My NRI son gifts Rs. 3,00,000 to me in India. What is my tax liability?
SBNRI Team
answered on 09/02/2021
Gift from an NRI Relative to a Resident Indian is exempt from tax in India for both giver and receiver. Therefore, you don’t have any tax liability in India.
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SBNRI Team
answered on 10/09/2020
Taxation on Mutual Funds for NRI: Different types of Mutual Funds are taxed differently *(Equity Funds: An equity fund is a mutual fund that invests principally in stocks) *(Debt Funds: A debt fund is a mutual fund that invests in fixed-interest generating securities such as corporate bonds, government securities) Nature of Profits […]
SBNRI Team
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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
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After returning to India, you will have the RNOR (Resident but not Ordinarily Resident) Status. The NRE Deposits need not be converted to resident accounts after your return to India. They can remain as-is till maturity. Consult NRI Taxation Expert There are certain benefits of the RNOR status: They don’t have to […]
SBNRI Team
answered on 16/11/2020
A Roth IRA is funded by your post-tax income. Therefore, withdrawals are tax and penalty-free. However, if you have had your Roth IRA for less than 5 years or you haven’t reached the retirement age of 59 and a half, the earnings can’t be withdrawn. If you withdrawal your earnings before maturity then tax […]
