if one is holding NRE account and wants to close the same and transfer funds to HUF or savings is it possible please advice
5 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(195068 Points)
Replied 07 February 2018
No. Both processes should be seprarately handled. (If at all you wish to gift any amount to third person).
Nimesh Laxman
(6 Points)
Replied 07 February 2018
so what would be the best way to close it and what tax is applied if the same is converted to savings straight away
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(195068 Points)
Replied 07 February 2018
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.).
Nimesh Laxman
(6 Points)
Replied 07 February 2018
thank you for response what if no repartriation just to convert the same into local advice plse
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(195068 Points)
Replied 08 February 2018
Not permitted as such, but better consult your bank for any eligibility.
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