I'm a NRI living in Singapore . Is the money which I transfer to India (from Sing Dollars to INR) taxable ? I have already paid tax to Singapore Government and I'm transferring the amount to my brother's savings account in India . Should my brother have to pay tax for that amount ?
RE:Can Someone Clarify Please
by Jagdish Nagdev on Apr 29, 2007 12:16 PM Permalink
Dear Sir This is with referene to your query on transfer of funds from SingDollar to INR in your brothers S B A/c. First of all I wish to state that since you are transfering to your brothers A/c, hence there is blood relation so it will not be taxable in his accounts. Now wether it will be taxable in your books or not depends on certain conditions of NRI defined in Finance Act. Now wether you qualify to those conditions to be tax free depends on your status & since when you are NRI. I can clarify this further once I get feedback from your side. Please feel free to wite to me @ jagdish_008@rediffmail.com / jagdishn_008@yahoo.co.in Thanx & Rgds Jagdish
