Ask, Answer & Discover

Latest Questions

Q: Can i transfer money from my NRE account to spouse NRE account?

A: Yes, you can transfer money from your NRE account to your’ s spouse NRE account with the same or different bank.

Q: What are the tax implications and maximum amount per year that can be gifted by relative for an NRI?

A: There are no taxes applicable when gift is received from a relative as defined under the Income Tax. Since in the present case the gift is received from a relative as defined under the Income tax...

Q: Are NRIs permitted to send remittances outside India out of the assets in India that are inherited by them?

A: Yes, The RBI has granted permissions for remittances being made outside of India upto the amount of U.S 100,000$ a year from incomes generated in India on Indian assets.

Q: What are the conditions regarding repatriation of balances in NRO accounts?

A: Repatriation is allowed up to US dollars 1 million per calendar year for any purpose from the balances in NRO accounts subject to payment of applicable taxes. - The limit of US dollars 1 million...

Q: Can remittances be sent into India otherwise than through the medium of a bank in the country of residence of the remitter?

A: Yes. Exchange Houses in the Gulf countries have been permitted to send remittances into India by means of DDs, MTs and TTs drawn on banks in India. Source : Reserve Bank Of India