ONE OF MY CLIENT IS A WIFE OF PERSON WHO IS NRI(US)..... HE WANTS TO TRANSFER SOME MONEY TO HIS WIFE IN INDIA FROM HIS BANK ACCOUNT.???
IS THIS TRANSFER TAXABLE OR EXEMPT.??
ONE OF MY CLIENT IS A WIFE OF PERSON WHO IS NRI(US)..... HE WANTS TO TRANSFER SOME MONEY TO HIS WIFE IN INDIA FROM HIS BANK ACCOUNT.???
IS THIS TRANSFER TAXABLE OR EXEMPT.??
Treatment of the amount called TRANSFER requires clarification, e.g. loan, gift, payment etc.....
Just a normal transfer of money from his saving account to her wife that is a joint account in both name..she resides in mumbai...he is in us.
"Just a normal transfer of money......"
Does ownership change? Does the fund get transfer from Husband's account to wife's account? How treated in books of accounts?, or its just contra entry, or credited to NRO account?
Please clarify.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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