I am an Indian national and between 2002 and 2004 I worked in USA in L1 Visa, paid taxes and then returned to India after that. I have been living India since then, as a resident Indian, but my bank account in USA is still active.
I intend to close it now and wish to wire transfer the money into my local Indian bank account. The money has been in a normal SB account (checking account) so the interest earned is 0.1% which did not attract any taxes in USA and hence I have not filed US taxes after I stopped earning in the US and returned to India. But for the earnings in India, since 2004 till now, I have been a prompt tax payer as a resident Indian.
Is it better that I disclose the US bank account details in this AY 2022-23 IT (Income tax filing) and then initiate the transfer?
I have not included this US bank details in any of my previous years IT filing.
Menu
Question regarding Closing US bank account
Reporting is required to be on a conservative side. Whether you close the account or not is secondary to your reporting requirements.
I would suggest wiring the money to a sibling or parent or other close relative in India or abroad. And then wiring it to your account in India by classifying it as a gift.
Since its going to be a one-time activity, this solves all the problems without complicated disclosure and lingering doubts.
It's what I did a few years ago.
Dear CA Raj Doshi sir and other experts,
what will be the purpose code for a wire transfer that is done for such a transaction?
For easy reference the context is:
I am an Indian national and between 2002 and 2004 I worked in USA in L1 Visa, paid taxes and then returned to India after that. I have been living India since then, as a resident Indian, but my bank account in USA is still active. I intend to close it now and wish to wire transfer the money into my local Indian bank account.
Recent Threads
- NSDL and CDSL have not reported sales made on 28th
- Schedule FA table A2 - what to specify in amount?
- GST on Real Estate Developer | Construction Contra
- How to treat losses from f and o trading in itr
- Itr 44ad n fno
- 44ad future n options
- Total Income consideration for Surcharge calculati
- CA Inter Costing best faculty
- Ca inter best faculty
- Small transporter ITR Filing
Related Threads
CAclubindia
