i donr need any permission under FEMA since the vaue of property is below $ 1 m ( even as per municipal valuation )
I have sold a property in India and paid the capital gains tax etc. The money is in my NRO account . I am a NRI based in UK. Can I remit the tax paid money as gift to my son and daughter in their UK bank account from my NRO account ?I have the CA certificate as well. Is there a limit how much can I remit outside India ?
When an NRI gives gifts that exceeds the value of Rs. 50,000 to a Resident Indian who is a non-relative, the NRI gift tax India is payable by the receiver. The amount is added to the receiver's income and taxed as per the income tax slab applicable to the receiver.
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Visit the Western Union website and click the Send Money link. On the scroll down menu, select the recipient's country and the amount of money. Choose the payout option from cash pick up, bank transfer or mobile wallet and then select the transfer payment option. These are credit/debit card, online, or standard bank transfer. Users can also choose an in-store option to be directed to their nearest Western Union agent location. exchange rate usd to inr yesterday Indian Anthropological Society
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.
Is it necessary to inform the India IT Dept on such remittances.
You can also use Boss Revolution which offers better exchange rates and lower fees than most competitors. With as low as $1.99 fees for debit cards and excellent exchange rates, your friends and family members will get more money with every transfer.
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.
I have send to my son Rs. 16 lakh to europE by breaking fixed deposit, the interest received by me shown in 26AS & filed ITR since 2013. My questiin is where this gifted amount I shall show in my ITR I & get TCS deducted on this remittsnce to my son who is presently europian citizen.
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:
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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.
While PayPal may be a good option to pay or receive payment for purchases online, they do not allow you to transfer money to individuals. If you'd like to transfer money abroad, you may want to consider a specialist international money transfer provider like Wise.
I have a property in India and I have OCI.I want to sell that property b ut will attract 20% capital gains. Would I be able to gift it to my father who is an Indian citizen and he can sell it with 1% taxWhat do you think? Is there any other implication?
For instance, let's say you remit Rs. 5 lakh to a relative living in a foreign country. Under such circumstances, there will be a TCS of Rs. 1 lakh. Now, while filing your IT returns, you find a tax liability of Rs. 2.5 lakh. Under such circumstances, you can reduce your tax amount by adjusting it with the payable TCS.
According to the business overview included as part of the company's annual reports, Western Union offers businesses and individuals ways to send money and make payments globally. In 2006, the company ended its telegram and commercial messaging services to focus mainly on money transfer and payment services.
According to the business overview included as part of the company's annual reports, Western Union offers businesses and individuals ways to send money and make payments globally. In 2006, the company ended its telegram and commercial messaging services to focus mainly on money transfer and payment services.
Yes. As of May 2021, users can send money from the US to India using Google Pay in partnership with Western Union and Wise. To set up a Google Pay transfer, you'll need to make sure that your recipient in India also uses Google Pay and that their bank account is connected via UPI. From there, you'll be able to transfer just like you usually would on Google Pay, with the additional step of clicking through Western Union or Wise.