Question & Answer

Hello Vishal, You need to show as your income not as income of HUF..

no

I think you meant Resident as per IT act
However in this case the condition to convert your bank account starts immediately after you move abroad.
So you have to get the accounts converted to NRO/NRE as the case may be.
Further if you don't plan to use the other two accounts and let it be as it is - then no consequences

As per FEMA regulation, when a resident’s status changes to NRI the resident savings account have to be converted to an NRO account. In simple words, it’s illegal to maintain a saving bank account for NRIs. Most of the people make a mistake of maintaining a resident saving bank account even after becoming an NRI. However, the law does not allow it.
Banks prescribe specific forms for the conversion of existing savings accounts to NRO accounts. Forms can be obtained from the bank or downloaded from the bank website.
Documents: A new account opening form also needs to be submitted to support the conversion request. Address proof of the overseas address must also be provided. Copies of the applicant’s passport, valid visa or work permit and OCI/PIO card (if applicable) must be submitted.

If you have already moved abroad without completing this formality, you can get copies of all your documents attested by the Indian Embassy or Notary and send them to the branch.

In the present case, Once the status changes to NRI the redesignation should be done.

Taxability arises once the asset is transfered, You are required to pay tax on capital gain as soon as you acquire right to receive the price in lieu of the asset transferred irrespective of the time of actual receipt.Capital gain are charged on accrual or receipt basis.

Its not mandatory to file return of income but it is recommended to file as you will be asked clarification of not having claimed tds jn near future. To avoid complexities to give appropriate reply in future its our recommendations to file return and claim credit.

Making of gift is recommended but not mandatory in this case. Gift deed if desired could have been done before effecting a transaction.

Since there has been short term requirement of 9.5 lakh out of which 9 lakh has already been returned. You can either treat balance of 50k as unsecured loan from brother or gift as per your convenience. Income tax officer will not in ang way treat this as an income as this is an exempt transaction