NRI = Non Resident Indian . NRO=Non Resident Ordinary Rupee Account. NRE= Non-Resident External Rupee Account. From NRE, one can transfer the amount outside India but not from NRO. My account can be called a Non-Resident Ordinary account. NRO for domestic transactions and NRE for crediting inward remittances and freely repatriable. HOW TO TRANSFER FUNDS FROM NRO TO NRE? CA SRIRAM RAO - YouTube One can easily transfer 1 million USD per financial year, satisfying the conditions of ITR and FEMA from NRO to NRE. Approach the banker and submit that. The banker shall help apply FEMA laws. These should be tax-paid funds.
"The difference between NRE & NRO accounts An NRE account is a bank account opened in India in the name of an NRI, to park his foreign earnings; whereas, an NRO account is a bank account opened in India in the name of an NRI, to manage the income earned by him in India. These incomes include rent, dividends, pensions, interest, etc".
1. NRI property sale and transfer of money to resident country. Tel no. 0097-1555484472 (97 is code for Nepal) of Chandra Kant Bhatt
You can gift it to your family members.
Listen to how to minimize the tax impact on selling property in India
https://www.youtube.com/watch?v=pX3UB6LXCRo
2. How to transfer money from Resident of India (ROI) to NRI in US / NZ (9 September 2021)? It is covered under LRA, i.e., equivalent to USD 2,50,000 / year. Rate is on the date of transfer and permitted by FEMA. Some transactions are approved by RBI. The capital account which is allowed by FEMA is specified. Proceeds of gambling or lottery cannot be transferred. Liberalized Remittance Scheme (LRS).
The capital account is any transaction that creates and dilutes capital is capital account. The transaction which is not a capital account is a current account transaction. A current account like medical, education, etc. is allowed. Take the help of a chartered account. It is the preferred method.
https://www.youtube.com/watch?v=0KY6mKMouZs
3. Aadhar cards and PAN card for NRI - linking of Aadhar cards and PAN
https://www.youtube.com/watch?v=Ahtjkygxd8Q
4. When should I file a tax return in India by NRI
https://www.youtube.com/watch?v=u6CJ50haJbE
Tax on sale of DDN house (appx)
Sale value 60 Lacs [ it shall be under section 54 ]
Long Term Capital Gains Tax shall apply
up to 50 lacs 20%
from 50 lacs to 1 crore 10% surcharge
Education cess 4%
The house sale is under section 54 of ITR. Forms NRI has to file A) 15CA and
B) 15CB to be filled by NRI and certified by Chartered Accountant. 15CB form is a certificate of Chartered account which confirms that amount transferred is after paying Indian Tax.
C) Buyer has to deduct TDS and file the return. Therefore, it is advisable to approach Income Tax Officer and let him finalize the tax amount. Then only the sale agreement is to be executed.
In my case, rental income and interest earned should be less than 2.5 lacs per annum. Interest Income of NRE deposit is not to be included in income. In my case, there is no NRE or NRO deposit, although we informed that we are NRI to PNB and SBI.
If income is, for example, 4.5 lacs/annum. Deduction under PPF is 1.5 Lacs. Then tax payable shall be on 4.5-1.5=3.0 lacs. The benefit of a senior account holder or super senior account is not available to NRI.
D) It is obligatory to link Aadhar and PAN before 30 September 2021. Go to E - filing portal of the Income Tax department and click as NRI or intimate.
E) How to transfer funds from NRE and NRO Account?
2. Avoid these FEMA violation laws: Avoid These Common FEMA LAW Violations - Harsh Penalties Will Follow. By CA Dhanush Bolar - YouTube Penalties are 300% (that is three times of violations) and Rs 5000 / day (it is never ending time limit - even violation committed 15 years before it can be compounded)
3. Double Tax Avoidance Agreement (DTAA): Double Tax Avoidance Agreements ( DTAA ) How NRIs Can Be Benefited ? By CA Sriram - YouTube
