Tax on money transfer to NRI account
This query is : Resolved
26 January 2010
I am a US citizen and I hold a PIO card. I have been living india for the past 6 years. My guess is that I am resident Indian now for tax purposes.
If I transfer money from one of my OWN foreign bank accounts (money on which I have already paid taxes during the years of stay abroad) to my OWN NRI account in India, would that amount be treated as income and be taxable in India?
If I transfer money from one of my OWN foreign bank accounts (money on which I have already paid taxes during the years of stay abroad) to my OWN NRI account in India, would that amount be treated as income and be taxable in India?
Kapil Arora
(Expert)
26 January 2010
Dear Rajiv,, as u mention i would like to confirm that there is no tax on money transfer
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