1.We have a Construction company
Online money transfers from the US to India form a highly competitive market, abuzz with many services and providers. According to search data from Monito's real-time comparison engine for 2022, the money transfer services XE, Instarem, and Remitly were, on average, the cheapest of all across over a hundred thousand comparison results.
Is it necessary to inform the India IT Dept on such remittances.
Business holidays and weekends: Bank holidays tend to delay wire transfers. Different countries have different bank holidays. This, in addition to weekends, can delay the time it takes for a wire transfer. The number of intermediary banks or currency conversions may also influence the speed of a wire transfer. Hence, when you wonder how long does a wire transfer take, consider pre-planning as a part of the response.
For sending remittance from UAE self bank account to India self bank account for investment purpose ( say FD or mutual funds etc.) is there any limit of amount per remittance or per year which can be sent . Remittances are sent through bank channels only.
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Hi Brij,
NRIs don't have to pay taxes when they transfer money to India. Since they already pay tax on the amount earned in the country where they are working, they are not required to pay further tax on the same money. This is irrespective of whether they keep the money in Indian Rupees or US Dollars.
Exiap Website (https://www.exiap.com/) is a comparison website only and not a currency trading platform. Exiap is a website operated by Wise Payments Limited ("We", "Us"), a company incorporated under the laws of England and Wales with company number redacted. How can I send money from India to Philippine 1925d 250 us indian head gold coin mint
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Hi Vinay,
The very first formal cross-border remittance market was set up to handle transactions between the United States and Mexico. Three decades later this is still the most popular transfer corridor for Western Union accounting for 20% of the market share.
Western Union is a wire money transfer service which allows one to quickly transfer money the world over. One can go to a designated Western Union location and then send money to any location as required. The recipient can collect money at a Western Union location within their area or have cash deposited into a checking account. Basically, it is just an electronic transfer of funds, similar to that of PayPal.
Western Union has an impressive track record being one of the oldest companies in operation today. It began in 1851 with its headquarters in 7001 E. Belleview Avenue Denver, Colorado 80237 redacted. It has grown to be a phenomenal financial services company with an extensive global reach.
1. My husband who is a foreign national (OCI Cardholder) would like to make monthly transfers of EUR800 equivalent in INR into my a/c as gift or maintenance (*A. what is advisable btw the two formats for tax purposes?*). I'm currently a NRI although I'm based in India for a few more months while my visa is being processed (expected take 2-3 months).
a) This is allowable as free of tax to him & me?
Dear Sanjay,
If this sounds like you, then we recommend that you make a point of checking our comparison engine before every transfer. That way, you'll ensure that you both discover the cheapest service in real-time and make considerable savings on your transfers to India:
All anyone needs to collect the cash is a valid government-issued ID card; the first name and last name used as the sender's name and the receiver's name on the form; the 8 or 10-digit MTCN# (money transfer control number); and the test question and answer. For those customers who regularly complete transactions of international money transfer, some of these collection points offer special identity cards to make the process even faster.
With so much attention on money entering and leaving India, if you fail to report large sums, don't know you have to report them or don't report them correctly, it will likely be discovered. Make sure to declare any large remittance as income on your general tax return with the Indian Income Tax Department.
3.The PIO must file a declaration with the RBI within 90 days of the purchase of the property, giving details of the purchase price, the source of funds, and the purpose of the acquisition.
Also, it isn't recommended to transfer funds to an NRO (Non-resident Ordinary) account because the interest you earn on an NRO account's fixed deposit is also taxable. You just need an NRO account to hold your income in Indian currency. In case you really need money for some expenditure, then only you should transfer foreign currency (Dollar or Pounds) converted amount to NRO account.
There is no recipient tax on money being transferred from abroad to India when it's being sent to blood relatives. In general, "blood relatives" -- including spouses, children and grandchildren, siblings or in-laws -- don't pay tax on any amount you send.
- I would like to gift around 25 lacs to my father in law as a gift. Is it exempt from tax? What documentation I need to do? I know that simple gift deed is required. Are signatures required on the gift deed? Can it be done as soft copy while both parties are in different countries?
An NRI can transfer funds from UK to India in his NRE account securely and conveniently. NRIs don't have to pay taxes when they transfer money to India. Since they already pay tax on the amount earned in the country where they are working, they are not required to pay further tax on the same money. This is irrespective of whether they keep the money in Indian Rupees or Euros.
If I assume son is major - in that case, there are no tax issues in India. But to show that transferred amount was a gift - one can write a simple gift deed.
*B. should he send the funds to my NRO or my NRE a/c?
There is no recipient tax on money being transferred from abroad to India when it's being sent to blood relatives. In general, "blood relatives" -- including spouses, children and grandchildren, siblings or in-laws -- don't pay tax on any amount you send.
