Despite its relatively new entry to the financial services scene, Paysend is considered a safe and reliable way to transfer money. Not only is the company licensed in the UK, but it's regulated by the UK's regulatory body, the Financial Conduct Authority (FCA). Paysend is also certified by Visa and Mastercard and uses top-notch security protocols.
A) should we go for full 100 % as gift amount
The limit for tax exemption on gifts made by an Indian resident to their relatives is currently Rs. 50,000 per financial year (April-March). This means that an Indian resident can give a total gift of up to Rs. 50,000 to their relatives in a financial year without attracting any tax liability.
Hi, can you tell what is the difference between money sent to NRI daughter or son by India Resident father through banking channel under the category of "maintenance" versus "gift". Does these two options mean same?
I have an OCI status. An Indian crowdfunding company raised money for my sister who lost her husband to covid. (Friends had created the fundraiser). My sister wants me to manage the money by making me the beneficiary directly. If I have an NRO account and receive the money from the private limited company to my NRO account, how much tax would I owe in India for the receipt of the money raised. I have no other income in India. The amount is 50 lac rupees .
WorldRemit is a UK-based money remittance firm that was founded in 2010. Considered safe and reputable, WorldRemit's app won Investopedia's Best for International Transfers category, due to the company's low fees, upfront exchange costs, and fee transparency. article
Choose cash pickup and your money is typically available in minutes at convenient locations throughout India. Send bank deposits typically in minutes to HDFC, Axis Bank, Yes Bank, Punjab National Bank (PNB), ICICI Bank, State Bank of India (SBI), and most major banks in India when sending up to 5 lakh. Deposits above 5 lakh typically arrive within 2 hours to most major banks in India, 24 hours, 7 days a week.++
I am an OCI seeking to gift rupees of 2,00,000 to my nephew in India. I understand as the amount is more than 50,000 Rs there would be tax implications for him. I had read somewhere that he would need to give an undertaking that he would pay whatever taxes are owed in India for that money. what letter is required for that in addition to a gift letter? Would you have a template I could use? Thanks
Service providers like Western Union make a profit from foreign exchange spread, transfer fees and any other charges paid by the customer. For this reason, understanding how much of your money is being spent on these costs means you can make a more well-informed decision about whether this service provider is for you.
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.
Is it necessary to inform the India IT Dept on such remittances.
2) The Company you are choosing is of which country,
Great US Dollar to Indian Rupee exchange rates
If a non-resident Indian (NRI) has purchased agricultural land without fully understanding the laws and regulations surrounding the purchase, they should immediately seek the advice of a legal professional with experience in real estate and agricultural land laws in India. They should also consult with any relevant government agencies to ensure that the purchase is in compliance with all laws and regulations. Additionally, they should make sure that the land is properly registered and that all necessary documentation is in order. how many indian rupees is equal to 1 million india money transfer companies
NRIs are permitted an unlimited amount of investment options through repatriable and non-repatriable transactions. However, as per the FEMA rules for NRIs, they cannot make investments in small saving or Public Provident Fund (PPF) schemes of the government.
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B) Should we take 80% as loan and 20% as gift
Before trying to know how fast is a wire transfer, we need to understand how they work. Most wire transfers happen through the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network. The SWIFT network is a messaging protocol. This network has over 11,000 banks in 200-plus countries. The SWIFT network is essentially used to send information from one bank to another. Wire transfer instructions are also sent through SWIFT. Such information may not be passed directly from one bank to another. Intermediary banks may be involved. When money is sent from one bank to another, no actual transfer of money takes place. The sender's account is debited, and the receiver's account is credited.
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.
A resident individual may send up to $2.5 lakh in a year. An NRI with a Non-Resident Ordinary (NRO) account may send up to $10 lakh in a financial year. An individual with a Non-Resident External (NRE) account or a Foreign Currency Non-Resident (FCNR) Account does not have any such limits.