Posted on: 06-03-17 10:23:17
Thanks guys for the quick responses.
Yes I felt the same by not leaving without fighting. As these might be small amounts but collectively they could become large and eventually gets misused by Netha's luxary protocals and corrupted officials.
I will contact my local CA in home town and see what they can do..if not will contact Mumbai Charted account.
NOTE: I left the money in NRO so that its will be easy for my parents to access anytime for their expenses and be joint account holder. They already paying hefty taxes in every action they take..now even the money I earned tax paid here is also getting taxed there unfortunately.
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MK
Quote:
Originally posted by mkannuri
Thanks guys for the quick responses.
Yes I felt the same by not leaving without fighting. As these might be small amounts but collectively they could become large and eventually gets misused by Netha's luxary protocals and corrupted officials.
I will contact my local CA in home town and see what they can do..if not will contact Mumbai Charted account.
NOTE: I left the money in NRO so that its will be easy for my parents to access anytime for their expenses and be joint account holder. They already paying hefty taxes in every action they take..now even the money I earned tax paid here is also getting taxed there unfortunately.
NRE to NRO money transfer is instant online. So keep all the money you send from here in your NRE account, NO TDS on it. No taxes, No hassle, No filing taxes, nothing
Keep minimal money in your NRO account which is Joint account with your parents. If and when they need money from your NRO account for expenses, transfer money online from your NRE to NRO.
The money transfer is instant if both accounts are with the same bank. Or it takes 1 day if your NRE is with one bank and NRO with another bank.
Give them your online access like User ID, Password etc if you want. So even they can do the NRE to NRO transfer instantly. Also give them the debit cards of NRE and NRO accounts with their respective PINS so they can even access the ATM's of both accounts.
Those debit cards are not of much use in Canada, so might as well leave them with your parents in India.
I am guessing you have about Rs. 10 Lakhs in your NRO account, if the with holding taxes from the bank were Rs. 12,000 . As banks usually give 4 % interest on NRO accounts and 30 % of that is With Holding taxes aka TDS.
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