Ask Your Expert – Online Tax Queries

Query ID: 0006
Question By: Khurshed 
US US

Q: I am an NRI living in the US. I plan to return to India on 15th of February 2019. When will I cease to be an NRI? Will it from 15th of Feb i,e the date of my return? Also, will all the money in my NRE/NRO account become subject to tax? If I transfer say US$ 100,000 into my bank in India, will it be taxable?

A. If you are in India for 182 days or more in any financial year (Apr- Mar), you qualify to be […]

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Query ID: 0005
Question By: Vicky 
US US

Q: As per RBI rules, money cannot be repatriated from the NRO Account What should a pensioner do when his pension amount is credited to NRO account and he wants to repatriate that amount? Will you please elicit your views as to how one should go about having the pension repatriated?

A. Money cannot be transferred from an NRO account freely the way it can be from an NRE account. However, for […]

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Query ID: 0004
Question By: Ranajit 
US US

Q: What are the tax implications in the US of opening and maintaining an NRO account?

A. Legally we can comment only on Indian tax laws and rules. As regards taxability in USA of gifts given by […]

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Query ID: 0003
Question By: Ranajit 
US US

Q: Will TDS be deducted from the interest on the NRO account? Are there any limits at which TDS deduction starts?

A. TDS will be deducted on the interest earned from NRO account @30% plus applicable cess and surcharge. The entire NRO […]

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Query ID: 0002
Question By: Ranajit 
US US

Q: Do I have to pay tax either in India or the US on the amount gifted to me by my father? What is the documentation required so that I do not have to pay gift tax?

A. As per the provisions of Sec. 56 of the Indian Income Tax Act (ITA), gifts given by a close relative […]

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Query ID: 0001
Question By: Siddana 
US US

Q: Can you tell me about tax returns in India for NRI, do we have to file returns in India?

A. If your total Indian taxable income is over the basic tax threshold of Rs. 250,000, you are required to file […]

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