Home |Tax returns filing | I lived in the US for 2 years. The money was transferred to my account via cheque. I came back to India 2 years ago and was still carrying the debit card from that bank account, which has close to USD7,000. The card is expiring in 3 months and I want to take out or use all the money in it. If I do that, will there be any tax implication on me?

I lived in the US for 2 years. The money was transferred to my account via cheque. I came back to India 2 years ago and was still carrying the debit card from that bank account, which has close to USD7,000. The card is expiring in 3 months and I want to take out or use all the money in it. If I do that, will there be any tax implication on me?

Answer Notify Me - 1 Notifying - 2



Haritha Haritha
Answered on February 10,2020

The chargeability to income tax arises in the year of accrual or receipt of income. Tax incidence does not arise on remittance made. In your case, we are assuming that in the year you received income in the US, you were a resident there and have also paid the taxes on it in the US. So, your subsequent arrival in India and your qualifying as a resident of India in the later years when you propose to withdraw your foreign earnings, would not make you liable to pay taxes on the same income in India.

Clap Clap 1
Share Share Answer Share Share
Views 23 views
tesz.in
Hey , can you help?
Answer this question

    • Related Questions