Western Union reviews are generally positive, with the expected negative reviews popping up on review sites like Trustpilot and ConsumerAffairs. It's no surprise that there are many users with great experiences and many with poor experiences -- given that Western Union caters to hundreds of millions of customers.
Does gift from Resident Indian to his NRI son in the form of money transfer to son's NRO account, comes under USD 1 million per year category or LRS category limited to USD 2.5 lakh per year. LRS is only for outward remittance from India to US NRI account by a Resident, I suppose.
When it comes to bank transfers from the US to India, Remitly, for example, offers some of the fastest transfers available, and with them you can expect money to arrive in your recipient's bank account in just a matter of minutes. For cash pickup transfers, Small World and Remitly are on average the quickest services, with cash also frequently being ready for pickup in India within minutes after payment has been made in the US.
This option is usually the longest and most expensive, but it might be right for people who prefer sticking with the bank over third-party transfer services. However, it's worth noting just how much more expensive this option can be. Because funds are wired through SWIFT, they can take up to five working days to arrive, and incur unpredictable correspondent bank fees over and above usually high exchange rate margins imposed by US banks (often as high as 10% of the transaction value).
I understand that such gifts are exempt under both countries Tax Laws since it is a Gift to a relative - Sibling / Brother
There are no taxes charged to the sender or receiver for gifts to close relatives from the USA to India. However, other transfers will be subject to gift tax in the USA, and any amount over $700 dollars will be subject to income tax for the recipient in India.
PayPal sets their own exchange rate, which means you may be paying a marked up rate on any international transactions that come in. The rate you get from PayPal will likely be different from the mid-market rate. The mid-market rate is the rate that banks use themselves and is the one you see on Google and Reuters.
The turnaround time for a money transfer to India depends on the provider and how you pay for the transfer. Expect your transfer to arrive within minutes if you pay using cash or with a debit or credit card. Paying by bank transfer can take longer - usually 2-5 days.
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.
We both are Australian citizen, don't file tax in India as we have no income coming from there.We have two plots (one in Jaipur and another one in Gurugram). The aim is to sell these both plots and bring the money to AustraliaJaipur Plot:- Puchased in 2007- Size : 300 sq yards- Purchase price INR 5500 per sq yard- selling price INR 13000 per sq yardGugugram Plot: - Purchase in 2010- Size : 200 sq yards- Purhcase price INR 8000 per sq yard- Selling price INR 40000 per sq yardI am thinking about following options1. Option OneWe sell both plots by power of attorney and pay flat tax of 25% on the capital gain. No indexation , just flat tax rate on the difference between selling amount - purchase amount.2. Option TwoGift both plots to my mother who has no other income in India and wo sell the plot, taking advantage of Indexation and paying comparatively less tax. Plus this will save us hassle of filling income tax return in India and getting money out of country will be easier. Or is there any third option ? I am looking for tax advise, do you know who can help ?7 inr seminars aud to inr wise
Xoom is a PayPal service that allows users to quickly and easily deposit money to a recipient's bank account or arrange cash for pickup or delivery at locations throughout India. Because you can use Xoom from your phone or computer, it's an incredibly convenient option when you need to transfer money.
It will depend on the method you choose, but most MTOs will charge a flat fee, a percentage fee, or some combination of the two. For example, Wise charge a 0.28GBP fixed fee plus a small percentage of the total transfer - for amounts up to 100,000GBP this is 0.63%. WorldRemit charge a flat fee of 1.99GBP or 2.99USD for all transfers to India. Other payment methods like bank transfers may also include an extra fee.
If a non-resident Indian (NRI) has purchased agricultural land without fully understanding the laws and regulations surrounding the purchase, they should immediately seek the advice of a legal professional with experience in real estate and agricultural land laws in India. They should also consult with any relevant government agencies to ensure that the purchase is in compliance with all laws and regulations. Additionally, they should make sure that the land is properly registered and that all necessary documentation is in order.
Any financial transaction worth over $10,000 must be reported to the IRS, with information about the person initiating the transaction, the person receiving the money, and the nature of the transaction. This is known as a Currency Transaction Report (CTR), and the reason for this is to combat financial crime and money laundering.