IT REFUND to NRE Bank Account

Hi All, 

ITR 2 does not allow to add NRE savings account. What it allows is NRO account. 

I have a portfolio which is under PINS NRE account. I had traded and by profits and have LTCG and STCG on it which my bank debited under section 195. 

My refund is now processed and my due refund which is income from NRE funds now must be credited to my NRO account, 

Does it mean that CGs on investments under NRE account is considered as income generated in India and is to be credited only to NRO ? 

I have seen scenario where in someone who is filing from 2006/07 his IT refunds are still being credited to NRE account and someone who started to file recently can not add his / her NRE account for refund credits. 

Can someone highlight as sizable profits from CG is being converted from NRE money ( repatriable) to NRO (non repatriable fully) money and I will be liable declare it income and will be taxed next year!

 

 

Replies (4)
Quick Summary
This discussion revolves around the complexities of receiving Income Tax (IT) refunds into an NRE bank account for Non-Resident Indians (NRIs). The core issue is whether capital gains earned from investments made through an NRE account, which is repatriable, are considered Indian income and thus must be refunded to a non-repatriable NRO account. Participants are sharing experiences and seeking clarification on the Income Tax department's current stance and procedures regarding NRE vs. NRO accounts for refund credits.

NRI can claim Income tax refund in saving accounts in India in that case you need to provide IFSC code and Account number

if not claiming any account in India you need to provide IBAN, SWIFT code, country and account number.

check the details you have filled.

That does not answer his question. I am in same situation. My CA filed my return last year in July and I gave my NRE account info of AU Band and Axis Bank to get the refund. I am still waiting for my refund!!! 

Question is: On income generated by investments made thru NRE account, will the Indian Income Tax Dept issue refund back to NRE account or do I have to have a NRO or local Indian bank account to get my refund please?

Hey even I am in the same situation. Have you got the answer to this? Please help

India Income Tax E-filing website says, "Refund can be issued in following account types: Savings, Current, Cash Credit, Over Draft & Non Resident Ordinary". So it appears that NRE account may be out.

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