I understand that such gifts are exempt under both countries Tax Laws since it is a Gift to a relative - Sibling / Brother
Business holidays and weekends: Bank holidays tend to delay wire transfers. Different countries have different bank holidays. This, in addition to weekends, can delay the time it takes for a wire transfer. The number of intermediary banks or currency conversions may also influence the speed of a wire transfer. Hence, when you wonder how long does a wire transfer take, consider pre-planning as a part of the response.
IFSC stands for Indian Financial System Code, an 11-digit alphanumeric code that identifies bank branches in the National Electronic Funds Transfer network. If you are sending money to India, you will need to provide this alongside the recipient's bank name and account number.
NRIs are permitted an unlimited amount of investment options through repatriable and non-repatriable transactions. However, as per the FEMA rules for NRIs, they cannot make investments in small saving or Public Provident Fund (PPF) schemes of the government.
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.. 1 pound in rupees western union five million dollars in rupees
I was informed that when a Resident Indian gifts to a Relative in USA who is NRI or Person of Indian Origin, it does not attract gift tax laws of USA. Only when the amount received is more than 100000 US $, the same is to be reported to US Tax authorities. Pl confirm
When you send money to any person abroad in India, the first $15,000 USD will be exempt from taxes by the IRS under the Gift Tax policy. This limit is charged on a per-person basis -- if you would like to send $15,000 USD each to multiple persons, you will still be off the hook for any gift taxes.
PayPal is an online payment system run by an American multinational company. It is a financial technology company that operates in most countries that use online money transfers. It is an electronic substitute for paper methods such as checks and money orders. The company processes payments and charges businesses a fee. We are now going to talk about how to use PayPal in India.
*B. should he send the funds to my NRO or my NRE a/c? transfer money usa to india inflation rate in 2022 in india
Thanks but I am afraid your reply seems contrary to the provision of Income tax act 1961 which states that there is no such limit on Gift received by an individual from brother or sister of either of the parents of the individual and their spouse i.e. "uncle or aunty" will be considered as gift from relative. Resultantly, gift from uncle or aunt will not not be taxable under in the hands of the recipient as "income from other sources. I am aware reverse is not true.
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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 ?
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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.
My son lives in the US. A flat was bought in2004 with bank loan. The registration was done both in his and mother's name. We live in his flat here in India. After about 10 years the balance of loan was paid off from his mother's funds, accepted by the bank. Son is contemplating to gift the flat to his mother. Now as such in the present environment is it possible to effect on-line transfer U.S to INDIA.
i am resident indian. my son has settled down in Australia with Citizenship. He has 2 house properties. one is in his name where i live with my spouse. Another one is in his name ( first owner ) and myself Which has been let out. question 1 : Can i receive the full rent while i file IT return? a he is not filing IT Return in India and does not include this in Global income. that is his share of rent is teated as gift to me.question 2: if he wants to gift the two properties to me, what needs to be done question 3: Can we sell the let out property and transfer the funds to him? what is the limitation question 4: We have other properties. Can we sell and transfer funds to him or gift the properties & transfer the sale proceeds? what is the limitation and which is better?
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The information that I shared in the above post is one part of the story - issues can be complex based on your resident status. If we talk about the USA - you can gift up to $15,000 in a year. This is not that simple but just an example. So check the rules in countries where you are staying.
It depends on the relationship you share with them. If you share a blood relationship with them then no Tax will be levied. But, When an NRI gives gifts in the form of cash, cheque, items, or property that exceeds the value of Rs. 50,000 to a Resident Indian who is a non-relative, the NRI gift taxes India is payable by the receiver. The amount is added to the receiver's income and taxed as per the income tax slab applicable to the receiver.
My husband just died . I did not know he has some lands in India. Now his Nephew would like to sell the land and asking me to sign the paper. So he can sell the land. What Is the law. Is it legal to sign as I live in UK and I am British pP holder I do not have Adher card or Pan card
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3. Can my sister gift me 50.00.000 INR by bank transfer, in my NRO bank account in India, in future (after 2 to 12 Months), after selling these properties. Does she or I have to pay, for this transaction TDS or any Income Tax in India?