I am an OCI seeking to gift rupees of 2,00,000 to my nephew in India. I understand as the amount is more than 50,000 Rs there would be tax implications for him. I had read somewhere that he would need to give an undertaking that he would pay whatever taxes are owed in India for that money. what letter is required for that in addition to a gift letter? Would you have a template I could use? Thanks
If your daughter-in-law remits money from the US to her husband's NRI (Non-Resident Indian) account in India, it would not be considered a gift and would not attract gift tax. However, the money would be subject to foreign exchange regulations in India and any income earned on that money would be subject to income tax in India. It is advisable to consult a tax professional for more information on foreign exchange regulations and compliance with Indian tax laws.
From the proceeds of the sale of the property, a person would like to send money to their son in the USA. It is understood that there is TDS for such transfers. What is the maximum limit that one can transfer? Does this rule has exemptions for purpose of transfer like gift or family maintenance?
If the funds have already been sent from western Union and you want your transfer cancelled, get in touch with the customer help desk. In cases where funds have already been paid out to the recipient, Western Union can do nothing much to reverse your transaction.
Due to their pioneering nature, the launch of the Western Union app came as no surprise when it arrived in 2016. It is a more convenient, digital version of Western Union's cross-border money transfer services, enabling users to send money anywhere, anytime, at the touch of a button.
My father just got a friendship from a person from UK as we only have a few months of knowledge. Two days ago he asked for our address and we gave him. He said that he need to send a gift and we decline it. but yesterday he send some expensive items and about 50000 dollers in it. And to today morning there was a call they said it was from customs and told as to pay about 35000 .we cheked the no in truecaller but there was no number .so we said him that we can't afford much money.so can we bow return this gift?
There is no recipient tax on money being transferred from abroad to India when it's being sent to blood relatives. In general, "blood relatives" -- including spouses, children and grandchildren, siblings or in-laws -- don't pay tax on any amount you send.
The best way to send money to India will depend on your own needs and circumstances, but generally speaking using a money transfer operator is a quick and easy way to send funds abroad. Most MTOs let you choose from multiple ways to send money to India, whether it's a bank transfer, cash pickup, or mobile wallet payment.
I am an NRI, a USA citizen. My brother in India wants to gift me two acres of land (valued at around 25 lakhs) would either of us have to pay taxes on that amount?
4 Fee reductions apply only to the Western Union®️ transfer fee for a single Western Union Money Transfer®️ or Quick Collect®️ transaction. Excludes all other services, including without limitation, online bill payments, and money transfers via social/chat applications. Points used will not be reversible and if amount of transfer fee is less than redeemed discount, no cash, credit or refund will be provided. Western Union reserves the right to offer promotions l discounts that cannot be combined with My WU®️ fee reductions.
NRIs are permitted to remit foreign currency back to India on the foreign repatriable assets such as rent earned from an immovable property owned overseas. According to FEMA guidelines for NRIs, sale proceeds of such assets are non-repatriable outside India without RBI approval.
Now that you're all set up, choose the country that you wish to send money to, the amount that you wish to send and click next. You'll then need to select a payment option from cash pick up, bank transfer, or mobile wallet. Once this has been done, select the transfer payment option from credit/debit card to Apple Pay or online or standard bank transfer. Users who wish to be directed to their nearest Western Union agent can select the in-person option.
If a non-resident Indian (NRI) has purchased agricultural land without fully understanding the laws and regulations surrounding the purchase, they should immediately seek the advice of a legal professional with experience in real estate and agricultural land laws in India. They should also consult with any relevant government agencies to ensure that the purchase is in compliance with all laws and regulations. Additionally, they should make sure that the land is properly registered and that all necessary documentation is in order.
scheme. Your Savings Account is hosted by our partner bank and follows all security standards prescribed by
My father just got a friendship from a person from UK as we only have a few months of knowledge. Two days ago he asked for our address and we gave him. He said that he need to send a gift and we decline it. but yesterday he send some expensive items and about 50000 dollers in it. And to today morning there was a call they said it was from customs and told as to pay about 35000 .we cheked the no in truecaller but there was no number .so we said him that we can't afford much money.so can we bow return this gift?
To send money abroad, you will need a Passport, PAN card, outward remittance form, bank statements, supporting documents for the remittance (tickets, invoices, etc.) and Form A2. Moreover, you also need to agree to the anti-money laundering and KYC guidelines.
