REPATRIATION OF AGRICULTURE INCOME IN INDIA OF NRI/PIO RECEIVED IN NRO ACCOUNT
This query is : Resolved
SUNIL KUMAR JAIN
(Querist)
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
Dhirajlal Rambhia
(Expert)
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.
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