Our research found that exchange rates given to customers arranging a Western Union international transfer can incur markups up to 7% above the mid market rate. These rates are not nearly as competitive as the foreign exchange services offered by companies like TorFX or Xe.
1. how much money can i send him per month?
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Any gift received from a blood 'relative' is exempt from Tax ('relative' in this case is defined as spouse, daughter, brother or sister, spouse's brother or sister, parents and lineal ascendants of individual or his spouse, siblings of parents of individual or his spouse)
My father has a property (vacant land) under his name & he purchased this property in 2005 for Rs.10Lakh and now it's worth Rs.20 Cr. I am an NRI and I would like to understand what is the best option to minimise the tax / CGT.
2. are uncles, nephew, neices included in relatives definition for any such gift deeds?
Other countries may also have limits on how much money can be sent to India. You may find the cap from the money transfer service you are using. HDFC Bank has a money transfer service called Telegraphic,Wire Transfer or NRI Account. You can use Wire Transfer to send money to India from Singapore and Australia. Its quick, efficient and secure.
With over 500,000 Western Union agents located globally; sending money in person is a simple process wherever you happen to be in the world. Although your proximity to your local Western Union agent will vary depending on your location; once inside the store the process should take around 15 minutes from start to completion. 1000 usd to indian rupee 8 dollar indian rate exchange
It would be suitable to take advice from tax consuktant
It will depend on the method you choose, but most MTOs will charge a flat fee, a percentage fee, or some combination of the two. For example, Wise charge a 0.28GBP fixed fee plus a small percentage of the total transfer - for amounts up to 100,000GBP this is 0.63%. WorldRemit charge a flat fee of 1.99GBP or 2.99USD for all transfers to India. Other payment methods like bank transfers may also include an extra fee.
While transferring money from or to India, it's important to know the tax implications and stay abreast of the latest changes by the governments of various countries. The tax rates differ for different categories of individuals and organisations and can make a huge impact on the net amount transferred. Therefore, making an informed decision will save some of your hard-earned money, which you can use for other fruitful purposes.
Trust: You can set up a trust in India, with your nephew as the beneficiary, and transfer the money to the trust. The trust can specify that the money will be vested in your nephew after 4 years. This can be done with the help of a lawyer or a professional trust company.
The second option is that he sells the land and gifts me the proceeds from this sale by check in the amount of 25 lakh rupees. Which option is favorable for tax purposes..
I am an NRI leaving in Australia. I have a property in India. I want to gift it to my mum. I still have Rs 24,00,000 loan reamining. can i keep paying that loan after transferring the property or do i have to pay off the loan before transferring the property?
Business holidays and weekends: Bank holidays tend to delay wire transfers. Different countries have different bank holidays. This, in addition to weekends, can delay the time it takes for a wire transfer. The number of intermediary banks or currency conversions may also influence the speed of a wire transfer. Hence, when you wonder how long does a wire transfer take, consider pre-planning as a part of the response.
The first thing I have to say is that for small amounts of money, a bank wire transfer is the worst method, since the fees charged by the banks (from both the issuing bank and the receiving bank in India) are usually very high. For this reason, I have stopped using bank transfers for sending money to India many years ago, since these are very expensive. whatsend money to india should whattransfer money to india isd
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 these expenses are being met via any other income source, 5% TCS is applicable for transactions exceeding the maximum threshold. Furthermore, if the person remitting the amount cannot prove that the money is being sent for educational purposes, the TCS rate will be 20%.
My son born in India obtained US citizenship before 7 years. He also holds PIO status. He has NRE AND NRO Saving Bank Account's. My mother or my unmarried 71 years old sister wants to gift him INR 40,000-50,000. Obviously, cheque should be deposited in his NRO SA. Can he receive this cheque? Is gift deed necessary? If so, on Judiccial stamp paper of Rs 20/- is OK? Is it to be notorised?
