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Tejas Chokshi | Answer |Ask -Follow

Tax Expert - Answered on Aug 14, 2023

CA Tejas Chokshi has over 20 years of experience in financial planning, income tax planning, strategic and risk advisory, banking and financial products and accounting and auditing.
He is an information system auditor, a forensic auditor and concurrent bank auditor.
Chokshi, who has a master’s degree in management, audit and accounting from Gujarat University, has completed his CA from the Institute of Chartered Accountants of India.... more

Asked by Anonymous - Aug 12, 2023Hindi

Money

My daughter is a US citizen and has an nri and NRE account. She has some money in the nri acccount which I wish to transfer to her in the US. Please guide me of the process and taxes , if any, in India and the US. Thank you

Ans: Dear Sir, Need to understand more from fema point of view basis RBI regulations. whether the amount in her NRI account is her taxed paid funds? since she is the US citizen, she would be taxable for the global income into USA, but need to see if she was in India for more than 182 days during the previous year or not? Also, the quantum of amount, you wish to transfer is also required to be verified .

The reply can be framed after all the above information is received.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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(1) I want to pay the university fees of my grand daughter in a US university (Duke University, North Carolina). How can I do it through say SBI. I understand grand parents are not entitled. I such case how can I transfer the fees and what are the tax implications? (2) How much of INR I can give as a gift to my US based daughter through SBI without any tax liability and with tax liability?

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Hello sir this is Nishat , I passed my 12th in the year 2023 with a good percentage but however I couldn’t see it for chemistry exam. So obviously I failed in that subject so I decided to again reappear for that exam and in 2024 I gave betterment exam from my state board in the subject biology and chemistry. However I scored far better in biology than last time but (Chemistry) I don’t know maybe it’s it’s because of the issues that we have with our board. I couldn’t score good marks so even I had decided to give (Chemistry) separately and so in 2024. I again set for (Chemistry) exam under nios I and I scored 80 so now the thing is that I’ll be having two mark sheet so while applying in need I cannot possibly select the code 2 because although I already have the state board certificate but the NIOS certificate is not yet out and it will be out by end of the March sir can I possibly select the code one that is appearing or will it create problems while counselling or is there any other option please help me out sir , I’m very desperate like I have prepared for neey for the last two years and I don’t want to put my hard work into vain. Please Sir help me out

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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