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

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2
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0answers
23 views

What is fuel surcharge in India?

In Bangalore (INDIA), when you purchase fuel with cash, you never have to pay for a 'fuel surcharge'. When you pay for it using your credit or debit card, a fuel surcharge is added on later? What and ...
9
votes
4answers
2k views

Do banks give us interest even for the money that we only had briefly in our account?

My father has just deposited ₹95,000 in my savings bank account with Indian Bank that I have to pay as fees to my university. I was thinking of paying the fees 1-2 days later, as I will get interest ...
1
vote
1answer
18 views

Is the fund received to my indian bank from foreign bank taxable?

I am Nepali citizen and I have ordinary saving account in Indian bank. I was also working here for 2 years in the past(3 years ago) and I have PAN card and bank account. Now I am living in India for ...
1
vote
1answer
23 views

Can I claim a full tax deduction in India of the entire amount withheld from my U.S.-source income?

I am an Indian citizen resident in India. Say I earn $1000 from a US source. They withhold 30% since I haven't provided an ITIN in my W8ben. So I get $700 in hand. I understand that I have to report ...
1
vote
1answer
31 views

Buying property in India : paying loan/mortgage

I am on H1b visa in USA and thinkg about buying property in India. What is the best way to make payments from USA bank ac to pay loan/mortgage in india? Can i get tax relief for loan/mortgage payment ...
0
votes
1answer
25 views

Selling property in India and gettting back money to USA

I am on H1b visa in USA and thinking about buying property in India. Suppose I alraedy bought some property in India, now in future if i sell the property in India, then how can i get that money back ...
1
vote
2answers
50 views

Buying property in India : FBAR declaration.

I am on H1b visa in USA and thinking about buying property in India. If I buy any property in india,do I need to report my property in USA income tax return, FBAR or anywhere else? Do i need to pay ...
1
vote
1answer
23 views

Buying property in India : joint owner

I am on H1b visa in USA and thinkg about buying property in India. I have a lot of confusion in this matter. Should I buy property on my own name? or me and my father's joint name? If I keep my ...
0
votes
1answer
50 views

Buying property in India

I am on H1b visa in USA and thinkg about buying property in India. I have a lot of confusion in this matter. (1) Should I buy property on my own name? or me and my father's joint name? If I keep my ...
1
vote
1answer
38 views

Can I transfer money from an NRE account to a USA checking account?

I want to transfer some money from USA checking account to my Indian NRE account to get the benefit of a good interest rate. But when I need this money back in USA, can I transfer money from my NRE ...
2
votes
1answer
63 views

Facebook application income (India)

I am currently working software engineer in India. Except for salary income. I get income from my facebook app which is very basic amount. For that I use paypal to transfer money to my bank account. ...
-2
votes
1answer
38 views

Roth conversion: US tax brackets for Non-resident Aliens (residing in India)

Question 1: If I move money from a traditional to roth IRA (or pretax 401k to roth) account, what are the US tax brackets? Are there any standard deductions? Will I have to pay any taxes in India for ...
1
vote
2answers
33 views

US tax for a resident NRI

I am a recent resident and filing for my taxes. However I have investments in India (stocks and real estate). I would like to know since I am paying taxes for those investments in India, would it be ...
0
votes
0answers
58 views

first time consultant, doubts on taxation

I have seen various replies but I would just like to confirm about my case as its my first time. I have been offered a consultant position and the company said there is no taxation at source. So this ...
3
votes
1answer
226 views

Can F1 OPT +H1B claim tax treaty benefits

I have been in USA for about two and a half half years on F1 visa. In 2013 I was on at F1 and F1 OPT till 30 September 2013. After that I switch to H1B status. I am a nonresident alien for tax ...
2
votes
1answer
48 views

Are distributions from Roth 401k or Roth IRA accounts taxed in India?

I am wondering if India distinguishes between pre-tax and roth IRA/401k accounts. So, if I am contributing to a roth account (401k and/or IRA) - would I have to pay taxes in India again: On the ...
1
vote
1answer
22 views

Rupee Cost Averaging (SIP) vs. Value Cost Averaging (VIP) in mutual funds?

