If my friend or family member deposits money in my NRO Account, is it subjected to taxation?
SBNRI Team
answered on 24/05/2023
Only the interest that you earn from your NRO Account is taxable. Therefore, the interest on the money that your friends or family will deposit will be taxable in India. Also, there are certain limitations and tax implications while accepting and sending gifts as an NRI.
Click on the button below to connect with our tax expert for other such queries, file NRI tax in India, claim TDS and much more.
Related Questions
SBNRI Team
answered on 16/11/2020
The STCG on debt funds are deducted at 30% TDS but the tax liable is as per your tax slab. Therefore, you are entitled to a refund as per your tax slab. For LTCG, 20% TDS is deducted and the tax liable on LTCG is also 20% along with indexation benefits. Therefore, in this […]
SBNRI Team
answered on 16/11/2020
The NRE FDs doesn’t need to be converted to resident accounts after you return to India. They can remain as-is till maturity. Post maturity, the NRE FD can be converted to a Resident Foreign Currency (RFC) Account. The interest earned on NRE Deposits that have been converted to RFC Accounts will be exempt from […]
SBNRI Team
answered on 16/11/2020
As an NRI, your salary earned in UAE won’t be taxed in India. Hence, in such a case there is no need to fill Schedule TDS and the income can be disclosed as exempt income in the ITR. For assistance with filing your tax returns in India, click on the button below and connect […]
SBNRI Team
answered on 05/03/2021
Non residents having income from salary in India are generally required to file their return in ITR Form 2. However, we need to thoroughly check all the different sources of income and then can decide which ITR form will be applicable. You can connect with our taxation expert directly on WhatsApp using the button […]
