For questions that relate to the laws, practices, and products of India

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2
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1answer
8 views

Do I have to pay tax on hand-money(USD) which I brought from US to india?

I am not getting answer of this very normal question on the internet. I was working in the US as salaried employee and as per day count I was NRI for rear 2013 and 2014, and I paid full tax on all ...
1
vote
1answer
16 views

Can I pay money in USA to buy property in India?

I currently reside in the US (on H1B Visa) and I plan to buy property in India. The current owner of the property also resides in the US. I was wondering if I could make part of the payment here in ...
0
votes
0answers
8 views

Provide service to US company from India? [on hold]

I have a US prospect who is looking to outsource some business( software development) to my Indian company. This company has never done any business in united stated nor have any EIN/ITIN number. Off ...
0
votes
1answer
49 views

Tax benefit on Home Loan

I own one flat (Staying in same flat) for which i am claiming tax benefit on home loan. Recently i have purchased one more flat,Can you please tell me how can I claim the tax benefit for the home ...
-1
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0answers
28 views

What is the US tax owed when gifting India Shares to my brother?

I am planning to gift my India Shares in Stock Market to my brother, which has an overall value of 400,000 USD. According to Form 709 I can do a 14,000$ per year gift tax and file. My question is, can ...
0
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0answers
28 views

How do I send money to myself from SA to India without high bank fees.

I would be going to South AFrica in a few days for an IT open-source conference. At the end of the conference, I will be reimbursed my flight tickets as I'm volunteering at the conference. The ...
0
votes
1answer
30 views

Is there a name for high risk / high returns debt funds in India?

I'm looking for debt funds in India that aim to give you high returns, at the cost of high risk. Is there a name for such a category of funds? I found one example of such a fund, Franklin India ...
0
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0answers
26 views

Indian citizen remittance to Dubai for girlfriend [closed]

I need to send some Indian money to my girlfriend in Dubai. It a small amount, about 1000 aed or approx 18.2 Indian rupee. We're not get married yet, I just want to send her a gift. Most payment ...
3
votes
1answer
26 views

Is there a fiduciary responsibility for agents in India?

I have come across many agents, bank employees (including so called financial advisors) who won't think twice before recommending a policy/fund/instrument for the sole purpose of higher commission. ...
0
votes
1answer
45 views

Get the maximum interest rate from a bank on short term holdings

Banks in India offer returns at 7% for fixed deposits over a year. In my business, I have a constant cash flow where I am holding small amounts of money for 4-6 weeks. Is there any way to get the ...
2
votes
2answers
162 views

How to manage 20 residential apartments

My friend's father (Say, Mr. X) in India had invested in a piece of land long time back. Two years back, he sold that land to a real estate builder. The agreement of the deal was the following: "The ...
1
vote
1answer
52 views

Should I extend my property for more rent from tenants?

I have two houses in city, one in which I am presently living and the other house is rent out for 10,500 INR\month. I am planning to extend the other house for more rent from tenants. The extension ...
1
vote
1answer
23 views

Will I have to pay taxes in India when I receive money (monthly salary) from UK as a permanent employee?

I am working as a permanent employee in a UK company but I stay in India and used to work at home. I receive money as INR into my savings bank account. Should I pay tax? If UK company sends money in ...
1
vote
1answer
32 views

Term insurance or Pension plan?

5 years back when I was single and needed an investment to reduce tax liability, I bought a life insurance policy. The cover is 10,00000 INR but it has a money back option which pays 100000 INR, every ...
0
votes
2answers
79 views

Remit money to India from balance transfer of credit card

I am a tax resident of USA and citizen of India. Lately, I have been receiving 0% interest balance transfer offers from credit card companies. The offer is - they will charge me 0% interest for 12 ...
0
votes
1answer
48 views

Is it okay to just give my account number together with another branch's address and SWIFT for foreign fund transfers?

I have a savings account with State Bank of India. However, the branch where I have an account doesn't have a SWIFT code. I asked my branch and they gave the SWIFT of another branch. I gave the ...
1
vote
1answer
20 views

How TDS is applied on EPF if I withdraw it after 5 years but before 4.5 years of employement (5 months of un-employment?

