i m an nri staying in usa. my father gave me a gift of rs. 5 lacs . he deposited this money into my sb nro ac. in india and this amount from sb nro accouunt is transferred to sb nre account in order to transfer the amount to my usa acount and subsequently the amount of rs. 5 lacs is transferred from my sb nre acHcouunt to my usa account. what r the precautions and documents etc., r required by me to show to usa tax authorities that this money is transfferred to my usa account towards gift bby my father to me? USD to INR in 2000 indian dollars to usd
All Indian residents are permitted to repatriate funds overseas or spend overseas under the Liberalised Remittance Scheme (LRS) up to $250,000 (Dh918,262) per year. Non-resident Indians (NRIs) or Overseas Citizens of India (OCIs) are allowed to repatriate up to $1 million (Dh3.67 million) per year.
- Are there any restrictions on where this gift amount be invested by my father in law? I understand that income arising out of this investment is taxable to my father in law.
For this, you have to consult with the lawyer.
d) Please share the Gift deed format required by I T Authorities in India as an acceptable & complete document.
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.
My mom is an Indian resident and wants to gift me Rs 4 cr from the sale proceed of a residential property ( she will pay all gain tax etc ) whilst I'm a foreign national with an OCI card. Can she transfer my money directly to my overseas account and make a gift deed for the amount of $550,000 or give me the gift in India and I convert it from my NRE account and remit it to my account overseas without paying any taxes? Please advise. restore usd to inr chart india today tv
Typically there are two options. You can send money in minutes where the receiver can pick it up the same day, or the next day service, where the receiver can pick it up 24 hours after you sent it. This process can often take up to six days for people to pick up depending on the amount being sent and country you're sending it to.
There are different rates for each type of transaction. You might also hear this fee described as a payment processing fee, or seller fee. The exact fees you pay will depend on whether the transaction is considered domestic or international, and the payment method.
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.
If you're receiving money from abroad through inheritance, sale of property, or employment income to name a few, these are likely to have tax implications. If the money is a gift - so there is no expected exchange of goods or services in return - then you may have a tax-free allowance.
My father just got a friendship from a person from UK as we only have a few months of knowledge. Two days ago he asked for our address and we gave him. He said that he need to send a gift and we decline it. but yesterday he send some expensive items and about 50000 dollers in it. And to today morning there was a call they said it was from customs and told as to pay about 35000 .we cheked the no in truecaller but there was no number .so we said him that we can't afford much money.so can we bow return this gift?
If the gift is received by the indian what is the rate of gift tax.No gift documents are received from the foreigner. Can the Indian reject the gift , and the same can be taken back by the foreigner. Give me a clarification and suggestion
An NRI can transfer funds from UK to India in his NRE account securely and conveniently. NRIs don't have to pay taxes when they transfer money to India. Since they already pay tax on the amount earned in the country where they are working, they are not required to pay further tax on the same money. This is irrespective of whether they keep the money in Indian Rupees or Euros.
Hi Karan, inr what should it be canadian current dollar rate in india
Finder.com is an independent comparison platform and 2 million dollar to indian rupees dubai currency rate in india 100
i am resident indian. my son has settled down in Australia with Citizenship. He has 2 house properties. one is in his name where i live with my spouse. Another one is in his name ( first owner ) and myself Which has been let out. question 1 : Can i receive the full rent while i file IT return? a he is not filing IT Return in India and does not include this in Global income. that is his share of rent is teated as gift to me.question 2: if he wants to gift the two properties to me, what needs to be done question 3: Can we sell the let out property and transfer the funds to him? what is the limitation question 4: We have other properties. Can we sell and transfer funds to him or gift the properties & transfer the sale proceeds? what is the limitation and which is better? wise send money to india usd to inr in 1947 to 2021
Hi Hemant. Can I check if I can send gifts such as cosmetics to my family back in India and not get taxed on it? I am an NRI and holder of Indian Passport Holder based in Singapore. I would typically use a corporate DHL account to ship. Any tips ? Thanks
The best way to send money from the US to India depends on the way the transfer will be paid for and deposit, the amount you send, the countries between which you make a transfer, and the transfer speed. Sound too complicated? With Monito's real-time comparison engine, you can find the best option to send money to India from the US with just a few clicks.
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.