer funds to your NRO account for payment for the purchase...
25 September 2014
Thanks for the response sir.
But will request you to kindly explain me the reason i need to make the payment from NRO account and not NRE account
But will request you to kindly explain me the reason i need to make the payment from NRO account and not NRE account
Rupesh Jain
(Expert)
07 October 2014
in nre a/c you have to deposited the foreign curreny in a/c . and in NRO you can remit the curreny in your a/c .
Nikhil Kaushik
(Expert)
07 October 2014
because RBI provides for restrictions on what debits can be made to NRE accounts,
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