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During my tenure in US, I deposited money in Wells Fargo checking account. I had to move to India last year. Now I would like to close the Wells Fargo account and get money transferred to India.

Is there any tax implication of this transfer in India.

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If you were NRI during the period you earned the income, its tax free in India and you can bring it back anytime within 7 years. There is a limit on total amount but its quite huge.

If you were not an NRI during that period [when you earned in US] then whatever you have earned is taxable even in India, it does not matter whether you keep the funds in US or bring it back to India. You get the benefit of Double Tax and can deduct the tax already paid.

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  • Thank you Dheer! So does it mean I don't need to show transferred money as income while filing tax in India for next fiscal year? – M Arch Jul 30 '14 at 8:37
  • It is not clear from your question "During my tenor" ... if during this period you were an NRI, its tax fee. Else taxable. Related question money.stackexchange.com/questions/35585/… – Dheer Jul 30 '14 at 8:54
  • @Dheer, alright that is cool again.. – beginer Jul 30 '14 at 11:53

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