if one is holding NRE account and wants to close the same and transfer funds to HUF or savings is it possible please advice
Menu
Nre account closure
Replies (5)
No. Both processes should be seprarately handled. (If at all you wish to gift any amount to third person).
so what would be the best way to close it and what tax is applied if the same is converted to savings straight away
If you have returned back, give such information to your bank, so that they will convert the same to normal saving account.
Otherwise close the account and repartiate the balance to your overseas account.
In both the cases there will not be any tax liability. (unless it is NRO acc.).
thank you for response what if no repartriation just to convert the same into local advice plse
Not permitted as such, but better consult your bank for any eligibility.
Recent Topic
- Proprietor have 2 business. One is registered unde
- ITR-4 – Gross Receipts or Turnover for Secti
- Unrelated entries in AIS and Form 26as
- Payment to foreign national
- Internal reconstuction
- IDS Refund – Annexure B & GSTR-3B Match,
- Can i should STCG and LTCG as business income ?
- Capital contribution in Firm
- Form 3CD – Clause 20(b) | ESI Contribution &
- Capital Gains on Dissolution of Partnership
Related Topics
CAclubindia
