Indian Rupee Tax Question

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high vision
Member since: Jul 12

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Posted on: 07-08-12 11:16:23

If I transfer some funds from here to India would there be any tax implications?
Does amount matter?
and do I have to take into consideration any other factors?

high vision
Member since: Jul 12

Posts: 95
Location: Somewhere on Earth
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Posted on: 07-08-12 11:40:12

That sounds great if I have NRE account. To open NRE account do I have to provide a PAN number or anything like that? Would they link this NRE account to indian database in terms any amount I transfer needs to be declare, still have to do tax filing in India?

high vision
Member since: Jul 12

Posts: 95
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Posted on: 07-08-12 11:56:27

Thanks, so any interest i earn in it I do not have to do any tax-file or declare anywhere in India?
And which is a good nationalized bank to open NRE account or should I go with ICICI or something like that?

high vision
Member since: Jul 12

Posts: 95
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Posted on: 07-08-12 12:00:52

Great I will browse their sites to see the features they offering for NRE. Thanks, ashedfc once again.

Pramod Chopra
Member since: Sep 03

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Location: Pickering, ON
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Posted on: 08-08-12 10:19:12

Quote:
Originally posted by high vision

Thanks, so any interest i earn in it I do not have to do any tax-file or declare anywhere in India?

Correct. However, if you are a Canadian Resident for Tax purposes, then you need to declare this 'interest income' in Canada as Canada taxes you on your 'Worldwide Income'.

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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada

web2000
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Posted on: 08-08-12 13:39:11

1. For NRE account, open account in the name of a family member who has no income or very less income. That way you can save maximum tax on the interest earned. e.g. if you have parents here and do not have any income that will be the best option to open account in their name and save all the interest earned without paying any tax in India or Canada.

2. If you have parents living in India then open local savings account in their name and interest earned upto Rs 500,000 approx. will be tax free provided they have no income in India. The only drawback of this option will be that you won't be able to transfer funds to Canada easily.

high vision
Member since: Jul 12

Posts: 95
Location: Somewhere on Earth
Post ID: #PID

Posted on: 08-08-12 14:48:52

Thank you Pramod Chopra and web2000 for this info.

However what I am thinking now is do I have to report the interest earned in India if I open the account on my name? How would Canadian govt track this? Does it mean that NRE account share information with the Canadian govt or similar to that anything else?

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