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?
- Are there any restrictions on where this gift amount be invested by my father in law? I understand that income arising out of this investment is taxable to my father in law.
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?
Costs are determined by the type of transfer, the location it is being sent and how it will be received. There is a limit of up to PS2,500 (or equivalent) per transaction. As outlined in the earlier section, payment options include cash, bank transfer, debit or credit card and there is a fee for each of these methods which ranges from $5 - 20.
WorldRemit is a UK-based money remittance firm that was founded in 2010. Considered safe and reputable, WorldRemit's app won Investopedia's Best for International Transfers category, due to the company's low fees, upfront exchange costs, and fee transparency.
According to financial experts, this move is aimed at making high-net-worth individuals (HNIs) pay their fair share before leaving India permanently. In the past five years, around 30,000-35,000 HNIs have migrated to countries such as the US, UK, UAE, Canada, Australia, Singapore, and Europe. This number was 8,000 in 2022 alone.
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.
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.
The US has tax treaties with many nations around the world, which prevents double taxation on income. But if you're earning a foreign pension in a country without a treaty, you may be at risk of paying double tax. This is because in the US, pension funds are taxed both when accrued and when paid out, as well potentially in the country the pension is being paid.
Unfortunately, Xoom currently doesn't support transfers to India from countries other than the US, UK, Canada, and the European Union. This rather limited scope of service means that if you'd like to send money to India from somewhere else, you'll need to use another service.
You can gift shares to your children as they are relative to you provided RBI approval is required and regulations & compliances are required to be fulfilled like gift does not exceed 5% of the paid up capital of the company, sectoral cap is not breached, total value cannot exceed 50000USD in one financial year etc. Its better to consult a good CA for such matters
Therefore, if your mother gifts you cash by depositing it into your NRO account or by issuing a cheque from her resident account, it should generally be exempt from income tax, as long as your mother is a "relative" as defined under the Income Tax Act.
for future returns.
the partner bank, in accordance with RBI regulations. Jupiter itself is not a bank and doesn't hold or claim
With Western Union, one can send money online 24/7, and the recipient can collect the money as cash at any Western Union agent location worldwide. In certain countries, however, the money can either be received in a mobile wallet or deposited into a bank account.
Once again, among the five EU countries with the highest searches for remittances to India (Germany, France, Ireland, the Netherlands, and Poland), Xoom wasn't the cheapest on a single search between November 2020 and January 2021. See which one's currently cheapest for this corridor below:
Finder.com is an independent comparison platform and 1 usd to inr in april 2017 wire transfer india to usa
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.
Service providers like Western Union make a profit from foreign exchange spread, transfer fees and any other charges paid by the customer. For this reason, understanding how much of your money is being spent on these costs means you can make a more well-informed decision about whether this service provider is for you.
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. exchange rate indian rupee to myr dollars to rupees review article
Please specifically advise if:
Hi, I am an NRI residing in UAE for more than 10Years. I want to send INR 20 Lacs from my ICICI NRE Saving A/c to my wife saving a/c who is a resident Indian. She will use this money to buy agricultural land in India. What will be Tax Implications for both of us? this page
As resident indian, I want to gift my NRE daughter $ 10,000. What does it mean by " it is tax exempted in India for giver and receiver. Can the giver reduce this gift amount from his taxable income. What is limit for giving US$ as gift to NRI relative.
3) In what Quantity you want to transfer the shares. Whatu2019s the best way for a person residing in India to transfer USD money from an ETrade account to any Indian bank account with minimal charges 0 dollars rate in india
2.An investor from Australia wants to invest in our company
If you're like most NRIs sending money home from the US, you probably want to keep your currency exchange fees to an absolute minimum when converting from dollars to rupees. Using Monito's comparison tools and savvy how-to resources, you can find exactly how to transfer money from the USA to India by taking advantage of the simplest, speediest, and most secure ways to transfer your money from the US to India -- no matter the amount or the pay-out method. navigate to this website
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?
