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I am an Indian citizen and working here in UK from last eight months (June'2015).

I get salary after tax deductions as per UK law. I want to send some money to Indian in my saving account but I haven't any NRO/NRE account.

I have some questions regarding transaction process and tax in India. Please let me know the answers to the following question: -

  1. Proccess or Transaction charges or Tax (levied by Indian bank) on money what I'll send to my saving account in India. I know the process or transaction charges (applied by UK banks) from UK to India.

  2. Is there any limit to get rid off tax?

  3. What types of paper work I'll need to do for showing that income is sent from UK after paying tax.

Bit confused while typing having a lot more questions in mind, please help me to find out the answers.

Thanks

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I want to send some money to Indian in my saving account but I haven't any NRO/NRE account.

It is advisable to Open an NRE account. As an NRI you cannot hold a savings account. Please have this converted into NRO account ASAP.

Process or Transaction charges or Tax (levied by Indian bank) on money what I'll send to my saving account in India. I know the process or transaction charges (applied by UK banks) from UK to India.

There will be a nominal charge levied by banks in India. If you use dedicated Remittance services [Most Leading Indian Banks offer this], these are mostly free.

Is there any limit to get rid off tax?

Nope there isn't any limit. This depends on service provider.

What types of paper work I'll need to do for showing that income is sent from UK after paying tax.

If you transfer to NRE account. There is no paperwork required. It is implicit. If not you have to establish that the funds are received from outside India, keep copies of the transfer request initiated, debits to the Bank Account in UK, your salary slips, Passport stamps etc.

  • Please let me know some more thing about NRE: - - Can I transfer money from NRE account to any other resident's or my own account in India? - What if I close NRE account after reaching back to India and tranfer this money to my resident account. Will that gross amount (principle & interest gained by NRE account) be taxable? – Shobhit Mar 1 '16 at 23:37

protected by Chris W. Rea Jan 9 at 19:07

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