one of my clients staying at australia wants to transfer funds to india. they are having NRE account in india. How much money they can send in one financial year. are there any tax implications if the amount is more.
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Income tax impact on nri funds
Replies (2)
If the money is being sent to India to their Relatives, then there is no limit and that amount shall be treated as Gift. But if it is paid to person other than the relatives, then the Nature of Income will have to be ascertained.
Regards,
Devendra Kulkarni
Answer shall depend on teh nature of transfer.
i.e. LOAN or GIFT or any other option.
Anuj
femaquery @ gmail.com
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