If someone sends money to your bank account as a gift, it's usually their responsibility to ensure the correct tax is paid. However, any money landing in your account in exchange for goods and services then counts as income - so you'll need to fill out a tax return.
2. can i send rs. 1.5 lacs pm from my monthly savings as i still work?
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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.
There is no recipient tax on money being transferred from abroad to India when it's being sent to blood relatives. In general, "blood relatives" -- including spouses, children and grandchildren, siblings or in-laws -- don't pay tax on any amount you send.
Hi i am an NRI. I am nominee in my fathers saving account in india. He had expired in nov 2019.Being nominee in his saving account the bank has transferred the cash in my NRO account. i need to know regarding tax liability against my deceased father for the cash amount and against me if any
In India, income earned outside India is not taxable in India. However, if the property is rented out, the rental income earned will be taxable in India. Also, the capital gains on sale of property will be taxable in India if the property is sold within three years of purchase.
You may need to file Form 8949, just as with the sale of a property in the US, as well as a Schedule D form, and potentially a Form 4797 for rental properties. If the income from the sale of an overseas property is paid into a foreign bank account, this may need to be reported using FinCEN Form 114 and FATCA Form 8938.
Are you interested in the convenience of signing up with only one or two services that are on average cheaper than the rest? If this is the case for you, our research has found that, generally, regardless of the amount sent, opening an account with XE Money Transfer would be your best bet.
When money is being transferred from abroad to India, surely there are tax implications to consider. If you are the one sending money, naturally you'd think about how much tax you need to pay in the country of your residence for remitting money to India. On the other hand, if you are a resident Indian and receiving money from abroad, you'll want to know if you are liable to pay tax on the amount received. In this post, we'll examine both these questions and more.
Although Wise doesn't have branch locations, users can send money to India via the company's website or its app. Additionally, money transfers can be funded with a bank debit, wire transfer, debit card, or credit card, although fees vary depending on the method used.
However, if you're sending more than about $700 to someone in India who isn't a blood relative, they'll need to report it on their taxes. No matter how you send the money, your recipient could be on the hook for a gift tax if they aren't a blood relative, as regulated by the Indian Income Tax Act.
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