The conversation between human and AI assistant.
What are the taxes I have to pay in India if I transfer money to a NRE account (my account) and to a normal saving account (my family member's account)?
That's good to know. And what about if I transfer money to a normal savings account that belongs to my family member?
If you transfer money to a normal savings account that belongs to your family member, you will not incur any taxes either. However, the interest that they earn on the account will be taxable.