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Q: How to transfer money from NRO account to NRE account?

A: To be able to transfer funds from NRO to NRE account, the following documents are required: •Letter requesting transfer of funds issued to the bank where the accounts are held •FEMA declaration...

Q: How to send money abroad from India?

A: The source of the funds does not matter under this scheme of remittance as long as the money is sent from legal funds in a personal bank account in India. 1.Under the Liberalised Remittance...

Q: How can NRI repatriate funds from NRO account to NRE account

A: The transfer of funds from NRO account to NRE account cannot be done. •NRE deposits are made with foreign funds only and direct deposit of Indian Rupees to NRE account is not allowed. •NRO...

Q: Transfer money abroad from Indian NRO account?

A: If you have a resident Indian bank account it must first be converted to the NRO account. While interest from NRO accounts are allowed to be repatriated, the source of the money does play a part in...

Q: Is money sent to parents from abroad taxable in India

A: Your parents need not pay income tax on the money sent to them by you, taxes on income tax is paid by the person who earns the income.Your parents can do whatever they like with the money you send...

Q: How much money in a year can be transferred from India to USA?

A: The Reserve Bank of India (RBI) in its monetary policy review enhanced the limit under Liberalized Remittance Scheme (LRS) to $250,000 per person per year from existing limit of 125,000 USD. RBI...

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...