Dear Collegues.
There are 3 Scenerios.
1. The person is having a home loan/personal loan in india, while he/she may be in abroad with citizenship. Can that person send foreign remmitance to the indian bank account from where EMI is deducting. Will that remmitance would be taxable under Indian Income Tax Act?
2. Whether the person living in abroad can send money to their relatives like Brother or sister who are living in india. Whether there is any limit of foreign remmitance or any tax is applicable in india?
3. Whether the person living in abroad can remmit some foreign amount transfer in personal indian saving bank account. Is any tax applicable for that or any limits in transactions?
Please help me out in this regard.
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NRI Under Income Tax
Replies (1)
1. the person is having a home loan /personal loan in
India
the person can remit funds to savings account in india.
remittance does not entail taxability of the assesse.
any income which arises after the remittance arise taxability for example interest.
2.
any such remittance will be treated as gift but there is a limit .
India
the person can remit funds to savings account in india.
remittance does not entail taxability of the assesse.
any income which arises after the remittance arise taxability for example interest.
2.
any such remittance will be treated as gift but there is a limit .
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