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

Rohit45 Active member

Member since 19 June 2019

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.

KonstantinK Active member

Member since 18 March 2018

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.

Aneesh Belgium Expert

Member since 11 April 2010

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).