NRE or NRO
I am a US citizen who lives abroad,have no close family ties in India now. I have a domestic savings account from my earnings in India before I moved to US,which I am told I cannot transfer to US. Is it true? Can I get a check to be deposited in my US bank.
Can I move this to a new NRE or NRO account. For me NRE would be better because I can transfer to US bank. Please let me know if closing the domestic account and using that money to fund NRE account is possible. I do not intend returning to India so there is no point in keeping any account in India. Your reply is appreciated
Asked 1 year ago in Income Tax from New Delhi, Delhi
you will have to consult your banker for transfer of funds and you will have to file for no 15CA and deliver form no 15CA and certificate from Chartered Accountant in form 15CB and other formalities to bank to transfer funds to U S
Talk to Vijay N. Kale
4.9 on 5.0
You are a Non resident Indian and can have a NRE account as well as NRO account . The NRO account is a simple saving account in India whereas the NRE ( Non resident external ) a/c is treated as the account outside India . You can transfer all your deposite lying in the NRO account to your NRE account or any other account by paying the income tax or showing that tax has already been paid on this income . From a NRE account you can transfer your balance as per your wish complying the RBI guidelines .
Since you do not intend to come back , you can transfer your proceeds from NRO to NRE a/c( subject to tax if any ) and thereafter NRE to any other account as you wish .
Talk to Prakash Sinha
4.9 on 5.0
The transfer can be done on the basis of certificate from a CA in Form No. 15CB. The CA will have to certify that the taxes as applicable are paid to effect the transfer.
The amount from NRE can be transferred to your US Bank accounts without any problem.
Talk to B Vijaya Kumar
5.0 on 5.0
I think the same is already answered and follow up questions are being received. Thus not answering the same.
Talk to Shyam Sunder Modani
4.7 on 5.0