I have read following things about EPF: If salaried persons wish to withdraw their EPF accounts, they have to submit form 19 to their ex-employers, who in turn, have to sign and attest it. It ...
0
votes
1answer
21 views

how long does it take to transfer funds from India to uae through bank transfer?

I want around 6lac rupees transferred from a regular savings bank account in india to my account in UAE, how long will it take? and can i tranfer this amount through western union?
0
votes
1answer
20 views

Starting a restaurant in UAE and need a working capital. How can I transfer money from a person who stays in India

I had already invested 1.5 lakh dirhams in UAE for a restaurant and need more working capital. Unable to arrange funds in UAE. Some people are ready to fund me the capital which I need from India at a ...
0
votes
1answer
10 views

NRO account Tax related

I have NRI/NRO account in India from this NRO account I pay to some SIP funds every month. So for this SIP fund's interest how income tax will be calculated I have confusion so pl. help by giving ...
0
votes
1answer
31 views

large recurring transfers of to India from US and/or taking Indian mortgage

I am a US citizen and have lived in America my entire life. My wife is an Indian citizen is in the US on a Greencard (K1/fiancee visa) for the last few years. Before marriage, when she was in India, ...
0
votes
0answers
16 views

Will I have to pay tax in India for the money I earned in the us?

What is the rate of income tax in the united states? For example- I am a resident alien. I earn around $50k(33 lakh)per annum. As I am a citizen of India. Which government should I pay my income tax ...
2
votes
1answer
29 views

Can I specify lumpsum investment that I have decided to make in this year, but not yet done

I live in India. If I have decided to perform investment of 50000 INR in this year in say ELSS. But I want to perform it as a lumpsum investment, instead of SIP. I want to spread the investment in 4 ...
0
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0answers
36 views

Company Leased Car - Transfer from a colleague

An employee in my org got a company leased car and he is planning to transfer the lease. EMI: Rs. 15300 Tenure: 60 months Already paid 25 EMIs = Rs. 382500 Remaining 35 EMIs (that I'll need to pay) = ...
0
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0answers
42 views

1% TDS on immovable property for multiple buyers

http://blog.tdsman.com/2013/11/will-transactions-one-buyerseller-filed-form-26qb-tds-immovable-property/ Above link tells that Online statement cum Challan Form/ Form 26QB is to be filled in by each ...
0
votes
1answer
18 views

Address change for Mutual Funds, Demat and NPS in India

Does it mandatory to submit three address change forms for the DEMAT, NPS and MF's? Since all the three data is maintained by cvlkra under the same PAN and the form is also same.
1
vote
0answers
28 views

US Tax Return Forms to fill for NRE Account

I am really confused about what forms I have to fill and submit for my 2015 Tax return in USA. I am an Indian lived in USA for whole 2015 tax year. I have a joint NRE account with my spouse in India ...
0
votes
1answer
35 views

W8-BEN for an Indian Citizen

I am a participant on an online website, where you enter into contests where you suggest names for businesses, and if you win, you get paid. I am based in India. I have just won my first contest, and ...
0
votes
0answers
40 views

Without my consent can my father give away his part of property joint-owned with me in Mumbai

Can my dad give away his part of property joint-owned with me in Mumbai without my consent? Can he make a will where he has put such an instruction? This is with respect to Mumbai India
1
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1answer
22 views

Dividend in Index fund in India

Do the customers get dividend on investing in Index fund in India? I searched on net but could not find anything useful!
0
votes
1answer
83 views

What are the tax implications of working as a consultant in India?

I'm an individual mechanical engineer. I have been offered a consultant position with profit sharing in a company located in India. I too am from India. My nature of work is to provide engineering ...
0
votes
1answer
50 views

Is mumbai thane district flat property ownership name available online?

I own a flat in Thane District near Mumbai. I would like to know if I can look up the ownership record online if I enter the address on a government provided facility. Is such a facility available to ...
0
votes
1answer
78 views

How much does it cost for a eviction lawsuit in Mumbai?

I have a tenant who is refusing to leave. He has not paid any rent. How much will it cost to evict this tenant? How much can i expect an attorney to charge me for court proceedings and how much will ...
2
votes
1answer
58 views

Do i need to pay taxes if i stayed more than 183 days in financial year?

