So if you are thinking of transferring funds from overseas to your parents or close relatives for their personal expenses, you should just directly transfer it to their savings account in India. There won't be any further tax applicable on that amount.
I am a person of Indian origin (holding US passport). I received 2 gifts each under INR 50000 from relatives on our 50th wedding anniversary. The funds were deposited in NRO account. Why I am receiving emails from the Indian bank to specify the source of funds.
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Hi Hiral,
Monito compares 13 providers offering international money transfer services from the USA to India. The total cost of the cheapest available option at any given point in the past month was 0.1% of the transferred amount. In comparison, the total cost of the most expensive provider was on average 7.6%.
Yes. As of May 2021, users can send money from the US to India using Google Pay in partnership with Western Union and Wise. To set up a Google Pay transfer, you'll need to make sure that your recipient in India also uses Google Pay and that their bank account is connected via UPI. From there, you'll be able to transfer just like you usually would on Google Pay, with the additional step of clicking through Western Union or Wise.
One of my distant relative wants to send an old item for which the declared cost for consignment is USD 500. Will there be an income tax implication. What documents I should have to prove it's cost and it is an old item. Further what constitutes an old item?
*C. would those funds be taxable for me in India?
Hi Binda,
information service that aims to provide you with information to help you make better decisions. Tax India Online exchange of currency indian rupees
C) what will be the tax implecation on receiver ( on our company) D) the amount of investment is approximately 75 crores in indian rupees..
Hello Chaturvediamulya
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uae currency in inr cad to inr forecast november 2022According to the Reserve Bank of India (RBI) guidelines, PIOs can purchase residential and commercial properties in India, subject to the following conditions:
With some MTOs your money transfer to India could be complete in hours or minutes. Many will be able to send money to India on the same day or the next day - however opting for some methods like bank transfers or money orders may mean your transfer takes longer.
Once you have money in your PayPal account you may want to withdraw it to your regular Indian bank account or card. There may be a fee for this service, depending on exactly how you want to process the withdrawal. Here are the PayPal India withdrawal fees for consumer accounts:
I would appreciate if you could recheck & advice.
If you're working abroad, you might need to also pay US social security and Medicare taxes, especially if you're self-employed or you work for a company based on US soil. Expat employees pay a rate of 7.65% in the 2022 tax year, but self-employed workers pay at 15.3%.