SBI says 30% tax on my NRO account

[infoseeker786]

Hi friends,

I have some money in my parents account in India.Now I want to transfer it to my name.I talked with NRI branch manager in SBI bank in Hyderabad .The branch manager told me that there will be 30% tax on the 7.15% interest earned if i go for NRO account.But I told him that I already paid the tax for that principal money in US.Then he suggested me to go for NRE account.He asked me to consult a Charted Accountant and provide documents to him to prove  that the money in my parents account was sent by me from USA.If I prove this and provide documentation to bank then I can open an NRE account and there will not be any taxes.Another option he gave me is to ask my parents to GIFT that money in dollars to me(send money to US from India) and then create a NRE account and deposit that money in that NRE account to avoid paying taxes.Can you please tell me which is the best option?

 

[Quickgun_murugan]

1 minute ago, infoseeker786 said:

Hi friends,

I have some money in my parents account in India.Now I want to transfer it to my name.I talked with NRI branch manager in SBI bank in Hyderabad .The branch manager told me that there will be 30% tax on the 7.15% interest earned if i go for NRO account.But I told him that I already paid the tax for that principal money in US.Then he suggested me to go for NRE account.He asked me to consult a Charted Accountant and provide documents to him to prove  that the money in my parents account was sent by me from USA.If I prove this and provide documentation to bank then I can open an NRE account and there will not be any taxes.Another option he gave me is to ask my parents to GIFT that money in dollars to me(send money to US from India) and then create a NRE account and deposit that money in that NRE account to avoid paying taxes.Can you please tell me which is the best option?

 

Parents ki ichaav ga.. odileyy.. oka NRE account open cheskoni ippatinundi nee money andulo esko.. this is the best option.. painavi evi chesina neeku brokkey.. nenu cheppindi cheste punyaniki punyam ... purushardhaniki purushardham.. parents ni alaa dabbula kosam visiginchaku bro

[mettastar]

Just now, infoseeker786 said:

Hi friends,

I have some money in my parents account in India.Now I want to transfer it to my name.I talked with NRI branch manager in SBI bank in Hyderabad .The branch manager told me that there will be 30% tax on the 7.15% interest earned if i go for NRO account.But I told him that I already paid the tax for that principal money in US.Then he suggested me to go for NRE account.He asked me to consult a Charted Accountant and provide documents to him to prove  that the money in my parents account was sent by me from USA.If I prove this and provide documentation to bank then I can open an NRE account and there will not be any taxes.Another option he gave me is to ask my parents to GIFT that money in dollars to me(send money to US from India) and then create a NRE account and deposit that money in that NRE account to avoid paying taxes.Can you please tell me which is the best option?

 

INterest anedi income kada.. so nuvvu daani meeda tax kattali kada mari.. its common here too.. 

okavela ne peru meda account unte ikkada FBAR file cheyali.. appudu tax kattalo ledu teledu naku

[Quickgun_murugan]

Just now, mettastar said:

INterest anedi income kada.. so nuvvu daani meeda tax kattali kada mari.. its common here too.. 

okavela ne peru meda account unte ikkada FBAR file cheyali.. appudu tax kattalo ledu teledu naku

ekkadaina kattali.. no free lunch in vomerica

[mettastar]

2 minutes ago, Quickgun_murugan said:

Parents ki ichaav ga.. odileyy.. oka NRE account open cheskoni ippatinundi nee money andulo esko.. this is the best option.. painavi evi chesina neeku brokkey.. nenu cheppindi cheste punyaniki punyam ... purushardhaniki purushardham.. parents ni alaa dabbula kosam visiginchaku bro

orineee eshaaalooo

[infoseeker786]

6 minutes ago, Quickgun_murugan said:

Parents ki ichaav ga.. odileyy.. oka NRE account open cheskoni ippatinundi nee money andulo esko.. this is the best option.. painavi evi chesina neeku brokkey.. nenu cheppindi cheste punyaniki punyam ... purushardhaniki purushardham.. parents ni alaa dabbula kosam visiginchaku bro

Parents becoming old bro and its becoming difficult for them to keep track of these financial things. I want to free them from these money matters. anduke na peru meda transfer chesukunta.Another reason is I can use netbanking 

[perugu_vada]

tax kattaali .. deposit medha ochina interest kada adhi .. so interest medha tax pay cheyali 

[infoseeker786]

1 minute ago, perugu_vada said:

tax kattaali .. deposit medha ochina interest kada adhi .. so interest medha tax pay cheyali 

Thanks bro.india kattala or US lo kattala tax?

[perugu_vada]

Just now, infoseeker786 said:

Thanks bro.india kattala or US lo kattala tax?

india lo vaade cut chesestadu tax ani vinna .. automatic ga.. not sure though

[BaabuBangaram]

39 minutes ago, infoseeker786 said:

Hi friends,

I have some money in my parents account in India.Now I want to transfer it to my name.I talked with NRI branch manager in SBI bank in Hyderabad .The branch manager told me that there will be 30% tax on the 7.15% interest earned if i go for NRO account.But I told him that I already paid the tax for that principal money in US.Then he suggested me to go for NRE account.He asked me to consult a Charted Accountant and provide documents to him to prove  that the money in my parents account was sent by me from USA.If I prove this and provide documentation to bank then I can open an NRE account and there will not be any taxes.Another option he gave me is to ask my parents to GIFT that money in dollars to me(send money to US from India) and then create a NRE account and deposit that money in that NRE account to avoid paying taxes.Can you please tell me which is the best option?

 

you need to pay tax on interest earned 

[alpachinao]

Interest meeda tax vomerca lo ayina katalu bro