Transfer of Money from NRE to Resident ?

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Transfer of Money from NRE to Resident ?

I have a NRE account in SBI. I want to transfer money from NRE to my savings acct in SBI..but both are not linked. So while transferring what should I mention in reasons..Transfer to relative/friends OR transfer for investment. Is any tax issue wth ths..Thanks

Profile photo of Abhilov Sharma Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 2 weeks, 1 day ago
  • Profile photo of Abhilov SharmaAnonymous

    I have a NRE account in SBI. I want to transfer money from NRE to my savings acct in SBI..but both are not linked. So while transferring what should I mention in reasons..Transfer to relative/friends OR transfer for investment. Is any tax issue wth ths..Thanks

  • Profile photo of Chetan ChandakChetan Chandak
    Moderator

    If you are transferring from your own NRE account to your own saving account then there should not be any tax incidence on such transfer. But insure that the source of such transfer is out of your tax paid income abroad and it is not taxable in India as a second right.

    For linking of bank account you should talk to your banker. Reason for transfer could be family maintenance, investment, etc. depending on the purpose of such transfer.

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