Anyone know about...if a person trf money from indian account to usa account..then any tax implications?
Any tax..
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Tax implications on money trf?
Replies (5)
If you transferring money through Liberalize remittance scheme ( LRS) then Bank will deduct TCS 5% amount for remittance of more than 7 Lac in certain cases , was effective from 1/10/2020 , please refer section 206C(1G) of the Income tax act . contact to your Bank branch who are authorized dealer of Foreign Exchange for more details.
But this section is applicable to non resident ...in my case...he is resident because last year he had gone to usa...
1)Is Money remitted through LRS ?.
2) who has transferred to money to whom in USA. please elaborate in detail.
2) who has transferred to money to whom in USA. please elaborate in detail.
Like in my case...that person wants to trf money from his indian account to usa accounts...and now he is in india for some short time..
He is transfering to his own account.
there wouldnt be any tax implication
there wouldnt be any tax implication
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