Funds transfer from NRO to NRE in same Bank

Funds transfer from NRO to NRE in same Bank

By mistake i transferred funds from one BANK NRE account to another BANK NRO account. after that my funds are getting taxed 30% on interest. i have NRE account in same bank, can i transfer from NRO yes bank to NRE yes bank.

I came to know that there are some documents i need to produce To be able to transfer funds from NRO to NRE account, the following documents are required:
1) Letter requesting transfer of funds issued to the bank where the accounts are held
2) FEMA declaration – To view sample form click HERE
3) Documents showing source of funds being transferred, you’re CA and perhaps the bank may ask for this. (Ex: If sale proceeds of property, then sale documents)
4) Form 15CB ( Your CA will issue this after verifying documents)
5) Form 15CA (This is obtained online from the income tax department. See below)

Asked 6 years ago in Income Tax

Hi,

Yes, you can.

Transfer of funds from NRO to NRE account is subject to payment of applicable taxes/documents. Only if the taxes are clear and required documents are produced, you can move funds.

Payal Chhajed

CA, Mumbai

5189 Answers

302 Consultations

Talk to Payal Chhajed

Can you help me preparing & arranging those documents.,

Asked 6 years ago

Yes, that's correct. You can transfer funds from NRO to NRE account after complying with the procedure mentioned in your question.

However, remittance by non-residents individual towards family maintenance and savings does not require any if the above procedure.

Please do consult with FEMA expert.

Abhishek Dugar

CA, Mumbai

3576 Answers

183 Consultations

Talk to Abhishek Dugar

Hi,

As far as I know, transfer of funds by an NRI for savings does not require much compliance. At the most, you may require part D of form 15CA.

Lakshita Bhandari

CA, Mumbai

5687 Answers

942 Consultations

Talk to Lakshita Bhandari

Yes, we can arrange.

However, it is advisable that please consult with FEMA experts also.

Thanks & Regards,

Payal Chhajed

CA, Mumbai

5189 Answers

302 Consultations

Talk to Payal Chhajed

Hi,

Yes, your understanding is correct.

On verification of submitted documents, Bank will process the transfer and credit NRE account.

Obtaining CA certificate is the most important and most time consuming step. Each CA will have his/her own procedures to verify the source(s) of funds and whether source is tax exempt and/or income tax is paid. Once you complete Step # 1 (obtain CA certificate in Form 15CB), other steps could be completed within a day and mostly the same day.

Karishma Chhajer

CA, Jodhpur

2452 Answers

29 Consultations

Talk to Karishma Chhajer

Yes you will have to undertake such procedure and CA can help you with the above 2 forms but firstly please consult a FEMA expert and it needs to be done quickly because the tax in NRO account is at maximum rate.