Hi
One of my Client returning from US after 5 years, during those priods he invests in NRO account in india, in between he transfers some amount of money to his sister and her son as gift.
1.He transfers money from us to his sister and her son is taxable?
2.The amount in NRO a/c get diverted to some part as Fixed Deposit, now the interest in FD is taxable?
3.What about the taxable procedure when he repatriabte all the money from that a/c.?
Kindly let me know the whole tax procedures.
Thank you.
CAclubindia
