my brother is residing in Dubai. he sends money from nre account to his sb Indian account.whether it's taxable.....
kindly tell me the limit of such remittance
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Inward remittance
Replies (10)
No, any amount credited to his NRO account from NRE account is not taxable.
Yes , agree with above reply, however after transfer interest accumulated or interest earned in NRO account is fully taxable as per the income tax Act.
Thanks u @ dhirajlal and @ prasad
My pleasure.
Sir what about transfer from nro to nre?
That depends upon the taxability of the funds to be transferred.
To transfer funds from NRO to NRE account, the following documents are required.
-
Signed cheque/ letter for funds transfer from NRO to NRE savings account.
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FEMA declaration. This is a document which says that you are eligible to transfer funds from a NRO to a NRE account according to provisions of the FEMA law.
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Documentary evidence of source of funds
You need to submit form 15CA and 15CB. Form 15CB needs to be obtained from the chartered accountant. This shows the source of your funds. Form 15CA can be filled online.
So sir nri can transfer money to India to any account from his nre or nro account without any restriction right
Yes, there is no taxability over inward remittance when it is transferred to own account.
This is also termed as incidence of taxation.
When your brother, who is residing in Dubai, sends money from his NRE account to his Indian savings account, it is not taxable in India. The funds in an NRE account are earned abroad and are not subject to income tax in India.
However, for large remittances, the bank may require supporting documentation. There is no specific limit on the amount that can be transferred, but if the total remittance exceeds ₹50 lakh in a financial year, the bank may ask for Form 15CA/15CB to ensure compliance with FEMA regulations.
If your brother is regularly transferring significant amounts, it's a good idea to keep the records and check with the bank to ensure that everything is properly documented.
For easy filing of Form 15CA/15CB and bulk XML generation, our Excel-based utility can help simplify and automate the process.
Download here: https://xltool.in/15ca-15cb/ | www.xltool.in
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