One of the frequently asked questions by people going abroad is that, whether they can send money to a resident saving account in India or not? Will that be taxable? The answer to this question depends upon whose resident saving account? For example, if you send money from abroad to a normal saving account of your parent, spouse, or children then it will be considered as a gift from an Income tax perspective, and gift to a parent, spouse, and children are not considered as income in India, hence they will not be taxable. But, if you send them to somebody else’s normal savings account then it will be considered as their income and they are liable to pay income tax on that.
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Recently one of my readers asked me that he wants to invest some money on NRE fixed deposits but confused on whether to go for foreign banks like Citibank, DBS, Standard Chartered, Deutsche Bank or Indian banks like ICICI, Kotak, HDFC, SBI, Axis Bank or Union Bank? I asked him, whether he has any existing NRE saving account , he says he doesn't have any existing NRE saving account? Then I ask him what is more important for you? the interest rate or convenience? and his answer was the interest rate. Read more »
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