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.
For this, you have to consult with the lawyer.
My question is that I am a NRI in Australia and my friend in India want to give a gift of 20000 aud or around 11 lakhs rs to meWhat are the tax liability on me as a NRI from India and what are from Australian tax office.And any tax implications will my friend will face usd to inr 2010 dubai currency in india rate vs uae


To transfer money from the USA to a bank account in India, you will have two options. Firstly, you can make a wire transfer from the USA to India (also known as a "wire transfer"), which is done from your American bank account to your (or your recipient's) Indian one. These wire transfers are the preferred method of high-street banks and tend to be very slow and pricey. See more about making a wire transfer in our in-depth guide here.

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1. I want to gift these properties to my sister, resident of India. Does she or I have to pay, for this gift-transaction, TDS or any Income Tax in India?
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. weblink

Is it necessary to inform the India IT Dept on such remittances.

What this means is that PayPal takes the wholesale or mid-market exchange rates on the day of conversion or the previous business day, and adds this markup to calculate the rate used for your transaction. This makes it difficult for the user to see the full costs of the transfer, whether these are charged to their own bank account or to that of the beneficiary.

The other option you have is to make an ordinary bank transfer (i.e. an ACH transfer in the US) to the local bank account of an international money transfer specialist service, which, in turn, will pay out the funds more quickly and cheaply to your recipient in India than the bank would.

Additional Fees: Bank debit (ACH) is the cheapest; then bank wire transfer; followed by debit card and credit card.
1. Date and Place where the deed is to be executed. why send money to india istore usd to inr directions to walmart


Pay-out Method: Customers opting for the cash pickup or mobile wallet pay-out option, will typically see funds arrive within minutes, albeit for a fee. On the other hand, bank deposits may take up to 2 days to be delivered due to the corresponding banks involved in processing the payment.
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.
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.

scheme. Your Savings Account is hosted by our partner bank and follows all security standards prescribed by

If you're selling a primary overseas residential property, you'll pay the same taxes and get the same benefits as if you were selling your main home in the US. This means you'll pay tax on any excess of sales over $500,000 for joint tax returns and $250,000 for any other filing status. The rate you'll be taxed at is the lower long-term capital gains rate.
According to the Reserve Bank of India (RBI) guidelines, PIOs can purchase residential and commercial properties in India, subject to the following conditions:
Be sure to check if recipients need to pay tax on any money received from abroad. If money is sent to family members then this is not taxed unless the money is invested - while money sent to anyone other than family members will be taxed as income if it's over Rs 50,000 a year. 0 rupees note in india dollars in rupees nepali

3.The PIO must file a declaration with the RBI within 90 days of the purchase of the property, giving details of the purchase price, the source of funds, and the purpose of the acquisition.

I was not with Indian passport in 2015 and was visited India that time my mother gave me gift of immovable property, and in that property document of gift they write my Indian address not foreign address, now I want to sell that property and I have oci and foreign passport, is it right if they write my Indian address in gift deed document?

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.

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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.

^{I live in UK and want to gift my mum PS40,000. The money would be paid into her account in Delhi. She is an Indian and lives in India. Does this transaction attract any tax? What is the limit such transfer from NRI (OCR holder) to an Indian resident (relative - mum)?}

Basically, international bank transfers automatically send funds to the receiver's bank account. However, transfer fees and exchange rates apply to the transaction, so it's worth comparing specialist online money transfer companies to see if you might be able to find a better deal.

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.
5 Western Union also makes money from currency exchange. When choosing a money transmitter, carefully compare both transfer fees and exchange rates. Fees, foreign exchange rates and taxes may vary by brand, channel, and location based on a number of factors. Fees and rates subject to change without notice.

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I have sold a property in India and paid the capital gains tax etc. The money is in my NRO account . I am a NRI based in UK. Can I remit the tax paid money as gift to my son and daughter in their UK bank account from my NRO account ?I have the CA certificate as well. Is there a limit how much can I remit outside India ?

We'll verify your mobile phone number with an OTP. You may be required to provide ID proof and a selfie image to verify your identity. Identity verification takes up to 4 minutes at least 90% of the time. In case of a delay, we'll contact you immediately.
HI, I am NRI living i Australia. I have a property in India which i want to give to my mum. I still have Rs 24,00,000 loan remaining with the bank. Can i keep paying that loan after transferring the property to my mum or the loan has to be paid off before transferring the property?
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.