If I close a dormant US account (tax deducted earnings) and transfer the funds to India, what are the taxes that need to be paid?
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Tax on us funds
Replies (2)
No taxes need to be paid for mere remittance of funds into Indian account. For any amount to be taxable, it has to be either earned or received in INDIA.
Thank you for the response. I currently do not hold an NRE account. If I remit the funds into a regular account, would that be a different situation or it doesn't matter ?
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