Date of entry - 17 Nov 2013 No. of days in India - 231 No. of days in USA - 134 For duration of US stay, I got regular pay with all tax deduction. I did file US tax returns for 2013. By Indian tax ...
1
vote
1answer
15 views

Foreign Exchange rules INDIA

Hi I want to buy some hosting space for my website and for that I have to pay the hosting co. in dollars can anyone tell me what are the regulations and compliances I need to follow.
1
vote
1answer
39 views

Global Income tax in India & tax credit

I am Indian citizen who was working in US from 15/11/15 to 31/03/16 i.e 137 days, that means I am resident tax payer like all other Indian citizens for FY15-16. As per tax treaty they clearly mention ...
1
vote
1answer
37 views

What kinds of charges/fees are there for NRI Home Loan from SBI?

I have questions regarding Home Loan that I am taking from SBI. When we(my spouse and I) initially went to the bank, the SBI, the NRI Branch manager told us about all the procedures for an NRI Home ...
-3
votes
1answer
236 views

What can happen if I do not pay $735 for my negative balance to PayPal?

I have a negative balance of -$735 on my PayPal account. What can happen if I do not pay $735 for my negative balance to PayPal? Please suggest me that PayPal can take any legal action to me. I am ...
1
vote
1answer
125 views

What are the taxes in India on a transfer of a huge amount like US$10,500,000?

If someone transferred a huge amount into my SBI bank account, what taxes do I have to pay to the government of India?
2
votes
4answers
210 views

Is it advisable to go for an auto loan if I can make the full payment for a new car?

Planning to buy a new car in India. Options I have are as follows: - Company leased car - Direct Auto Loan from finance company - Full one-shot payment from savings From all the articles I've ...
0
votes
0answers
74 views

Repay My loan to my relatives for school debt

I am an international student from India studying at the United States. I have taken a loan of around 40,000$ from my relatives in the United States for my studies. Now I am looking to repay my loans ...
2
votes
1answer
57 views

Assessment year for ITNS 280 Challan

For filing self assessment tax under ITNS challan 280 during current financial year 2015-2016 what will be the assessment year 2015-16 or 2016-17 ?
3
votes
2answers
169 views

Will my money be safe in my trading account during a market crash?

I am an options trader. Imagine when I am peacefully trading on my trading account with my broker, the market collapses and causes a recession or depression. Now can I continue to trade during the ...
5
votes
2answers
1k views

Should/How I pay tax return in US for last year even after I moved permanently to India?

I'm in a situation where I left the U.S. last year in April, 2015. I worked in the U.S. until March 2015, so I received a W2 for the year 2015 from my US employer. But since April 2015, I'm back in ...
1
vote
1answer
36 views

Need help understanding terms related to PPF (Public Provident Fund) in India

ICICI Bank in India provides a PPF Scheme which offers an attractive 8.7% PA. I was trying to figure out the interest that I could earn by using this PPF calculator of theirs. There are a couple of ...
2
votes
2answers
149 views

Reason to give for personal loan in USA to buy land in India?

I am buying a land in India for that i need personal loan for about 15k. I am not sure what should be the good reason to give to credit unions to get the loan approved. Please suggest and thanks in ...
3
votes
1answer
64 views

Do I have to explicitly apply for claim of tax rebate u/s 87A in India

In Budget 2016, Indian Finance Minister increased the tax rebate under section 87A from 2000INR to 5000INR. The section 87A says following: The requirement to avail tax rebate u/s 87A ...
1
vote
1answer
38 views

How to fund my option house account(trading account) from india using a local bank?

I would like to know how to fund my option house account(Trading account) from India ? Option house is a US based brokerage firm Why would an Indian citizen need to fill up form 15CA & 15CB ...
2
votes
1answer
40 views

Penalty paid on tax return do i need to amend/modify any changes online

I filled my last year's return only and I got penalty for some amount. I paid that penalty amount but wondering do I need to amend/modify any changes online in my last year's tax return or anything ...
0
votes
1answer
26 views

Are mutual funds allowed to trade intraday in india?

Are mutual funds allowed to trade intra-day in india?