REPATRIATION OF AGRICULTURE INCOME IN INDIA OF NRI/PIO RECEIVED IN NRO ACCOUNT
This query is : Resolved
21 November 2024
1. A US CITIZEN WHO IS PERSON OF INDIAN ORIGIN (POI) HAD INHERITED AGRICULTURAL LAND IN INDIA AFTER DEATH OF HIS FATHER. HIS AGRICULTURAL INCOME IN INDIA RECEIVED FROM YEAR TO YEAR IS CREDITED TO HIS NRO ACCOUNT AND ALSO DECLARED IN HIS INCOME TAX RETURN AS EXEMPT INCOME. CAN THE POI TRANSFER THE ACCUMULATED AGRICULTURAL INCOME IN NRO ACCOUNT FROM NRO ACCOUNT TO HIS NRE ACCOUNT.
CA SUNIL JAIN
CA SUNIL JAIN
21 November 2024
Yes, RBI allows for transfers from an NRO to an NRE account as long as the transfer is below the currency equivalent of $1 million US dollars per calendar year.
Form 15CA & 15CB will be required for the transfer.
Form 15CA & 15CB will be required for the transfer.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Eway bill for machinery reparing
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Under construction property in ITR
- Gift of mutual fund units to daughter
- Upload Level ValidationITR3Category of Defect B/D
- NRI ITR2 account in 2025-26 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,.
- Reporting of STCG on Property in ITR
- ITR-4 vs ITR 5
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