My mother has gifted rupees 4.5 lakhs as gift to my son who is working in hongkong . The money was given through cheque and has been credited to his nro account. My son has submitted all documents required 15 ca etc through chartered accountant. But still bank is asking for gift deed. Should the gift deed be done? What is the procedure?
There is no recipient tax on money being transferred from abroad to India when it's being sent to blood relatives. In general, "blood relatives" -- including spouses, children and grandchildren, siblings or in-laws -- don't pay tax on any amount you send.
I am an NRI leaving in Australia. I have a property in India. I want to gift it to my mum. I still have Rs 24,00,000 loan reamining. can i keep paying that loan after transferring the property or do i have to pay off the loan before transferring the property?
Hi Ganesh,
Xoom is a PayPal service. We're part of something bigger, something that empowers over 250 million customers around the world to make secure online transactions every day. That's a strength in numbers you can trust. And the best part is, if you have an account with PayPal you can start sending money to India right now with your PayPal payment options right at your fingertips. More Info
However, the rule is different while sending money from the US. When you send money from US to India, the relationship between the sender and receiver is not important. The maximum tax-free amount you can send in a year is $14,000. Up to $14,000, no tax is charged. Beyond that amount, it would be subject to gift tax for the sender. The money can be sent to more than one person. So, you can send $6,000, $4,000 and $4,000 to three people and it will not attract any tax.
What this means is that PayPal takes the wholesale or mid-market exchange rates on the day of conversion or the previous business day, and adds this markup to calculate the rate used for your transaction. This makes it difficult for the user to see the full costs of the transfer, whether these are charged to their own bank account or to that of the beneficiary.
4.The PIO may not purchase agricultural land, plantation property or farmhouses in India. However, they may be able to inherit such properties.
On May 19, 2023, the Indian federal government issued a clarification regarding the tax implications of outbound remittances for small transactions below INR 700,000 (US$8,500). According to the latest notification, any individual making payments using their international Debit or Credit cards up to INR 700,000 per financial year will be exempt from the Liberalized Remittance Scheme (LRS) limits. As a result, these transactions will not be subject to any Tax Collected at Source (TCS). 4 rupee click review in tamil aud to inr forecast 2021
The first thing I have to say is that for small amounts of money, a bank wire transfer is the worst method, since the fees charged by the banks (from both the issuing bank and the receiving bank in India) are usually very high. For this reason, I have stopped using bank transfers for sending money to India many years ago, since these are very expensive.
In a recent decision, PayPal suspended all domestic and incoming international transaction operations for individual accounts in India. While domestic and cross-border PayPal payments remain available for businesses, everyday Indian users face heavy restrictions on how they can use PayPal. Besides no longer being able to make and receive transfers, for example, users aren't able to top up their PayPal balance, making PayPal wallets almost unusable in India, except for online shopping.
An NRI (Non-Resident Indian) son-in-law living in the USA can give a gift to his mother-in-law or father-in-law who are residing in India. There is no limit on the amount of the gift, but if the gift exceeds INR 50,000 (Indian Rupees Fifty Thousand), the recipient will have to pay taxes on it according to the Indian income tax laws. It is advisable to consult a tax professional for more information on gift tax and compliance with Indian tax laws.
The rules or limits for sending money to India will depend on where you are sending money from. Be sure to check how much you can send from your country to India via your chosen method before you have to report it to the relevant financial authorities.
If you're selling a primary overseas residential property, you'll pay the same taxes and get the same benefits as if you were selling your main home in the US. This means you'll pay tax on any excess of sales over $500,000 for joint tax returns and $250,000 for any other filing status. The rate you'll be taxed at is the lower long-term capital gains rate.
Finder.com is an independent comparison platform and
When it comes to sending money internationally, Western Union fees are considerably higher than other international money transfer providers. However, due to their solid reputation, many customers are happy to pay for these fees, comforted by the familiarity of the Western Union brand.
You're probably all too familiar with the often outrageous cost of sending money abroad. After facing this frustration themselves back in 2013, co-founders Francois, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services across the globe. Today, Monito's award-winning comparisons, reviews, and guides are trusted by around 8 million people each year and our recommendations are backed by millions of pricing data points and dozens of expert tests -- all allowing you to make the savviest decisions with confidence. whatusd to inr canadian improving transfer money to indian
If an aunt ( mother's sister) who is Indian citizen and Indian resident wants to gift 5 crores in cash via bank transfer to indian citizen ( neice) who is non -resident and has no property income or tax file in India for the last 30 years. what is the implication for taxes for receiver and what are the papers required?
The turnaround time for a money transfer to India depends on the provider and how you pay for the transfer. Expect your transfer to arrive within minutes if you pay using cash or with a debit or credit card. Paying by bank transfer can take longer - usually 2-5 days.
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1) option#1: I receive the land as a gift from him, I sell the land and transfer the sale proceed to my overseas bank account via my Indian bank account
