shon (Admin) 16 November 2016

Income tax

Greeting Sir,

I had started to in War zone from 2009. From then I had started to save small amount in SBI saving A/C & now have approx. have 7.5L in A/C. I am planning to quit the job to settle in India. But due to the present situation in India I am in state of panic & confusion. I news & other site it has been published that from Bank it is difficult to draw amount.

Please clarify below quires:

Do I need to show any proof to Bank or some other govt. officials where I got this money?
What type of documents required (from the company that I had worked for) ?
Do I need to pay tax for the amount I had saved in Bank?
If I have to purchase any Asset (land, apartment, etc.) what document required during that time to prove that amount I had in Bank was earned outside India.
Necessary step to be taken in order not to pay tax.

Thank you,

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2 Replies

Ms.Usha Kapoor (CEO) 17 November 2016

Money earned abroad and brough to India AND KEPT LYINFG IN iNDIAN sAVINGS BANK IS NOT TAXABLE. bUT THE SAME MONEY IF YOU CONVERT INTO FIXED DEPOSIT WHICH GENERATES INTEREST INCOME IS TAXED.YOU COLLECT SERVICE CERTFICATE FROM THE COMPANY YOU'D WORKED.iN THAT YOUR BASIC PAY ETC WILL BE MENTIONED.bY SHOWING SERVICE CERTIFICATE YOU CAN CONVINCE PEOPLE ABBOUT YOUR JOB STINT ABROAD.YOU CAN GET AN APARTMENT CONTRUCTED WITH THE MONEY IN bANK OR BUY A READYMADE FLAT FOR SELF OCCUPATION. NO CAPITALGAINS TAX WOULDBE LEVIED.iF YOU APPRECIATE THIS ANSWER PLEASE CONVEY MY FORUM THANKS BY CLICKING THANKS.

G.L.N. Prasad (Retired employee.) 17 November 2016

Do not assume any thing, the laws in India are never threats. The account statement disclose when and where from credits were made during a period of time.

At the most you may have to pay interest on the 7.5 lakh which may amount to Rs.60,000/- p.a., and the total limit of income is Rs.2 lakhs.

Do not have apprehnsions. Your money is safe and you can live peacefully if the amount is hard earned and no one bothers you wih such questions, as you have a valid account showing the source.