When sending money from the USA to India, these specialist services are significantly faster and equally secure as the banks, and everything is wrapped up at a fraction of the cost. This is because funds sent via wire transfers (the method most banks use to send money abroad) typically need to follow several steps as they pass along the SWIFT network, adding new time and costs to the process. Find out more about how ordinary ACH transfers differ from wire transfers in our guide here.
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.
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.
Visit the app store on your iOS (Apple) device or Google Play (Android) and search for the Western Union app. Once the app has downloaded, you'll be given a short demonstration of its features and asked to register for an account. Proceed to register for the account using your name, email address and home phone number. Once you've completed the registration, you'll be asked to select your home country and language for the app.
Yes. To send money overseas with PayPal, you'll pay an exchange rate margin fee every time you convert from one currency to another. These fees typically range between 2.5% and 4.5%, quickly making PayPal one of the most expensive ways of all to send money internationally.
However, because of the number of better deals available for transfers to India using the bank deposit option, and because Xoom tends to be outmatched for transfers from the EU, Canada, and the UK to India, we only recommend Xoom for cash pickup transfers from the US. (Naturally, this only applies if your transfer is under the Rs50,0000 limit for cash pickup transfers.) However, even here, providers like Remitly are far cheaper than Xoom for practically all transfers, and we recommend them instead.money transfer to india app Why does Pakistani rupee is continuously going down against US dollars
What are Indian gift tax implications when an Indian resident (mother, father) citizen receives AUD 200K from a blood related Australian citizen (child) via an international money transfer for the purpose of property purchase in mother, father and another sibling's name?
If you pay for your transfer with a credit or debit card and have it sent for cash pickup - you'll typically pay a higher fee but your money can arrive in as little as 10 minutes. However, your credit card may charge a cash advance fee, further increasing the cost of your total transfer.
To ask any questions related to the rights of NRIs, PIOs, and OCIs, you can download SBNRI App from the Google Play Store or App Store. You can also use the SBNRI app for investment in the stock market/ mutual funds, NRI account opening, tax filing, etc. To ask any questions, click on the button below. Also, visit our blog and YouTube channel for more details.
- 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?
Unfortunately, if you're earning a foreign pension it is likely you'll be subject to taxation in the US. Your contributions to a foreign pension won't reduce your taxable income, and your employer's contributions to the foreign pension will increase your taxable income.
My son who is German citizen & now having his own starts up in San Francisco. He has also applied green card which is already approved. He wants to gift equity shares which is holding to his parents in India. I want to know if it is possible, if yes HOW?
In general, NRIs are allowed to transfer a certain amount of funds from their NRI accounts to another country without prior approval from the Reserve Bank of India (RBI). This limit is known as the Liberalized Remittance Scheme (LRS) limit. As of the financial year 2021-2022, the LRS limit for NRIs is INR 2,50,00,000 per financial year. This limit applies to the total amount of funds transferred by an NRI during the financial year, and includes all transfers made for any purpose, including investments, gifts, and personal expenses.
Exchange Rate: A margin is added to the exchange rate when you convert your US dollars (USD) into Indian rupee (INR).
I am working in Dubai and planning to take a personal loan of INR 30,00,000. My Parents are both Senior Citizens. I want to split that amount and put Fixed Deposit of INR 15,00,000. on each of their name as monthly interest credit. So they have income monthly. Both have no other pension or income. Will there be income tax issue if I transfer this much amount to India
My mom is an Indian resident and wants to gift me Rs 4 cr from the sale proceed of a residential property ( she will pay all gain tax etc ) whilst I'm a foreign national with an OCI card. Can she transfer my money directly to my overseas account and make a gift deed for the amount of $550,000 or give me the gift in India and I convert it from my NRE account and remit it to my account overseas without paying any taxes? Please advise.
The world is shrinking with each passing decade. Not just governments and large corporations, but laypersons too transact globally in this day and age. We buy products from foreign e-commerce websites, purchase materials for manufacturing goods in our country, and send money for various other purposes.
information service that aims to provide you with information to help you make better decisions.