I am writing here as no bank is able to provide me with a definitive answer to my query and they have been changing their answer for the past one month. In fact 2 reputed private banks are giving divergent answers to my query, and RBI has refused to answer any query wrt taxation and dumped the onus on the authorised dealers i.e. the banks. Income Tax site has no provision for queries like this and advance ruling is exorbitantly priced and cumbersome.
My client is an NRI, working and living in the UK currently.
There are funds lying in her NRO account which she wants to transfer to his foreign bank account in the UK.
All the funds are gifts given to her by her direct ascendants through their tax paid income before the account was converted into an NRO account.
Will the TCS be applicable on this transfer of monies from NRO account to his foreign account?
Please advise.
CAclubindia
