In most cases, the money can be picked up within minutes of sending, but this will depend on the method chosen when sending the cash. It will remain in the system for 45 days, but according to our research, it will be sent back to the sender if not redeemed after nine months.
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).
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In India, income earned outside India is not taxable in India. However, if the property is rented out, the rental income earned will be taxable in India. Also, the capital gains on sale of property will be taxable in India if the property is sold within three years of purchase.


US gift laws are not applicable to non US persons(people who are not US passport or green card holders or not resident in USA on a H1B visa or any other visa). If cash is gifted no issue and if the amount is above $100K the donee has to notify tax authorities since he is a resident in USA. If a property in USA is gifted then there are tax implications

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I will be recieiving gift money from my father of approximatel 50 lakhs for sale of business which i need to transfer overseas since its a gift i am not willing to pay any taxes. What is the best way to transfer the funds over and what documents will be needed?
MY SON BEING AN NRI DOCTOR IN UK, AND GENERATES INCOME IN INDIA BY HIS CAPITAL HERE, WHICH HAS NOT COME FROM UK, .THIS INCOME IS FROM STOCK DIVIDEND AND MUTUAL FUND DIVIDEND AND INTEREST TO RELATIVES COMPANY,AND FILES INCOME TAX HERE AS NRI,IF HE DECLARE THIS INCOME IN HIS TAX RETURN IN UK, DOES HE NEED TO PAY TAX ON THIS INCOME IN UK, WHERE SOME AMOUNT IS NON TAXABLE AND DIVIDEND S ARE TAX FREE.
Not only do these services charge hefty base fees, but they typically also charge hidden fees built into their exchange rates. These fees, known as exchange rate margins, are often not transparent and can clinch a lot of cash from the final rupee amount to arrive in India. (Read our guide comparing specialist money transfer services to banks here to learn more.)
If the gift is received by the indian what is the rate of gift tax.No gift documents are received from the foreigner. Can the Indian reject the gift , and the same can be taken back by the foreigner. Give me a clarification and suggestion 3 currencies exchange inr to omr
The company employs Financial Action Task Force standards to guide its operations whether or not the host country has adopted them. This is in addition to an AML (Anti-Money Laundering) Compliance program and a robust Internal Audit Committee whose operations are in compliance with the Bank Secrecy Act.
Is it necessary to inform the India IT Dept on such remittances.

1. Date and Place where the deed is to be executed.


You may need to file Form 8949, just as with the sale of a property in the US, as well as a Schedule D form, and potentially a Form 4797 for rental properties. If the income from the sale of an overseas property is paid into a foreign bank account, this may need to be reported using FinCEN Form 114 and FATCA Form 8938.
Basically, international bank transfers automatically send funds to the receiver's bank account. However, transfer fees and exchange rates apply to the transaction, so it's worth comparing specialist online money transfer companies to see if you might be able to find a better deal.

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Western Union is headquartered in Denver, Colorado, and has been in business since 1851. The company originated as a telegram service and launched its money transfer service in 1871. This has been growing ever since through wire transfers, money orders and money transfers in general to over 200 countries.


My son who is German citizen & now having his own starts up in San Francisco. He has also applied green card which is already approved. He wants to gift equity shares which is holding to his parents in India. I want to know if it is possible, if yes HOW?

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Well-known among Indians living abroad, Xoom is a Paypal-backed money transfer service offering fairly competitive exchange rates to the Indian rupee. While not always the cheapest provider on Monito's comparison engine and only transferring to India from a limited number of countries, Xoom nonetheless offers many key advantages including speedy deposits to Indian bank accounts, PayPal integration, cheap cash pickup options, and more.
Western Union is predominantly used for their international payment services, as opposed to domestic payments which can be easily executed via low-cost domestic wire transfers. We would recommend this service for anyone who needs to send an international payment to a remote corner of the world, or is sending an uncommon currency, because of vast accessibility of Western Union services. 5 dollar indian rate today 6 rates exchanges inr to usd


No. PayPal transfers to and from India, including from the US, are no longer supported. In the past, as long as both the sender in the US and the receiver in India had PayPal accounts, it was possible to send money from Indian rupees to US dollars from one PayPal wallet to another. However, PayPal has recently temporarily discontinued the service, meaning it's no longer possible for the time being.
While the exchange rate may not seem like such a big deal to you, it will matter to your recipient-who won't receive the full amount of the money you send. Take, for instance, the difference between two $1,000 transactions, calculated using different exchange rates:
When it comes to security, you can rest assured that all services appearing on Monito are fully authorized money transfer operators that have been vetted against the highest standards of security and reputability even before showing up on our comparison engine. However, while all services on Monito are just as secure, not all of them are just as cheap or fast when it comes to transfers from the USA to India.
When you send money to any person abroad in India, the first $15,000 USD will be exempt from taxes by the IRS under the Gift Tax policy. This limit is charged on a per-person basis -- if you would like to send $15,000 USD each to multiple persons, you will still be off the hook for any gift taxes.
If the giver is relative then, No Tax will be levied.
a) This is allowable as free of tax to him & me?
My father (an Indian citizen living in India), wants to give me (US citizen living in US), $1 million in gift. Can he transfer $250,000 to my bank account in the US? Since there is limit of $250,000 per year, can he deposit the remaining $750,000 in my NRO account that I can repatriate at a later date?
A PayPal-owned company, San Francisco-based money transfer service Xoom is an all-around solid option for sending money to India, especially for cash pickups. Although it's usually not the cheapest for bank deposits, the service boasts fast and secure transfers through a wide variety of pay-out options from your mobile phone, tablet, or PC, including bank, PayPal, credit, and debit card transfers.
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