Since it takes place on a secured banking network, this remittance service is a safe means to send money abroad. However, before you remit your money, there are several rules attached to outward remittance that you must know to avoid any mishaps or misunderstandings.
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My cousin ( Real Uncle's son) is a US citizen, residing in US, wants to make gift of Rs.20,00,000 to me resident, ( an indian citizen by birth).
Hawala, also known as Hundi, is an informal alternative to remittance and money transfers still popular in south Asian and Islamic communities, as it doesn't require a formal banking setup. However this does have some security risks as it is a system that has been used to facilitate organised crime.
Your guidance in the matter shall help me in doing the needful
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My parents would like to sell their property in India and relocate to Switzerland where I live now. They can either transfer the proceeds to me here or relocate first here, open their account here and transfer all the proceeds to their own account in Switzerland.
Dear Madam/Sir My daughter is NRI and she transfers 15000$ to her mother for maintenance. Now her brother wants 10000 $ in the same financial year. whether she can do so or what type of tax compliance or information to be given to different authorities. This is a total 25000$ from 1.4.2019 to 31.1.2020.
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As an NRI living in the USA, you may be subject to US tax laws on any income you earn or receive in the US. In general, the US tax system is based on the worldwide income of US citizens and residents, but the rules are different for non-resident aliens, including NRIs.
What are Indian gift tax implications when an Indian resident (mother, father) citizen receives AUD 200K from a blood related Australian citizen (child) via an international money transfer for the purpose of property purchase in mother, father and another sibling's name?
Yes, you can bring the proceedings to the US. It is recommended that you get the payment of the property through proper banking channels. Documenting proof is required for transferring money on sale of property. The first step is to get a certificate from a Chartered Accountant (CA) in India. Once you have the CA certificate along with 'Form 15CB', the next step involves taking the signed undertaking along with the CA certificate on Form 15CB, to the bank where you have your NRO account. Your bank will transfer your money abroad. There is a limit of USD1,25,000 per year that includes sale proceeds of up to two immovable properties held by NRIs exchange rate india uae dirham 2 199 aud to inr
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Gift by NRI who is staying in USA and is green card holder , and he is giving his immovable property ( shop) stake in partnership firm ( partnership firm owns the said shop) to his real mother. Then any tax is payable in USA by him? transfer money to india 737 Who does decide the relation between Indian Rupee and US Dollar Why and when did US dollar get higher value than Indian Rupee
If you pay for your transfer with a credit or debit card and have it sent for cash pickup - you'll typically pay a higher fee but your money can arrive in as little as 10 minutes. However, your credit card may charge a cash advance fee, further increasing the cost of your total transfer.
You can gift shares to your children as they are relative to you provided RBI approval is required and regulations & compliances are required to be fulfilled like gift does not exceed 5% of the paid up capital of the company, sectoral cap is not breached, total value cannot exceed 50000USD in one financial year etc. Its better to consult a good CA for such matters uk pound into rupees build usd to inr conversion
First, it's worth noting that although there are many ways to transfer money from the USA to India, not all of them are suited for your needs. Some (e.g. wire transfers with traditional banks) can often be costly and slow. In contrast, others (e.g. PayPal's international transfer arm Xoom) are popular among NRIs in the US but still don't offer the fairest fees and exchange rates, the fastest transfer speeds, or the most flexible payment options.
1.We have a Construction company
I was informed that when a Resident Indian gifts to a Relative in USA who is NRI or Person of Indian Origin, it does not attract gift tax laws of USA. Only when the amount received is more than 100000 US $, the same is to be reported to US Tax authorities. Pl confirm
If the mother makes a registered will and she does not change it then NRI gets the property. Nri can purchase but in the future on the demise of the mother legal heirs can claim an equal share, as per Shariah law your mother cannot execute an entire property through will so better execute a relinquishment deed.
Currently, I am living in Canada. I am sending 80,000-100,000INR every month to my dad's account. Who is living in India, Whatever money I am sending to him from my side is after tax. So, my question to you is how much money I can send to his account. So, they do not need to pay any tax to the Indian government?
It's also important to note that if the money is being sent for a specific purpose such as a business venture or for buying property and the money is being sent regularly, the regularity of such transactions could be seen as a business income and might be taxable.
Western Union offers an online cost estimating tool that helps you to calculate the cost of an international or domestic transfer. A local agent at Western Union can also calculate the cost of the specific transfer. All anyone needs in order to send money is a first name and last name to use as the sender's name on the form, a first and last name to use as the receiver's name on the form and the money to be transferred including the fees.
Wise is very transparent in terms of the fees and percentages that they charge and you will always know what you will pay before you complete the transaction. They also use the mid-market exchange rate to calculate currency conversions, with no exchange markup. The Wise help centre is available 24/7 if you need support.
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Please specifically advise if:
Is money received by resident sister from NRI sister NRE account fully covered by the gift tax exemption to relative law, regardless of the amount received over a period of 4-5 years ? Is this law about to be changed by the Indian govt anytime soon ?
Gifts in the form of cash, cheque, items, or property to a Resident Indian who is a relative, both giver and receiver are exempt from tax in India.
These forms are income tax forms. Tax is required to be deducted at source from a payment to a non-resident of any income which is chargeable to tax, and such forms are required to be furnished irrespective of whether such payment is chargeable to tax or not.
1. how much money can i send him per month?
Is it necessary to inform the India IT Dept on such remittances.
First, you will need to obtain a "No Objection Certificate" (NOC) from the regional transport office (RTO) where the vehicle is registered. The NOC is a document that certifies that the vehicle is registered in your name and that there are no outstanding dues or loans on the vehicle.
Last year I had transferred funds from my NRO account in India to my bank in Canada using Form A2, 15CA and 15CB. I am an NRI, and the amount transferred was in excess of 5 lakhs. I read that for amounts less than 5 lakhs, only Form A2 was required. That was also my experience during a prior transfer of less than 5 lakhs when I used A2 only.Yet your website states that Forms 15CA &15CB are only required for transfers of upto Rs 50000 per transfer or Rs 250,000 annually. Have the rules changed in this regard? Thanks Albert
There are no gift tax implications in India for a resident Indian citizen receiving a gift of AUD 200,000 from a blood-related Australian citizen. However, the Indian resident may be required to pay income tax on any rental income or capital gains earned from the property purchased with the gifted funds. It is advisable for the Indian resident to consult a tax professional to determine their specific tax obligations in this situation.
All things considered, Xoom is an all-around solid option for sending money to India from countries where it's supported. As a customer, you'll enjoy very fast transfers, high security, relatively low fees and exchange rates, and a clean and simple web interface.
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The information that I shared in the above post is one part of the story - issues can be complex based on your resident status. If we talk about the USA - you can gift up to $15,000 in a year. This is not that simple but just an example. So check the rules in countries where you are staying.
A currency conversion fee of 3% exists in addition to the exchange rate whenever you are converting an amount you received into INR. With the way PayPal functions in India, you must pay the currency conversion fee on a daily basis, when the funds are withdrawn to your account.
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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?
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.
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).
As your Son and Daughter are both relative, you can remit this amount as gift and no gift tax attracted to both receiver and giver.But remittances from NRO to NRE account are limited to USD redacted in a financial year.And further proper documentation is needed to send this money. You should hire a CA for this.
There are different rates for each type of transaction. You might also hear this fee described as a payment processing fee, or seller fee. The exact fees you pay will depend on whether the transaction is considered domestic or international, and the payment method.
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