Transferring funds from abroad
This query is : Resolved
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DIVYESH JAIN
(Querist)
17 May 2024
Dear Sir,
My wife was working in Ireland from Nov 2021 to Nov 2023 and has earned Salary income in her bank account in Ireland. Now she is settled in India from the past 3 months and will be permanently staying in India. She wants to transfer the amount earned in Ireland to India.
My question is whether she needs to open an NRE account here in India to transfer the amount from Ireland or she can directly transfer in her saving account here in India the entire amount in one go. The taxes on income earned in Ireland has already been paid.
Please help me resolve the query.
Regards,
Divyesh Jain
My wife was working in Ireland from Nov 2021 to Nov 2023 and has earned Salary income in her bank account in Ireland. Now she is settled in India from the past 3 months and will be permanently staying in India. She wants to transfer the amount earned in Ireland to India.
My question is whether she needs to open an NRE account here in India to transfer the amount from Ireland or she can directly transfer in her saving account here in India the entire amount in one go. The taxes on income earned in Ireland has already been paid.
Please help me resolve the query.
Regards,
Divyesh Jain
CA R SEETHARAMAN
(Expert)
17 May 2024
She can transfer the amount directly to her Indian savings account.
DIVYESH JAIN
(Querist)
17 May 2024
Thank you Sir for your reply.
CA R SEETHARAMAN
(Expert)
17 May 2024
You are welcome.
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DIVYESH JAIN
(Querist)
04 June 2024
One more query in this, if a wife transfers money from abroad account to her husband's Indian saving account then will this amount be taxable to husband or husband can show it as Gift from wife.
CA R SEETHARAMAN
(Expert)
04 June 2024
Husband can show it as gift from wife.
Clubbing provisions applicable.
Clubbing provisions applicable.
DIVYESH JAIN
(Querist)
04 June 2024
Thanks for your reply.
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