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.
A writer and editor at Monito, Jarrod is passionate about helping people apply today's powerful finance technologies to their lives. He brings his background in international affairs and his experiences living in Japan to provide readers with comprehensive information that also acknowledges the local context.
Our firm recommendation for those interested in cutting the costs on their transfers from the US to India would be to steer well clear of banks and traditional transfer services. These services include Money2India from ICICI Bank, Western Union, and even expensive non-bank entities such as PayPal (which is no longer available for transfers to India.)
- I would like to gift around 25 lacs to my father in law as a gift. Is it exempt from tax? What documentation I need to do? I know that simple gift deed is required. Are signatures required on the gift deed? Can it be done as soft copy while both parties are in different countries?
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.
If you receive a gift worth Rs. 200,000 from someone in another country, you may be subject to customs duty and other taxes depending on the country you are in.
3. will it be taxable to him in UK while he is not earning as of today?
There's usually no restriction on the amount you may send at an agent location. However, some countries set limits on how much can be received. If you have questions about a specific amount you're sending or a specific country, you can call Customer Care to inquire.
To do so, you'll either need to have a PayPal account or be ready to open one. To send money with Xoom, you don't need to use your PayPal balance (although you can choose to do so), but the service is integrated with PayPal, meaning you'll need to set up your credit or US debit card in PayPal in order to make a transfer to India with Xoom.
In most cases, the money can be picked up within minutes of sending, but this will depend on the method chosen when sending the cash. It will remain in the system for 45 days, but according to our research, it will be sent back to the sender if not redeemed after nine months. index
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If you'd like to send a substantial amount of money from the US to a bank account to an Indian one (i.e. more than US$50,000), then your best bet will be to use a foreign exchange broker. These services are similar to ordinary money transfer and remittance services. The main difference is that they're specialised in large transfers and can negotiate favorable exchange rates on your behalf.
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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.
We are affiliated with some of the partners displayed in the tables. However, the order of the providers is based on the quality of the service for the particular country corridor followed by the commercial agreement in place. You don't pay any extra and the deal you get isn't affected by our commercial agreement with the money transfer provider. We may receive a commission when you click through to a listing or when you make a transaction. We aim to find the balance between the quality of the service, customer satisfaction and the commercial agreements we have, and continue comparing services in a transparent way. If you have any questions about our listings, please don't hesitate to email us at Email
While transferring money from or to India, it's important to know the tax implications and stay abreast of the latest changes by the governments of various countries. The tax rates differ for different categories of individuals and organisations and can make a huge impact on the net amount transferred. Therefore, making an informed decision will save some of your hard-earned money, which you can use for other fruitful purposes.
The AD (Authorized Dealer) is required to verify the permissibility of remittances based on the nature of the transaction as declared by the remitter in Form A2. The AD will then certify that the remittance is in accordance with the instructions issued by the RBI in this regard. However, the ultimate responsibility for compliance with the extant FEMA (Foreign Exchange Management Act) rules and regulations lies with the remitter.
Xoom is a PayPal service. We're part of something bigger, something that empowers over 250 million customers around the world to make secure online transactions every day. That's a strength in numbers you can trust. And the best part is, if you have an account with PayPal you can start sending money to India right now with your PayPal payment options right at your fingertips.
I and my wife have been receiving funds from my son in the US ON H1-B for quite some time. Now with my advanced age and of less need, I would like to send back as much as possible. Those amounts have been shown as Gifts in some years and Ln in year's return. Now, what is the possibility and liability in the present scenario? dollars to rupees appliance warehouse exchange rate of 1 us dollar to indian rupee
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You can gift shares to your children as they are relative to you provided RBI approval is required and regulations & compliances are required to be fulfilled like gift does not exceed 5% of the paid up capital of the company, sectoral cap is not breached, total value cannot exceed 50000USD in one financial year etc. Its better to consult a good CA for such matters
Is it necessary to inform the India IT Dept on such remittances.
If you're a merchant or business customer, the benefits of offering PayPal payments may outweigh the fees you pay. But if you're making or receiving regular international transactions, you may want to compare PayPal to a few other providers which could offer lower fees and better exchange rates, with just as convenient and quick a service.
According to the Reserve Bank of India (RBI) guidelines, PIOs can purchase residential and commercial properties in India, subject to the following conditions:
RBI-licensed bank. All funds in the account are insured as per limits under the RBI's deposit insurance
Xoom was the cheapest service for cash pickup from the US to India on nearly 86% of searches on Monito's comparison engine between November 2020 and January 2021. On the other hand, Xoom was the cheapest service for bank deposits from the US to India on only 0.5% of searches during the same period.
While transferring money from or to India, it's important to know the tax implications and stay abreast of the latest changes by the governments of various countries. The tax rates differ for different categories of individuals and organisations and can make a huge impact on the net amount transferred. Therefore, making an informed decision will save some of your hard-earned money, which you can use for other fruitful purposes.
I am an NRI, a USA citizen. My brother in India wants to gift me two acres of land (valued at around 25 lakhs) would either of us have to pay taxes on that amount?
Western Union is a US-based company that provides various ways to transfer money around the world. Starting out in 1851 as a communications company specialising in telegraph-related services, in 2006 Western Union decided to concentrate their efforts on money transfers. Since then, the provider has gone from strength to strength, becoming one of the biggest remittance companies in the world.
Private Limited, is a SEBI registered Investment Adviser - INA000015507. Mutual Funds investments are
HI, I am NRI living i Australia. I have a property in India which i want to give to my mum. I still have Rs 24,00,000 loan remaining with the bank. Can i keep paying that loan after transferring the property to my mum or the loan has to be paid off before transferring the property?
Husband is NRI, and he is gifting money to his wife who is resident indian. This transfer is from husband's NRE account to wife's Resident saving account. If she does the FD and earns interest income. Taxation point of view, who will have to pay tax on this income husband or wife?
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Liberalised Remittance Scheme (LRS) was brought into effect by the Reserve Bank of India in 2004. According to it, residents of India can remit a maximum of $250,000 within a given financial year to individuals living overseas. This includes both capital and current account transactions.
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.
When you send money to any person abroad in India, the first $15,000 USD will be exempt from taxes by the IRS under the Gift Tax policy. This limit is charged on a per-person basis -- if you would like to send $15,000 USD each to multiple persons, you will still be off the hook for any gift taxes.