Generally, you'll pay fees for incoming and outgoing wires. The wire transfer fees your bank charges depend on whether you're sending the money. Some banks charge more depending on how you initiate the wire transfer -- for example, online or in person.

*B. should he send the funds to my NRO or my NRE a/c?

when you give Rs 20 lakh to your wife and she puts the money into fixed deposit and then interest will be added to your income for taxation, and you would pay taxes on that based on your tax slab. However if she reinvests this amount and earn interest, then the income on reinvestment will be considered as her own income.

Over the course of a lifetime, every person can gift up to $11.7 million without incurring any taxes. This figure includes gifts of inheritance money you plan on leaving in the future, even if the money is stored overseas and transferred back to the US. There are two options available when filing gift returns - you can either choose to pay the gift tax, or bypass the payment and add the gift to your lifetime exemption limit.

information service that aims to provide you with information to help you make better decisions.

^{PayPal sets their own exchange rate, which means you may be paying a marked up rate on any international transactions that come in. The rate you get from PayPal will likely be different from the mid-market rate. The mid-market rate is the rate that banks use themselves and is the one you see on Google and Reuters.}
Once you've got your PayPal account up and running and have logged into Xoom with it, you'll be able to specify the currency (USD, EUR, CAD, GBP) and the amount you'd like to send to India. The next step will be to choose whether you'd like your beneficiary to receive the money via bank deposit or in cash. Once this is done, you'll need to enter their banking details, and then you'll be free to make the transfer either from your bank balance, your PayPal balance, or from your credit card or your US debit card.
Wise is the trading name of TransferWise, which is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011, Firm Reference 900507, for the issuing of electronic money. Wise has the approval from the Reserve Bank of India to offer the service with a local bank partner.
It's important to note that the gift must be made out of your own funds and cannot be sourced from any borrowed or loaned funds. Additionally, the gift must be made under the Gift Tax Act, and you may be required to file a gift tax return if the value of the gift exceeds a certain threshold.

If my sibling (Indian Citizen) has a property(residential vacant block) in India, possibly worth 3 Crores and wants to gift to me (I am a citizen of another country and also an OCI), would it be better to gift the land or sell the Land and than gift the proceeds ? Question is which is better in terms of Indian Tax liability for me and my sibling. Can the proceeds of this be transferred to an account in an overseas bank ? Appreciate your advise.

- What documentation is required when this amount / gift is returned back to me or my spouse after few years?
Western Union mobile app is an excellent money transfer app available on Google Android and Apple iOS. Thanks to the app, you can smoothly send cash to around 500000 agent locations/offices or one-billion bank accounts across the world, irrespective of time or place.
The very first formal cross-border remittance market was set up to handle transactions between the United States and Mexico. Three decades later this is still the most popular transfer corridor for Western Union accounting for 20% of the market share.
The Liberalized Remittance Scheme or LRS is a measure implemented by the Reserve Bank of India to make it easier for resident individuals to transfer funds outside India. The LRS scheme enables outbound remittance of up to US$250,000 per financial year (April to March) for any permissible current or capital account transaction or a combination of both.
NRIs can also transfer funds to and from India through Non-Residential External (NRE) and Non-Residential Ordinary (NRO) accounts. NRE accounts are meant for holding foreign earnings in foreign currency, while NRO accounts are meant for holding income earned in India (such as rent, dividends, etc.) in Indian Rupees. NRIs can transfer funds between their NRE and NRO accounts and also between their foreign bank account and NRE/NRO accounts.

Bear in mind that Xoom charges a variable exchange rate margin that decreases in relation to the size of the transfer. For example, if you were to send a smaller transfer of, say, US$500 to India, your exchange rate margin would be around 1.1%. Meanwhile, if you were to send a larger transfer of US$10,000, your exchange rate margin would be only around 0.4% instead.
_{However, if you owe more to the IRS than you paid to the foreign government, you can claim the whole amount as a tax credit. So if you paid the Danish government $500 in taxes but you owe the IRS $600, you can offset the full $500 you already paid as tax in Denmark - so you'd only owe the IRS $100 as a result of claiming this credit.}
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)
The very first formal cross-border remittance market was set up to handle transactions between the United States and Mexico. Three decades later this is still the most popular transfer corridor for Western Union accounting for 20% of the market share.
_{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.}
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.

Bear in mind that Xoom charges a variable exchange rate margin that decreases in relation to the size of the transfer. For example, if you were to send a smaller transfer of, say, US$500 to India, your exchange rate margin would be around 1.1%. Meanwhile, if you were to send a larger transfer of US$10,000, your exchange rate margin would be only around 0.4% instead.

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All anyone needs to collect the cash is a valid government-issued ID card; the first name and last name used as the sender's name and the receiver's name on the form; the 8 or 10-digit MTCN# (money transfer control number); and the test question and answer. For those customers who regularly complete transactions of international money transfer, some of these collection points offer special identity cards to make the process even faster.
Xoom was the cheapest service for cash pickup from the US to India on nearly 86% of searches on Monito's comparison engine between November 2020 and January 2021. On the other hand, Xoom was the cheapest service for bank deposits from the US to India on only 0.5% of searches during the same period.
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.
^{Sending and receiving cash worldwide only takes a few minutes with Boss Revolution. Your money will be delivered in minutes or the next day based on the payment method you choose, such as bank deposit, mobile wallet, and cash pickup are typically available within minutes of processing.}
Tax on Gifts depends on the relationship you share with them.
^{You may need to file Form 8949, just as with the sale of a property in the US, as well as a Schedule D form, and potentially a Form 4797 for rental properties. If the income from the sale of an overseas property is paid into a foreign bank account, this may need to be reported using FinCEN Form 114 and FATCA Form 8938.}
Efiling Income Tax Returns(ITR) is made easy with Clear platform. Just upload your form 16, claim your deductions and get your acknowledgment number online. You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing.

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.

10 rupees to usd current currency converter usd to inr

If you want to send money securely to India but don't want to do so over the Internet, a money order is a great option. A money order is a printed, pre-paid certificate that can be mailed to your Indian recipient for cashing. Money orders can be purchased at banks, gas stations, grocery stores, the post office, and other third-party locations.

^{In most cases, the money can be picked up within minutes of sending, but this will depend on the method chosen when sending the cash. It will remain in the system for 45 days, but according to our research, it will be sent back to the sender if not redeemed after nine months.}

Monito compares 13 providers offering international money transfer services from the USA to India. The total cost of the cheapest available option at any given point in the past month was 0.1% of the transferred amount. In comparison, the total cost of the most expensive provider was on average 7.6%.

It's also important to note that there might be certain legal and tax implications in both India and your country of residence. It's recommended to consult with a lawyer or a tax professional to ensure that the gift is in compliance with all the laws and regulations, and to understand all the tax implications of gifting the money.
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.
Banks in India and across the world use the SWIFT banking system, which means you'll be able to send money to most banks in India - including Canara Bank, Axis Bank, State Bank of India, Union Bank of India, IDBI Bank, Punjab National Bank and many more.
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%.

International wire transfers can be made from virtually any bank and in many cases, online, via your bank's website. Additionally, you can also send an international wire using a non-bank transfer service-which is well-worth considering since these services typically charge lower fees than banks do.

The best way to send money from the US to India depends on the way the transfer will be paid for and deposit, the amount you send, the countries between which you make a transfer, and the transfer speed. Sound too complicated? With Monito's real-time comparison engine, you can find the best option to send money to India from the US with just a few clicks.