Which one is a better option while investing in mutual funds? I think that investment via VIP would work only if the investment is target oriented, and if calculated manually.
0
votes
1answer
41 views

Whether the waterbill paid to HMWS&SB of Rs. 20,000 per year can be used for Tax benefits

I own a house under GHMC, Circle-15. The drinking water bill is Rs.1800 per month. Can I use these bills for Tax Rebate while filing IT Returns, similar to LIC Bills
0
votes
2answers
67 views

How can I transfer the money I made in forex trading to my bank account?

I live in India and I have gained some money in forex trading. How can I transfer the money to my bank account? Is there any legal restriction? Can I transfer from Skrill?
1
vote
1answer
58 views

Transferring money to Indian private bank

I work for a friend overseas who want to pay me through SKRILL (MONEYBOOKERS - PAYPAL like service) in USD. I would have my Moneybookers account linked to my Savings Bank Account in a private indian ...
5
votes
2answers
147 views

Do I need to pay income taxes for the money I earn online from a foreign website?

I work for a website based in Europe and they pay me every month to my bank account (salary account). Every time I receive funds, I will get a call from the bank for confirmation and they ask for the ...
0
votes
1answer
41 views

PPF Account in Indian banks

I'm an indian citizen and about to open a PPF Account in a Nationalised bank. I have had enquiry in ICICI Bank and in SBI Bank today. Their interest rates are as 8.8 and 8.7 respectively. Can one ...
1
vote
1answer
40 views

What are the details needed to receive euros from my company in Germany to a bank account in India

I want to receive Euros from my company in Germany to my savings bank account (HDFC) in India where I work. What are the exact details I have to give to my company in Germany? My company's bank is ...
2
votes
1answer
40 views

Is the amount taxable if my grandfather sells agricultural land

My grandfather who is around 80 years old selling agricultural land that he has acquired from his forefathers in Aligarh (Uttar Pradesh). He would the selling the land for 13 lakhs. Is this taxable. ...
1
vote
2answers
110 views

Do I need to pay tax on the amount of savings I have in the bank?

Do I need to pay tax for the amount which I have in the bank? If so, what's the tax percentage for a savings account and a current account?
1
vote
1answer
105 views

Is it acceptable to receive payment from U.S. in Indian saving bank account via PayPal?

I'm working as a MyCommerce - RegNow affiliate. I promote software/desktop utilities of various software vendors associated with MyCommerce and they pay me some commission for each sale. MyCommerce ...
1
vote
2answers
54 views

How can I do a money transfer from Lebanon to India for payment on a consulting project?

I am an Indian citizen and hold a domestic account. I am doing a short term consulting project for a client in the Middle East and they will be paying me in $. The amount that will be transferred is ...
1
vote
1answer
44 views

Tax Deduction under section 80C for Indian with foreign family Paying International Premium

I am Ronit, indian holding indian passport. My family, my wife and kids are foreign nationals and holding foreign passport. I have purchased insurance from AIA and I am paying insurance premium for ...
1
vote
1answer
99 views

What is a “single side debit: QMC charges” in bank transactions?

My bank account is debited with description single side debit QMC charges. For what purpose the single side debit is charged. BANK NAME: CITY UNION BANK COUNTRY: INDIA
-1
votes
1answer
26 views

Car Insurance Amount not debited

My Car insurance expired on 15th Feb 2014. I issued the check to broker on same day that is on 15th Feb, he gave me the receipt of check, but the amount of check has not been debited from my account. ...
2
votes
2answers
91 views

How to calculate whether it's better to pay my education loan, or my home investment loan?

I have an education loan @ 11.5 % for 1,000,000. I can pay it in 3 years. I am planning to make an investment by buying a home @ 10.5% for 2,200,000. Term = 20 yrs. I am thinking if I sell the house ...
1
vote
2answers
114 views

Tax implications upon withdrawal of 401(k) or IRA while residing in India

Hypothetical situation. Let's say I am an Indian citizen living in India (and have some income). And, I withdraw money from my 401(k) or IRA. If its a traditional 401(k) or IRA, I understand that ...
1
vote
1answer
550 views

How many dollars I can transfer to my Indian bank account without letting IRS know?

