Hi, can you tell what is the difference between money sent to NRI daughter or son by India Resident father through banking channel under the category of "maintenance" versus "gift". Does these two options mean same?
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MY SON BEING AN NRI DOCTOR IN UK, AND GENERATES INCOME IN INDIA BY HIS CAPITAL HERE, WHICH HAS NOT COME FROM UK, .THIS INCOME IS FROM STOCK DIVIDEND AND MUTUAL FUND DIVIDEND AND INTEREST TO RELATIVES COMPANY,AND FILES INCOME TAX HERE AS NRI,IF HE DECLARE THIS INCOME IN HIS TAX RETURN IN UK, DOES HE NEED TO PAY TAX ON THIS INCOME IN UK, WHERE SOME AMOUNT IS NON TAXABLE AND DIVIDEND S ARE TAX FREE.
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?
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However, if an NRI transfers money to someone not related by blood, then there is a tax aspect. Any amount over Rs 50,000 in a year is taxable. Let us say that you are sending Rs 1, 00,000 to a friend in India. This amount will be added to your friend's income. The receiver has to pay a tax on this income.
RBI is yet to instruct banks that such forms are needed on only where the tax law requires furnishing of such forms, and that the forms are not required when the payer is transferring funds to himself. This will ensure that unnecessary procedures do not bog down those who wish to remit their funds out of India.
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For sending remittance from UAE self bank account to India self bank account for investment purpose ( say FD or mutual funds etc.) is there any limit of amount per remittance or per year which can be sent . Remittances are sent through bank channels only.
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Also, it isn't recommended to transfer funds to an NRO (Non-resident Ordinary) account because the interest you earn on an NRO account's fixed deposit is also taxable. You just need an NRO account to hold your income in Indian currency. In case you really need money for some expenditure, then only you should transfer foreign currency (Dollar or Pounds) converted amount to NRO account.
Hi, Thank you first. I am a resident Indian. I want to send about Rs.40L to my employed son in U.S. IF I SEND IT THROUGH A BANK TRANSFER WHAT ARE THE IPMLICATIONS LIKE TCS. CAN THAT BE POSSIBLE TO CLAIM BACK WHILE SUBMITTING RETURN AND HOW MUCH BACK.
Trust: You can set up a trust in India, with your nephew as the beneficiary, and transfer the money to the trust. The trust can specify that the money will be vested in your nephew after 4 years. This can be done with the help of a lawyer or a professional trust company.
US citizens have a tax-exempt allowance on gifts to people overseas, and in 2023, this stands at $17,000 ($34,000 for married couples). If the transferred sum exceeds the threshold, then the tax is applied to the whole sum, not just the amount exceeding the limit.
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There are no restrictions on the rights of a Karta to gift assets of the HUF to anyone under the tax laws. However, if the gift is made to a family member, the income tax department may treat this as partial partition of the HUF and disregard this for income tax purposes.
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If your brother residing in UAE sends money to you in India, the money is not taxable in India. As per the Indian Income Tax Act, money received as a gift from a relative is not considered as income and therefore is not taxable. A relative is defined as spouse, brother, sister, brother or sister of the spouse, brother or sister of either of the parents, any lineal ascendant or descendant. However, it's worth noting that your brother might be subject to taxes in the UAE for sending money out of the country. It's recommended to check with a tax professional in the UAE to understand the tax implications for your brother.