Taxability fro transfer of amount from nro to nre account
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 December 2013
Non Resident transfer amount from his NRO account to NRE account. What will be tax implication?
CA PARAS BAFNA
(Expert)
19 December 2013
There is no tax on transfer as its not a Income. The NRI shold have paid tax on the amount being transferred.
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Nikhil Kaushik
(Expert)
19 December 2013
depends on the transaction. The banks ask for CA certificate to ensure that due taxes have been paid. For eg if you are holding a FD for which proceeds have been credited to the NRO account. Such transfer should normally wont attract tax as bank must have already withheld taxes at the time of crediting interest.
However if the proceeds are from sale of capital assets, there are chances taxes may not have been deducted.
However if the proceeds are from sale of capital assets, there are chances taxes may not have been deducted.
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