I am taking loan and money has to be remitted (US to India).Will it be treated as my Income and I will have to pay tax on it?

Assuming that you are an NRI and is taking loan from the US to be remitted to India, there are no tax implications here in the US. When remitting the money to India, its recommended that you remit them to your NRE account as the money in these accounts will be freely repatriable outside of India when needed. NRE accounts are also tax-exempted.For more information on NRE and NRO accounts, refer to the article below.For best advice on this matter, please contact a tax attorney or a CPA.

https://www.compareremit.com/money-transfer-guide/repatriating-money-from-nre-nro-accounts/

Most Viewed Q&A

Related Articles

Go Mobile

Get the Best Exchange Rates, Important Remittance Information and
Special Promotion Alerts on the go! Download Our Mobile App on your Smartphone or Smartwatch.

google play apple app store

Partner With CompareRemit

The world’s top remittance companies have chosen to work with CompareRemit and are already reaping the benefits. You can too. View Testimonials.
Put your brand in front of millions of active remittance users, ready to send money using your services.
Contact Us