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Do I need to Pay Taxes in India When I transfer money from Overseas bank to India? Many of my IT friends are working abroad and when you go abroad the first time, you have a lot of queries in your mind, related to NRI status, Taxation in the foreign country, remittance and Taxation in India. One of the most common questions I see is “Do you need to pay taxes in India when you transfer funds from and Overseas bank to Indian Saving account? No, provided you are an NRI i. Since you have already paid tax on that amount in the country you are earning and currently staying e. For example, why you want to transfer your foreign currency in India? Who holds that saving account etc? Motive is important because it will open more options and I would say better options. Transferring Money for Investment when you are simply remitting money using Xoom or Transfast for investment e.
NRE saving account and then transfer funds there, Why? NRE fixed deposits are tax free in India. Also don’t transfer funds to NRO account for investment purpose because interest earned on NRO account is also taxable. NRO account is only to hold your income in Indian rupees, you should only transfer foreign currency converted amount to NRO if you absolutely need it for some expenditure. If you are transferring fund from overseas to your parents for their personal expenses, it make sense to transfer directly to their resident saving account, there won’t be any further tax on that amount. If you are interested to learn more about NRI investments and NRE and NRO accounts e. Can NRI invest in Public Provident Fund In India? Can an NRI open more than one NRE accounts in India?
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What happens to NRE accounts when NRI returns back to India? Is it mandatory for NRI to file income tax return in India? Can you transfer money from NRE account to NRO in India? Can you break FCNR fixed deposit before maturity? What is difference between NRI, NRO and FCNR account?
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How to deposit money on NRE and NRO account in India? Hi , My friend worked in abroad and come back to 2014 but he kept his savings money in his overseas bank. He want to take that money back to India now. Is this amount is taxable and the new law impact his money?
Hi, the earnings your friend has in his overseas account was already taxed in that country. So, for bringing the money to India now, he will not have to pay additional tax. Which country is he bringing the money from? My mother’s income is less than 2. So can I send her some money to deposit as FD? No, i guess you don’t have to pay tax on you money transfer to India. You have already paid tax on you earnings.
Many online remittance services offers free remittance to India. I am an Australian lending money to a friend in India to acquire a house. There is a loan document and the funds are repayable. Will he need to pay tax on this loan?
Anonymous, I am not the expert on that but my understanding is that loans are not considered income hence he don’t need to pay tax, but you better ask him to check with a certified charted account or income tax planner. On 1st September 2016, I left India and came to Ireland to pursue my masters. As part of teaching assistant job, I got paid some money into a local Irish bank account. In May 2017, I joined an internship here, for which I got paid monthly salary into the local Irish bank account. However, now I am planning to return to India permanently.