Yup NRIs cannot have regular bank accounts in India. But please understand that what constitues an NRI is not clear to many. Just because you are in US on F1 and then on H1 many will start calling you NRI. In US you would be a non-resident alien still which then will make you without a "resident status" anywhere. Strange aint it ?
So be your own judge. If you have a GC or u r planning to get one, then maybe it is time you closed down your regular SB accounts. Otherwise just chill...
Implications of NRI using regular bank account
Implications of NRI using regular bank account
I am a USC and currently a RNOR.
I transferred a large portion of my savings in USD from banks in the US to India(a Regular SB account) in Rupees. This may or may not be illegal - that's not the intent of this post, however I have TDS deducted quarterly from this account.
My salary income exceeds Rs.1.5L/mo so clearly a TDS refund is out of the question, if solely based on income.
Would my being an RNOR exempt me from TDS for this account, seeing that the money was earned abroad in USD(RNOR's do not have to pay forex), but converted to rupees?
thanks much
--harish
I transferred a large portion of my savings in USD from banks in the US to India(a Regular SB account) in Rupees. This may or may not be illegal - that's not the intent of this post, however I have TDS deducted quarterly from this account.
My salary income exceeds Rs.1.5L/mo so clearly a TDS refund is out of the question, if solely based on income.
Would my being an RNOR exempt me from TDS for this account, seeing that the money was earned abroad in USD(RNOR's do not have to pay forex), but converted to rupees?
thanks much
--harish
Implications of NRI using regular bank account
r2I_hv;157374I am a USC and currently a RNOR.
I transferred a large portion of my savings in USD from banks in the US to India(a Regular SB account) in Rupees. I have TDS deducted quarterly from this account.
My salary income exceeds Rs.1.5L/mo so clearly a TDS refund is out of the question, if solely based on income.
Would my being an RNOR exempt me from TDS for this account, seeing that the money was earned abroad in USD(RNOR's do not have to pay forex), but converted to rupees?
Income in India is taxed in India. You are out of luck. If you had kept this money outside India, yes you would not have to pay tax on the interest on that as non-resident.
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Nothing sticks to teflon, so how does teflon stick to the pan?
Implications of NRI using regular bank account
All,
Pardon me if this question has been asked before or elsewhere in this forum. Please provide any insight in the matter below:
I have an NRE account and a regular savings account, both in the same bank. I have been using both accounts regularly, the NRE account to remit funds from abroad and the savings account to issue checks to family for personal use (family maintenance).
I am in the process of selling a property that was acquired with funds remitted and paid for from my NRE account. Once the sale is completed, I would like to repatriate the proceeds of the sale back to the US. How do I go about doing this? Obviously, I cannot deposit the proceeds into my NRE account since it will be in Indian currency. And if I deposit the same into my regular savings account, I will not be able to repatriate it (Is this correct?).
Therefore, I am assuming that I may have to convert my savings account to a NRO account. But in this case, does anybody know details of tax implications? If I were to repatriate the funds from this account, do I have to pay taxes on the entire amount or only on the capital gains?
Your thoughts on this matter would be greatly appreciated. I'm sure there are several members on this forum in a similar situation. Thanks.
Pardon me if this question has been asked before or elsewhere in this forum. Please provide any insight in the matter below:
I have an NRE account and a regular savings account, both in the same bank. I have been using both accounts regularly, the NRE account to remit funds from abroad and the savings account to issue checks to family for personal use (family maintenance).
I am in the process of selling a property that was acquired with funds remitted and paid for from my NRE account. Once the sale is completed, I would like to repatriate the proceeds of the sale back to the US. How do I go about doing this? Obviously, I cannot deposit the proceeds into my NRE account since it will be in Indian currency. And if I deposit the same into my regular savings account, I will not be able to repatriate it (Is this correct?).
Therefore, I am assuming that I may have to convert my savings account to a NRO account. But in this case, does anybody know details of tax implications? If I were to repatriate the funds from this account, do I have to pay taxes on the entire amount or only on the capital gains?
Your thoughts on this matter would be greatly appreciated. I'm sure there are several members on this forum in a similar situation. Thanks.