taxes in BE again on money brought back from NRE account in India

Last activity 20 August 2020 by Rohit45

819 Views

3 replies

Post new topic

Rohit45Active member19 August 2020 07:16:56

Hello,

I am planning to transfer all my savings in my INDIAN NRE account to my Belgian account.

What is the procedure or limitations for the transfer and is that amount taxable in BE ?
Point to note that all the savings in the NRE account is from Belgian income only.

As per my understanding, there should be certain bank charges and the remit charges for the funds transfer from INR to EUR but I am not sure about the taxes ( I think I should not be double taxed) .

Thanks in advance for clarifications.

KonstantinKActive member19 August 2020 07:27:09

It seems you paid taxes already on this Belgian income before send it to India.
So no taxes anymore.
MOst likely you need convert NRE to EUR in India and make a Swift transfer yo your Belgian account.

Depending on amount you may need to provide to the bank a proof of income (tax declaration or salary slip should be enough).

You can also consider use something like http://transferwise.com
to redice currency exchange costs.

AneeshBelgium expert19 August 2020 14:53:25

2000

I have the same understanding as Konstantin,

About the transfer, do talk to your Indian bank branch manager. For big sums, they can get you an attractive rate compared to providers like Transferwise. (Now is a bad time, as EUR to INR is in an alltime high )

Also, there is a form that you need to fill to make this transfer (outward remittance form or so).

Rohit45Active member20 August 2020 07:11:59

Thanks KonstantinK & Aneesh

@Aneesh, yes I won't be transferring to BE right now but in future if I may need it just in case.

Articles to help you in your expat project in Belgium

Doing an internship in Belgium
Students usually have to do an internship to validate their academic training. What's the process of doing an ...
A guide to Brussels' neighbourhoods
A very safe and laid-back city to live and work in, Brussels has many different sides for expats and tourists to ...
Buying a car in Belgium
Some formalities apply when buying a vehicle in Belgium, both before and after the sale. Here's what to expect.
Buying property in Brussels
Compared with other European capitals, buying property in Brussels is very affordable. Consequently, it's ...
Buying a property in Belgium
The real estate in Belgium has the reputation of being relatively cheaper than its neighbors. We'll give you ...
Lifestyle in Belgium
Belgium is a diverse country that's very friendly with newcomers. What about its traditions, festivities, and ...
Driving in Belgium
If you're moving to Belgium, you might be interested in learning about getting a driver's license. Read on ...
How to make new friends in Brussels
As Brussels is home to such an international crowd, there are many ways newcomers to the city can make friends and ...