Regarding nre fixed deposit
This query is : Resolved
NAIR MITHUN MOHAN
(Querist)
18 December 2012
Dear Sir,
One of my friends is nre .he has deposited around 90 lacs as fixed deposit. he has a child whose age is around 20 &a wife .can he transfer the amount to the respective persons account so that he can pay less of tax. if it is notpossible so please suggest me some way for the same.
Thank You.
One of my friends is nre .he has deposited around 90 lacs as fixed deposit. he has a child whose age is around 20 &a wife .can he transfer the amount to the respective persons account so that he can pay less of tax. if it is notpossible so please suggest me some way for the same.
Thank You.
Amol S Joglekar
(Expert)
18 December 2012
He can very well trnasfer, BUT that will not save his tax as the CLUBBING provisions come into play.
Message likes :
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18 December 2012
Agreed with Amol. There is no restrictions on re-partion of fund from NRE a/c to another a/c.
NAIR MITHUN MOHAN
(Querist)
19 December 2012
Thanks For your reply sir,i know the clubbing provision will attract but if he make a gift deed &transfer the amount than is it possible to do so.
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