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?
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.
A resident individual may send up to $2.5 lakh in a year. An NRI with a Non-Resident Ordinary (NRO) account may send up to $10 lakh in a financial year. An individual with a Non-Resident External (NRE) account or a Foreign Currency Non-Resident (FCNR) Account does not have any such limits. us to india money transfer charges currencies exchanges inr seminars webinars
Hello, great blog here! I am an NRI holding NRI and NRO bank accounts in India. My father who is a resident Indian sold one of his properties and wants to gift the proceeds to me. I prefer the money is in NRE, rather than my NRO account. Can this money be received in my NRE bank account? If he transfers the money to me via a cheque/transfer, would that money be repatriable?
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.
I wish to purchase a residential house in kolkata. the vendor is an NRI now. He wishes to execure a GPA in favour of his mother making a declaration of gift of the house in her favour & to transfer the house , on his behalf, to anyone to whom she wishes..?Is it ok ?
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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.
Other countries may also have limits on how much money can be sent to India. You may find the cap from the money transfer service you are using. HDFC Bank has a money transfer service called Telegraphic,Wire Transfer or NRI Account. You can use Wire Transfer to send money to India from Singapore and Australia. Its quick, efficient and secure.
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.
a) This is allowable as free of tax to him & me?
As your son is relative to you and your wife , there is no gift tax in your's and your wife's hand whether you receive gift in dollors or rupees.And Gifts received by HUF from members is exempt from tax. Remember that such gifts should be backed up by gift deed.
the partner bank, in accordance with RBI regulations. Jupiter itself is not a bank and doesn't hold or claim
I am a NRI living outside India. I want to transfer a property in my name in India to my wife via a gift deed. As she is not able to travel to India at this time, can we execute the gift deed outside India and then register it in India when I travel. Does she have to travel to India for any part of registering the gift deed? send money to india on the internet US dollars into Indian rupees
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