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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? currency exchange rupee to malaysian ringgit inr to usd remitly
Not only is using your bank or PayPal the slower and less convenient to transfer to the US from India, but going this route also comes with high hidden fees, as both your bank and PayPal will typically give you a poor exchange rate on top of the standard service fees for international transfers.
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?
A gift deed is a legal document that transfers ownership of property from one person to another as a gift. The document should be in writing and should be executed in accordance with the laws of the jurisdiction in which the property is located. In India, a gift deed should be executed on a non-judicial stamp paper of the appropriate value and should be registered with the local authorities. It is not recommended to execute a gift deed on plain paper as it may not be legally valid. innovative advertising in india Can I gift money to my brother in India
There are few other things that you need to consider when transferring money to India. For instance, if you are sending money for investment, it is recommended to open an NRE savings account for fund transfer. This is because interest earned on fixed deposits in NRE (Non-resident External) accounts are free from taxation in India. Let us understand this in detail.
Hi Prashantkumar,
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Hi Binda,
c) What formalities or say documentation required toi make/accept such gifts? why not find out more
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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.
They're fully licensed and regulated in countries they function to keep clients safe. When sending international transfers, you'll note each service has effective in-place measures, from ID/account verification to ensuring funds are received by the recipient with ID proof and transfer details.
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.
Hi Binda,
Hi,
If you're sending small amounts of money abroad, our research found that opening up an account with XE Money Transfer would be your best course of action. More specifically, if the amount you're sending is less than $500, XE alone is the cheapest service 75% of the time.
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.
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).
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.
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?
I am a resident indian. My daughter is NRI and earns in Euro. She has a NRE account. Daughter had taken education loan. Since she started earning she asked me to clear the loan and I have cleared the loan. She has sent me Rs.5 Lacs just now. is it taxable? This is the money which I have paid back to the bank when I got the maturity monies from deposits. She has actually paid back what I paid back to her loans?
As your son is relative to you and your wife , there is no gift tax in your's and your wife's hand whether you receive gift in dollors or rupees.And Gifts received by HUF from members is exempt from tax. Remember that such gifts should be backed up by gift deed.
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.
Call it the next-gen consumption survey. The ongoing government consumption survey is going beyond asking what you eat, what you wear, and what you own; it also wants to know your OTT subscription spend, the time you spend online, how often you shop online, whether you order meals from Zomato or Swiggy, and if you own an electric vehicle.
If you are looking to make a large money transfer, then Western Union allows you to transfer up to $50,000 from the US when sending from your bank account directly to the receiver's bank account. But keep in mind that this limit may not be available for all receiver countries and is subject to restrictions based on the factors mentioned above.