Tax on money transferred from US to India

makkumatr · Post by **makkumatr** » Fri Jun 03, 2011 11:33 am

Hello
I am an Indian citizen who has R2Ied and am now transferring all my money from my US bank account to my regular India bank account using ICICI service.
Are there any tax issues related to this I need to be aware of?
I have already paid tax on the money earned in the US, so I assume I would not be double taxed by paying more because I transferred that money to India. Can someone please clarify?
Also, do I need to submit any form to IRS for transferring my money out of US?
Thanks!

dbs · Post by **dbs** » Fri Jun 03, 2011 10:23 pm

GOI will not tax you on the money transferred.

ganandR2I · Post by **ganandR2I** » Sat Jun 04, 2011 12:49 am

http://articles.economictimes.indiatimes.com/2011-06-02/news/29613291_1_international-accounting-foreign-bank-provisions

http://www.irs.gov/businesses/small/article/0,,id=148849,00.html

Check this link above

makkumatr · Post by **makkumatr** » Tue Jun 14, 2011 2:45 pm

Thanks. Looks like I don't need to pay any tax on the money transfer.