There is also an aspect of taxation to the money being sent to India. Let us say that the person you send the money to is related to you by blood. The spectrum includes your spouse, children, grandchildren, siblings, and in-laws. In such a case, you do not need to pay taxes on the amount sent. Even if the money is being sent as a wedding gift or inheritance, it is not taxable.
If you wish to cancel your money transfer, you will need to log into your account. Look at your recent money transfer activity and select the transfer you would like to cancel. You'll only be able to cancel the transfer if the money hasn't been picked up or deposited. The amount of money refunded will depend on the service chosen and the reason for cancellation.
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Son sent money to mother's account in India From USA, she bought property with that money and gave gift to others , now son asked to give back that property and mother also want to give back but donee refused to give back that gifted property, is it possible to take back that property by son legally
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When it comes to receiving gifts from Indian parents, the tax treatment will depend on the nature of the gift and the amount involved.
India Briefing is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia from offices across the world, including in Delhi and Mumbai. Readers may write to Email for more support on doing business in India.
Western Union has an impressive track record being one of the oldest companies in operation today. It began in 1851 with its headquarters in 7001 E. Belleview Avenue Denver, Colorado 80237 redacted. It has grown to be a phenomenal financial services company with an extensive global reach.
For all other transfers, we recommend you explore other providers that are, on average, much cheaper than Xoom for bank deposit transfers to India. According to our research, the similar money transfer services Wise, Remitly, and Skrill were the cheapest transfer providers to India on a combined 87% of searches on Monito's comparison engine over the last three months. To find out more about sending money online for bank transfers, in particular, take a look at our review of Remitly's transfers to India.
There is also an aspect of taxation to the money being sent to India. Let us say that the person you send the money to is related to you by blood. The spectrum includes your spouse, children, grandchildren, siblings, and in-laws. In such a case, you do not need to pay taxes on the amount sent. Even if the money is being sent as a wedding gift or inheritance, it is not taxable.
There is no limit on the number of transactions that can be made within a fiscal year under the LRS scheme. However, the total amount of foreign exchange remitted through all sources in India should not exceed the LRS limit for the current fiscal year.
Your recipient can then collect their cash at a Western Union location near to them, or you can arrange to have the money sent directly to their bank account or even mobile wallet.2 Not all payment and recipient options are available in all countries.
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.
The Savings Account and VISA Debit Card are provided by Federal Bank - an
2) option#2: He sells the land and transfers the money to my bank account as gift and I transfer the money from my Indian bank account to my overseas bank account
An individual is required to pay Tax Collected at Source (TCS) on an outbound remittance. As per the amendments in the Finance Bill (2020), under the Liberalised Remittance Scheme (LRS), a 5% foreign remittance tax i.e. TCS is applicable (10% in the absence of PAN details) on payments of more than Rs 7 lakh. In case of an education loan repayment, 0.5% TCS (5%, if no PAN details) will be levied on an amount exceeding Rs 7 lakh. An NRI or a foreign company is also subject to a surcharge and education and health cess.
There are different rates for each type of transaction. You might also hear this fee described as a payment processing fee, or seller fee. The exact fees you pay will depend on whether the transaction is considered domestic or international, and the payment method.
NRIs are permitted to remit foreign currency back to India on the foreign repatriable assets such as rent earned from an immovable property owned overseas. According to FEMA guidelines for NRIs, sale proceeds of such assets are non-repatriable outside India without RBI approval.
1) option#1: I receive the land as a gift from him, I sell the land and transfer the sale proceed to my overseas bank account via my Indian bank account