Could someone please let me know how much money I would be able to transfer to India from my US bank account to my regular bank account. Do I have to let IRS know about it? What are the TAX Rules? I ...
1
vote
2answers
405 views

Tax rebate on house loan for under construction property

I have purchased a flat which is about to be completed by Dec 2014. As per the law I can get tax benefits on principle up to 1L rs and interest 2.5L for first 2 years then 1.5L (if first loan, and ...
0
votes
1answer
37 views

Relation between interest rates and currency for a nation

I understand that if interest rates of a country A is higher than that of B, then that draws foreign investment from B to A thus strengthening the currency of A. In other words, a high interest rate ...
2
votes
1answer
62 views

purchasing items with a instant credit card(fixed deposit)

I am not well informed on credit cards and banking in general. so please bear with me. I want to purchase an item from an online merchant with monthly EMI scheme. The criteria from the merchant is ...
0
votes
1answer
75 views

Can I use a Credit Card in India to deposit and borrow cash

The purpose of the credit card for me is not to borrow money from the bank. I have some international vouchers to redeem. The vouchers work by transfering the credit to the credit card. In simple ...
3
votes
1answer
114 views

How rate of interest scheme in bank works?

When I was looking at SBI site, I got this info: Loan Amount Rate of Interest* For loans upto Rs.4 lacs - 3.50% above Base Rate, currently 13.50% p.a. What does it mean? interest rate is ...
1
vote
1answer
89 views

How would by Taxes be calculated on H1B and India Partnership Firm

I am going to USA on H1B visa and planning to stay in USA for 3 years. I also have registered partnership firm on my name in INDIA, from which i earn about 8-12 lakh per annum How would i be taxed in ...
2
votes
2answers
103 views

Receive money from US Client to Myself in India by selling services

I have some clients in United States that I am doing some software development for them. How can I receive money from them. What are the exact legal steps that I need to take so this works perfectly? ...
1
vote
2answers
55 views

Short Selling Specific to India

I'm trying to short sell for the first time and when I asked my broker he says that only Intraday short selling is allowed.That really didn't make any sense as the articles I read said I can short ...
3
votes
1answer
90 views

Tax rebate on Home loan on mother's property

I have got a home loan from SBI on my mother's property. she is co-signee on the the loan. Can I use EMI paid for my tax saving.
1
vote
1answer
161 views

Tax applicable on selling of agricultural land in India

My father now aged 65 years, had purchased the agricultural land in Gurgaon area (Farukh Nagar) in 1987. He sold this land in 2011 at Government circle rate. The money was received by demand draft. He ...
4
votes
1answer
138 views

Do I pay tax if I convert INR to CAD to use in Canada

If as a Canadian resident, I hold an NRE account with an Indian bank and i transfer money earned in CAD to this account. The I earn interest in rupees and want to transfer back to CAD. The interest is ...
4
votes
2answers
52 views

Capitalize on a falling INR

Recently the INR has taken a beating. As an Indian retail investor, is there a way to capitalize on this? Assuming that the person is not in the export business. They are a salaried person earning ...
3
votes
2answers
143 views

Freelancing to UK company from India

I am freelancing to UK clients from India and get paid in pounds. Please could someone suggest a suitable setup for this. I know I have to pay taxes in India , which I am fine with. Can I raise ...
3
votes
1answer
105 views

Who is responsible when property and the loan are in different names?

We have a LAP (Loan against property) loan with ICICI Bank. The loan is on my name (primary), with my brother and father as co-signers. I am not sure how the ICICI bank sanctioned the loan on my name ...
2
votes
1answer
120 views

Providing Client W-9 or W-8BEN forms

I am part of a small outsourcing company and have providing service to clients in the USA for a few years. The work is entirely carried out in India and we only employ Indian nationals to do it. ...
2
votes
2answers
84 views

Currency Exchange procedure

My uncle gave me a 100 Euro note as a gift. Now I want to get it cashed in rupees what's the procedure to get it done, since I don't have a passport. Please tell me where I can concert it and what all ...
0
votes
1answer
99 views

Indian Resident Working for US company

I am an Indian Resident working for a US Company as an employee. The work location is Bangalore, India. The salary is credited by US company after Deduction of tax as per US laws then credited to the ...