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Tejas

Tejas Chokshi  | Answer  |Ask -

Tax Expert - Answered on Jun 12, 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 - Jun 11, 2023Hindi
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Hello Tejas, My childr is currenly studying in the US. I have made two remittances overseas, for her tution and maintenance fee, during the finacial year 2022-23. A certain percentage of the amount has been deducted as tax, by the bank. The bank has also issued a certificate for this deduction. This I think is refundable under the current RBI remittance rule. How can I seek a refund of this amount from the income tax department. Thank you

Ans: Tax deduction is not applicable if the funds are remitted abroad for maintenance and education purposes, abroad.
Since, bank has deducted the same , it may be claimed as refund, if you do not have any other tax payable.
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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I took home loan from HDFC of 10 years duration in May 2023. I told them that i will be able repay the loan in few months as i was planning to sell one plot of mine. Bank employee offered insurance on home loan with return of premium scheme telling me that as soon as you repay the loan all of the premium will be returned. I was old customer so i trusted her and took insurance. Later i came to know that no refund on that policy if you surrender in one year and 60 percent deduction after 02 years. My mistake that i overlooked freelook peroid and rate of return of premium in the documents. I have repaid my whole loan and woll be completing my policy tenure of 02 years in Apr 2025. What should i do to get maximum return of the premium and should i appeal to the higher authorities about the lie told by the employee or i accept the return and sit and regret my decision? Need your valuable advice
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