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Sunday, January 23, 2022

If you have to send money abroad, then keep these rules in mind… otherwise it can be a problem

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There are two types of accounts for NRI people, namely NRE means Non Resident External and NRO means Non Resident Ordinary.

Foreign currency can be kept in NRE account.

Many people have relatives or family members living abroad. Due to this, many times they have to send money abroad, but they do not know about the tax of sending money outside. If you also have to send money outside, then it is necessary to take care of the rules. In such a situation, today we tell you what are the rules of sending money abroad and how you can send money.

Many times people also have a problem that abroad you will have to send money according to Indian currency or you will have to pay money according to foreign currency. Let us know that if NRIs send you money then there is no problem, but if you are sending money, many rules have to be followed.

There are two types of accounts for NRI people, namely NRE means Non Resident External and NRO means Non Resident Ordinary. There is an account NRE, in which you can send money directly in pounds or in any foreign currency. You can keep foreign currency in it. Apart from this, there is another account NRE, which is opened by the Indian company and you can deposit money in Indian currency. After this, you can send money to both accounts.

Get the gift deed done

If you send money out then you may have problems. You can keep foreign currency in NRE account. There is a tax rule on sending money from your savings to your son. In such a situation, you have to fill 15CA and 15CB. If you are gifting this money, then you also have to give a gift deed, it can save you from investigation in future and you do not have any problem.

How much tax do you think?

TCS will be deducted on sending more than 7 lakh rupees out of the country. If you are sending more than 7 lakh rupees, then you get TCS up to 5 percent. It will appear in your account in a few days and you can take it as a tax adjustment and you can also take a refund for it. You can easily transfer money up to two and a half million US dollars and if you want to send more money than this, then you have to take permission from RBI.

Also read- PM Awas Yojana: Understand in simple language, who gets the benefit, how much is the subsidy?

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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