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Closed now - thank you all
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Women, help me understand why this is inspirational
. One of my friend moved to India for good. He doesn’t plan to return back to US. He moved in Dec 2022. He has almost transferred his entire Wells Fargo money from US to his NRE account in india. He has not changed his NRE status with his bank yet. The reason for that is , he wants to sell some stocks mid next year (doesn’t want to move to a brokerage in india and he wants to sell within US exchange itself). So he was asking if he should keep his NRE status as is with his bank account until mid next year and once he transfers his money over to his NRE account mid next year , he can then change NRE to domestic residence account….or….should he change his NRE bank now to domestic residence account and then send the money form his US account to his domestic residence account in india mid next year ? He is confused because he is thinking sending US money to domestic would attract income tax implications and paperwork , while transferring to his NRE account would not cause any problems. Please share your thoughts. TC-108K, 5 years of experience
I believe he can have Resident Foreign Currency account. But if you live in India for 183 days, you lose NRI status
Please ask your friend to engage a Chartered Accountant, they will be able to guide. It's better to get all the correct information from reliable sources than to stay in blind and have repurcussions later. India seems to have advanced a lot in terms of gathering all our data once we have linked our PAN and Aadhaar.
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