I'd like to know if I, as a US citizen, can gift cash $ or US securities into my brother's foreign account with a US brokerage and have this gift be considered tax-free in India in the same way my gifts to their Indian bank account is considered. What formalities would I have to follow? I'd appreciate very much if you could point me to some references, in Indian tax laws. As you can understand, I need to establish the true facts.
Hii Queen
The increased rate for foreign remittance tax in India can make overseas money transfers more expensive. However, there are a few methods by which you can reduce your overall taxable income. When TCS is applicable for any type of transaction, the money is collected by banks. So, you can adjust your total TCS amount depending on your tax liability.
When money is being transferred from abroad to India, surely there are tax implications to consider. If you are the one sending money, naturally you'd think about how much tax you need to pay in the country of your residence for remitting money to India. On the other hand, if you are a resident Indian and receiving money from abroad, you'll want to know if you are liable to pay tax on the amount received. In this post, we'll examine both these questions and more.
Your guidance in the matter shall help me in doing the needful
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..
What is a better option and ehy(
Although Wise doesn't have branch locations, users can send money to India via the company's website or its app. Additionally, money transfers can be funded with a bank debit, wire transfer, debit card, or credit card, although fees vary depending on the method used. cheapest way to send money to india from usa usd to inr computer tutorial for kids
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Your recipient can then collect their cash at a Western Union location near to them, or you can arrange to have the money sent directly to their bank account or even mobile wallet.2 Not all payment and recipient options are available in all countries.
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.
You can initiate transfers at a local Western Union location, online or by telephone. In each instance, there are multiple options for transfer to choose from, each one with its own associated fees. Depending upon the destination and countries of origin, available transfer options include Western Union's Three Day service, Next Day service and Money in Minutes service.
My mom wants to send me gift (cash) to buy a house for myself here in Canada. In india, she will have to pay a gift tax because of the amount of money she is sending me. To avoid this gift tax, i was wondering if I can do the following: 1 - Open NRI account 2 - My Mom deposits the cash in my new NRI account 3 - I withdraw the deposited amount in Canada. My questions is - Is this a good idea? Will I still have to pay tax in Canada? Any other issues with this idea? If you could help answer this that would be AWESOME! Thannk you so much!
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You can send money to India directly via a wire bank transfer. This goes directly from bank to bank, usually via the SWIFT network, rather than through a money transfer operator. While this can be more secure, the fees are often higher and transactions can take one to two days at least.
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- I would like to gift around 25 lacs to my father in law as a gift. Is it exempt from tax? What documentation I need to do? I know that simple gift deed is required. Are signatures required on the gift deed? Can it be done as soft copy while both parties are in different countries?
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.
Hi Smita
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:
For sending remittance from UAE self bank account to India self bank account for investment purpose ( say FD or mutual funds etc.) is there any limit of amount per remittance or per year which can be sent . Remittances are sent through bank channels only.
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Fortunately, we've got the answer right here! In this blog post, we'll tell you what you should consider before sending money to India, share with you your best options for transferring money, and discuss the various pros and cons of each of those options.
Sending money to India is relatively straightforward wherever you are in the world, whether you're sending gifts or supporting family and friends. Understanding and comparing your options will help you get the best deal possible, which means fewer fees to pay and more money for your recipient - here's what you need to know.
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 us dollar to indian rupee xoom How much time does it take for a refund from USD to INR
Is it necessary to inform the India IT Dept on such remittances.
If you prefer to transfer money online, Wise is the easiest way to do it. It's incredibly simple to set up an account or make a transfer using their app. They also have the best exchange rates, because they offer the same market rate you see on XE or Google and don't add any hidden exchange rate mark ups.