If you're a US citizen living and earning income abroad, you'll unfortunately still have to pay tax on your worldwide income. This is true even if you've never actually been to the US - if you were born on an American military base or have an American parent you may still owe tax on your income.
First we should check whether NRI is relative or not, If he/she is relative then both receiver and giver are exempt from tax in india.
A resident individual may send up to $2.5 lakh in a year. An NRI with a Non-Resident Ordinary (NRO) account may send up to $10 lakh in a financial year. An individual with a Non-Resident External (NRE) account or a Foreign Currency Non-Resident (FCNR) Account does not have any such limits.
Ria Money Transfer or MoneyGram are specialized companies in sending money abroad. They have an extensive network of offices, which I have used on different occasions, though they are now offering the money transfer service through their Internet website.
Can a resident Indian who owns a Co outside India offer full of those shares (100% of ownership) along with retained earnings as a gift to his sister, treating it as a gift with full exemption from Indian income tax on his global income relating to those shares?
3) In what Quantity you want to transfer the shares.
I am a person of Indian origin living in Sweden For the last 43 years. I have an inhertied property in India which i want to transfer or sell to my brother in blood relation. There are two way of doing it. One i just give him a gift and cost of transer deed will be around 1200 Rs but then i can not mention the amount we have decided the other i sell it at collecter rate and pay long term capital whatever it will be. property is registered on my name since 2000.In blood relation, my brother can gift me up to 250000 dollars /year without any permission from RBI So we both can give gifts to each other according to law. could there be any problem with income tax
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It's also important to note that if the money is being sent for a specific purpose such as a business venture or for buying property and the money is being sent regularly, the regularity of such transactions could be seen as a business income and might be taxable.
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If you wish to send money to your mother's resident saving account and open a fixed deposit of 50,000 INR, then the interest earned on this deposit will be taxable. The bank will be deducting TDS at the rate of 20% if there is no PAN number available. But if you open a fixed deposit from funds available in the NRE savings account, you won't have to pay taxes on the interest earned on this deposit.
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.
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?
I've been involved in personal finance and property journalism for the past 20 years, editing websites and writing for national newspapers. My objective has always been to offer no-nonsense information to readers that either saves or earns them cash.inr 12 when taking anticoagulants money transfer to indian bank account
Although both companies provide excellent and secure money transfer services, Western Union takes the edge over Money Gram due to competitive prices, more locations worldwide, and ease of use. Plus, its service ranks higher when it comes to user experience and customer satisfaction.
I am an NRI leaving in Australia. I have a property in India. I want to gift it to my mum. I still have Rs 24,00,000 loan reamining. can i keep paying that loan after transferring the property or do i have to pay off the loan before transferring the property?
Yes. As of May 2021, users can send money from the US to India using Google Pay in partnership with Western Union and Wise. To set up a Google Pay transfer, you'll need to make sure that your recipient in India also uses Google Pay and that their bank account is connected via UPI. From there, you'll be able to transfer just like you usually would on Google Pay, with the additional step of clicking through Western Union or Wise.
