• Remittance of money from India to Sweden


I wanted to ask a query about the money transfer from Indian bank to Swedish banks.

I live in Sweden and have a local bank account here. I am in Indian resident and also have my salary account setup in India (HDFC). 

I wanted to remit small amounts every month/quarter (something like 50,000 INR a month) to my Swedish bank account for living expenses here.

- what will be the tax implication in India?
- Do I need to also talk to the bank and inform them about it?
- what other care/risk should I need to be aware of?

Any help is appreciated.

Asked 2 years ago in Income Tax from Greater Mumbai, Maharashtra
Outward remittance from India to Sweden or any other country are subject to  tax clearance in the form of 15CA/CB . If the income which has been earned in India , the tax should be paid in India and after that it can be remitted outside  whether NRE account or any other account in sweden . For this purpose 15CA/CB is required .

So please clarify that the amount which you want to remit outside India has been tax paid or not .

Apart from the above taxation provision , the amount has to be transferred as per FEMA guidelines . You can contact us 09818295840  for more detail process .
Prakash Sinha
CA, New Delhi Area, India
120 Answers
16 Consultations

4.9 on 5.0

Dear Abijeet,

With respect to your quarries please find below answers :

1) If you are earning any income in india than same shall be subject to tax in india but if you are remitting fund out of excess or carry forward balance there will be no tax implication on the said transaction.

2) Yes this remittance shall be carried out by the bankers only and you will need to file the form for the same for allowing them to transfer money to your foreign account.

3) Also you need to be sure of the bank charges levied by the bank and intermediary bank as in case of small amount of remittance such charges will eat away 10% - 15% of your remittance amount.

If you face any problem with banking clearance than kindly let me know will be please to help you out in all the best manner possible.
Vishrut Rajesh Shah
CA, Ahmedabad
605 Answers
10 Consultations

5.0 on 5.0

Dear Sir, 

Please find following points:

1. Limit of transfer from NRO account to NRE would be as per FEMA guidelines.
2. Form 15CA CB would be required.

You need to ensure that proper tax have been paid in India and also you have filed your I.T Return timely.

For any other Query/ Clarification, feel free to contact:
Shiv Kumar Agarwal
CA, Delhi
258 Answers
58 Consultations

5.0 on 5.0

1. If you are earning income in India and paying taxes then there will not be any problem for transfer from your account outside India.

2. There is no need to inform the Banker. He will ask you to give Form 15CB and 15CA from chartered Accountnat for transfer. 

3. There is no risk involved. Before Issuing 15CA And 15CB the Auditor will take care of the points involved in that.
Shyam Sunder Modani
CA, Hyderabad
1408 Answers
95 Consultations

5.0 on 5.0

Dear Abhijeet,

1. If you have already paid taxes on the money which you are remitting then you can transfer the money from your account outside India subject to limits specified in FEMA.

2. You have to  obtain Form 15CB and 15CA from chartered Accountant and give it to your bank for transfer.

Please let me know if you need any assistance on the above.

Thanks and Regards,
CA Abhishek Dugar
Abhishek Dugar
CA, Mumbai
2934 Answers
123 Consultations

5.0 on 5.0

Hello Abhijeet,

It appears to me that your company has posted to you in Sweden but your salary is credited in India in INR.

In that case you can very well transfer your funds to Sweden by informing your bank as they may ask you to fill a Form in order to transfer the funds. 

As per Indian Laws, transfer of funds is not liable to tax but I would still advice you to take an expert opinion in Sweden about what does the Swedish Laws state about the same.

Trust this clarifies your query. 

Feel free to get back/ call back for any further clarifications. 

Thanking You. 

Rohit R Sharma
Rohit R Sharma
CA, Mumbai
2104 Answers
91 Consultations

5.0 on 5.0

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