Hi,
1. You need to check this with some tax consultant in Germany.
2. No, tax implications from India perspective. Depending upon your bank, you may have to do some bank formalities.
NRE account and taxability abroad
I am an NRI living in Germany and I have NRE & NRO accounts in India. I have following questions related to NRE account and its taxability abroad: 1) Any interest earned in NRE account is exempt from tax in India but is the same interest taxable in Germany? In other words, do I have to declare the interest earned in my NRE account and pay taxes on it in Germany? 2) Would there be any tax implications in India or in Germany, if money is transferred from my NRE account to my German bank account?
Asked 3 years ago in Income Tax
1) Under India Income tax Act, if you are resident and ordinary resident then global income is taxable and foreign taxes paid on foreign income can be set off with total tax liability. Consult local tax consultant in Germany for tax applicability on interest earned in NRE account in India.
2) It depends on the source of money to be transferred. If the money has been generated out of income earned in India, first applicability of TDS will be checked. If TDS is applicable then you have to obtain Form 15CB from a whole time practicing chartered accountant. If the money transferred does not attract TDS provisions then you have to fill Form A2 alongwith Form 15CA.
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