Remit money from US to India from my travellers account
I am living in the US for a short duration and I have a travellers credit card with one of the banks in India which was provided to me by my company. I want to transfer around 00 to another bank account (which is under my name ) in India.
1. Will this have any tax implications?
2. Right now, the money that gets credited to this card forms part of travel reimbursement and hence is non-taxable. Will this become part of my income and hence taxable?
3. Is there any difference if I send it to my parents account?
Thanks
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I want to transfer around 00 to another bank account (which is under my name ) in India.
As much as I know you cannot instruct to transfer money from your travel card to a Bank Account. You can withdraw cash at ATM or swipe it. On return you can encash the balance.
Will this have any tax implications?
The money provided to you by the company is meant as an allowance for your expense in US. As per law any money you save and not spend has to be declared as additional income and taxes paid accordingly.
Is there any difference if I send it to my parents account?
There is no difference if you transfer the funds to your account or to your parents accounts or keep the cash. If you haven't spent the allowance, its additional benefit and taxable.
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