My son an NRI. My wife & her sister joint holder of a property selling it and planning to remit to my son's NRO account which inturn he will make as NRO deposit in the same bank. My question is 1.Hope no gift tax to both as close relatives. 2. TDS of 30% on interest too ok3. IT return and refund upto 3 lacs under new regime - is it correct. 4. Abv 3 lac IT applicable as per citizen limit and std rebate not eligible. Am i ok in my understanding
Security is vital primarily because scam artists and fraudsters often hit money transfer providers such as MoneyGram and Western Union worldwide. This is because spot cash can be collected easily and quickly and are extremely hard to retrieve or trace.
It allows customers to receive and send cash worldwide at over 320000 locations across 50 countries and territories. Unlike most other service providers, Boss Revolution processes international transfers within minutes, making sending/receiving money convenient and hassle-free.
Not only do these service fee large base charges, yet they normally also charge covert charges built into their exchange rates. These charges, called exchange rate margins, are usually not transparent and also can clinch a great deal of cash from the last rupee amount to get here in India. (Read our overview comparing expert cash transfer solutions to banks below to read more.).While we strive to offer exact and up to day information that we assume you will locate appropriate, Forbes Advisor does not and can not guarantee that any details offered is complete as well as makes no depictions or service warranties in connection thereto, nor to the accuracy or applicability thereof.Likewise, the TCS price will enhance if the person remitting funds does not send his/her PAN card. In this instance, for foreign cash transfers moneyed by education fundings over the optimum cap, the TCS price will raise to 5%, and also when it comes to normal earnings resources, it will certainly boost to 10%.the companion financial institution, according to RBI regulations. Jupiter itself is not a financial institution as well as doesn't hold or declareIf you get a present worth Rs. 200,000 from someone in an additional nation, you might be subject to personalizeds obligation as well as other tax obligations depending on the country you are in.I have send to my son Rs. 16 lakh to europE by breaking repaired deposit, the passion received by me displayed in 26AS & filed ITR because 2013. My questiin is where this gifted quantity I shall display in my ITR I & obtain TCS deducted on this remittsnce to my child who is currently europian citizen.I have to buy some art materials from the United States however can not buy it directly from the U.S.A. to India due to high personalizeds as well as taxes. If I purchase it to a close friend's address in the U.S.A. as well as he ships it to me with a carrier service, will there be any type of cost associated with that procedure except the shipping charges of the messenger service?I am a senior Indian local. Can i transfer my share of the gains from sale of property in india to my daughter who is ticket owner citizen of Netherlands as present or for her marital relationship or to get residential property abroad. What are the tax implications?Yes. To send out cash overseas with PayPal, you'll pay a currency exchange rate margin charge each time you transform from one currency to an additional. These charges commonly vary between 2.5% as well as 4.5%, promptly making PayPal one of the most expensive means of all to send money internationally.However, offered Western Union's background of consumer problems and claims, maybe take into consideration considering smaller sized cash transfer carriers who have a much better track record as well as also supply far better currency exchange rate and also reduced costs. Having said that, Western Union will almost always be a more affordable choice than your bank, especially when sending out one-off transfers or to remote locations.Pick cash pickup and also your cash is typically readily available in minutes at practical places throughout India. Send out bank down payments typically in mins to HDFC, Axis Bank, Yes Bank, Punjab National Financial Institution (PNB), ICICI Bank, State Bank of India (SBI), and most significant financial institutions in India when sending up to 5 lakh. Down payments above 5 lakh generally show up within 2 hours to most major banks in India, 24 hours, 7 days a week.++.Connect DisclosureInstead of banner advertisements as well as paywalls, Monito generates income through associate web links to the different payment company included on our site. While we strive to look the market for the best bargains, we're incapable to think about every possible product readily available to you. Our comprehensive series of relied on associate companions allows us to make comprehensive, impartial, and solution-driven referrals for all sorts of customer inquiries and problems. This allows us to match our individuals with the best providers to suit their requirements and, in doing so, match our providers with brand-new consumers, producing a win-win for everybody entailed. Nevertheless, while some web links on Monito may undoubtedly earn us a payment, this truth never ever affects the independence and also honesty of our opinions, referrals, and also evaluations.
2. can i send rs. 1.5 lacs pm from my monthly savings as i still work?
It can be time consuming researching money transfer companies and comparing the best rate of foreign exchange. Our guide shows you which service has transparent fees, mobile apps and different delivery options to make your international money transfers easier.