If a NRI gives Gift to Resident Indian (Relative),it is exempt from tax in hands of both receiver and giver.You are sending money through bank transfers amounts to RS 120000 yearly. Your brother can claim this amount as gift and it is exempt from tax in his hand. Remember this Gift should be backed up by gift deed to claim exemption
There is no limit on the number of transactions that can be made within a fiscal year under the LRS scheme. However, the total amount of foreign exchange remitted through all sources in India should not exceed the LRS limit for the current fiscal year.
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.
When it comes to money transfers to India with Xoom, you will pay a mix of fixed and commission fees for different transfer and receiving methods and amounts. In addition, you will also pay an exchange rate margin, which is relatively low with Xoom and which will remain the same regardless of which pay-out method you choose.
However, the rule is different when sending money from the United States. The relationship between the sender and receiver does not matter here. The maximum amount of tax-free remittance one can do USD 14,000. Beyond this amount, it would be subject to gift tax for the sender.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
Get a quote: Click here to find out the cost to transfer money to India with Xoom.
Due to their pioneering nature, the launch of the Western Union app came as no surprise when it arrived in 2016. It is a more convenient, digital version of Western Union's cross-border money transfer services, enabling users to send money anywhere, anytime, at the touch of a button.
Select StateAlaskaAlabamaArkansasArizonaCaliforniaColoradoConnecticutDistrict of ColumbiaDelawareFloridaGeorgiaHawaiiIowaIdahoIllinoisIndianaKansasKentuckyLouisianaMassachusettsMarylandMaineMichiganMinnesotaMissouriMississippiMontanaNorth CarolinaNorth DakotaNebraskaNew HampshireNew JerseyNew MexicoNevadaNew YorkOhioOklahomaOregonPennsylvaniaPuerto RicoRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVirginiaVermontWashingtonWisconsinWest VirginiaWyoming
Please specifically advise if:
Does gift from Resident Indian to his NRI son in the form of money transfer to son's NRO account, comes under USD 1 million per year category or LRS category limited to USD 2.5 lakh per year. LRS is only for outward remittance from India to US NRI account by a Resident, I suppose.
Second, we also include links to advertisers' offers in some of our articles. These "affiliate links" may generate income for our site when you click on them. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor.
information service that aims to provide you with information to help you make better decisions.
Headquartered in Seattle, Remitly is a great option when you want to send money to friends and family fast. It's also a secure and reliable choice for transferring money, since the company is registered with the U.S. Dept. of Treasury as a Money Services Business and offers 100% satisfaction on your transactions-or your fees back.
I am a NRI (now USA citizen) in old age. I want to gift my life's savings which are in NRO account in India to my children in USA (who also are USA citizen). What is the limit of transferring money from Indian NRO account to their USA as a gift? What documentation do I need to submit to my bank in India?
We may also receive payment if you click on certain links posted on our site.
Consequently, any sum of money gifted to nephew shall not be chargeable to tax in the hands of the nephew. However, reverse shall be taxable since nephew is not a relative of his uncle in terms of the definition contained in Section 56 of the Act.
Originally founded in 1851, Western Union has come a long way since their early days, when sending telegrams was the main objective. What started as a transcontinental telegraph cable has evolved into a leading global payments network, allowing the company to remain at the forefront of dynamic money transfers for over 150 years. check these guys out
In case you are sending money abroad to cover educational expenses, there is an exemption from TCS up to a maximum of Rs.7 lakh. For transactions above this threshold, TCS charges of 0.5% will be applicable if the funds are being provided via a loan.
3. Details about the property.
PayPal India has closed their domestic payment transactions and now serves businesses only for cross border transactions. Individual use of PayPal or domestically sales have been closed in order to specialize in products for Indian businesses to sell internationally.
b) What is maximum limit for such tax free gift he can make me? Is this maximum limit of gift applicable for one Financial Year or life term basis?
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?
scheme. Your Savings Account is hosted by our partner bank and follows all security standards prescribed by
8 Project Management Books to Help You Scale Your BusinessWhat is the one thing most project managers lack? Right! A chance to lift their heads from the day-to-day routine and see if others know a better way of managing projects. Surfing the net to find the exact book you need may take hours of your ...
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. index
Thanks a lot
Hi, I am NRI and in Germany would like to buy a flat for my mother in India. The flat costs around 40 lakh and I have all money in my HDFC NRE bank account. Can I simply send the money to my Indian brother account, so that he can tranfer the money to the seller directly and my mother can have a flat. I just want to know what would be the best scenerio to avoid any kind of hassle. Thank you