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

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2
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0answers
11 views

Did not file W-8BEN but received dividend income from US stocks and zero withholding tax

I am an Indian citizen who worked in US for some time and returned in 2002 to India. I last filed a 1040NR return in 2002 and after that did not file 1040NR. I just realised that I have been receiving ...
1
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1answer
22 views

Transfer of Indian rupee account funds to UAE to open business

How can I transfer from my rupee account in India a sum of Rupees 25 lacs to my UAE bank account, for investment purposes for starting my own business.
0
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0answers
9 views

Registration of firm in US or India [closed]

I am putting up in India and planning to start-up a firm requiring maximum services selling to US clients. Hoping business to turn up good and revenue should cross a million dollar mark in 2 years. ...
1
vote
1answer
61 views

Paypal Chargeback

I have started a software consultancy, I plan to get money from customer in US using paypal to me in India. If the customer has a dispute and I don't agree to refund back. Can paypal get money from ...
2
votes
2answers
42 views

Any downsides of using 3rd party remittance services?

Are there any downsides of using 3rd party remittance services to send money from US to India ? Like for example I use transferwise to send $x to my dad's account in India, would it show my name as ...
1
vote
1answer
47 views

Loan against fixed deposit

I have a few FD's locked in for a period of 2 years. However, I am not very liquid at this point and I need access to that money immediately. What are my options? Can I take a loan against my Fixed ...
1
vote
1answer
26 views

Is US salary taxable in India and is there any provision to save tax?

I have this question about the tax filing that I am planning to do in India for year 2013-14. I worked in India for an Indian company for almost 7 months and I also worked 4 months in the US (as a US ...
0
votes
0answers
22 views

how to adjust 'provision for doubtful debt account' when current year balance is less than previous year [closed]

I have a case where the rule followed is provisioning of 10% of debts of the organisation as doubtful. Now in this case in the year 2013 the provision for doubtful debt account had a balance of ...
3
votes
2answers
37 views

On what quantity the Dividend is given in India?

I do have stocks (purchased) in a Script in India. The stock declared announced the Dividend on 20 May 2015, and I purchased the equity recently (few days back), but the Stock equity's Effective Date ...
0
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1answer
26 views

How to claim living / transport / visa expenditure in Income tax for working in abroad while being a Indian Resident working for that financial year

I was working in India till oct 2014, and have paid all my taxes from April 2014 till Nov 2014 as per my employment in India, after that I moved to abroad in Nov 2014 for my employment. I have spent ...
2
votes
2answers
107 views

Is it necessary that my employer deducts taxes even if I won't owe any tax?

I am an Indian citizen and resident. My ex-employer wants to pay tax on my behalf while I have only worked for them for two months. My two month's salary is by no means equal or more than the minimum ...
-2
votes
1answer
77 views

What will be the ideal financial plan for a group of people? Kindly read the question details [closed]

We 10 friends stay in Singapore, Australia and various cities of India. We want to open a joint fixed deposit account in name of each one of us which should be locked-in till 2020. The money input ...
2
votes
1answer
45 views

Transfer of funds

My wife and I have been green card holders since Sept 2012. While we have very small income in India we hold substantial shares gifted by parents, home and some landed property. I have my aged mother ...
0
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1answer
131 views

Buy a new home or stay on rental flat?

I got married a year back. My husband and I both are working professionals. we both are earning well and can save 50000 per month combined after deducting our rental of 25000 per month and all other ...
0
votes
1answer
54 views

My salary from Dubai to India in INR ; taxable or not

I am working in dubai since 3rd may 2013 to till date and receiving my salary in INR in India in ICICI Saving account. I have not filled my ITR. I wish to know : Can I fill my ITR now and what is ...
1
vote
1answer
69 views

How to get loaned money back to US

I had loaned about 150 K money to a relative to purchase a house in India over a period of 8 years. The house never materialized due to some conflicts. My relative is returning the money back with ...
2
votes
1answer
91 views

Employee Stock Option Shares - What happens when the company gets acquired

The company I worked for 20 years ago had given me stock options. When I resigned from the company, I had purchased the options that had vested with me. Subsequently bonus shares were allotted and my ...
1
vote
1answer
51 views

NRI is buying land with wife name , Can we get back that money to U.S later through NRE account?

Thanks for your help in advance I have sent the money to NRE account. From my NRE account I transfered money to my wife Indian account to buy the land. My wife ( She is dependent on me having H4 ...
0
votes
1answer
36 views

Will interest rates on bank deposits ever fall close to 0 percent in India? [closed]

I wanted to know if interest rates will ever fall to close to 0 percent in India. + I would like to know that as close to 0 interest rates might affect the income earned through debt instruments at ...
0
votes
1answer
33 views

Refinancing Loans from USA to India

I have a friend living in USA who is a US citizen. He can take a loan of X$ from a US bank as a personal loan or a business loan. Can he finance my company in India with this loan he availed from USA ...
0
votes
1answer
20 views

How is SPAN and Exposure Margin Determined on the NSE?

Recently, I have been reading up a lot on writing options as this is something I am interested in. I came across a span margin calculator which asks me to enter the contract and it automatically ...
1
vote
1answer
23 views

Taxes deducted for NRO account

Are there tax deductions while converting an existing SB a/c to a NRO a/c & also when remitting funds from the NRO a/c?
0
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2answers
82 views

Getting loans from Foreign banks

The interest on bank loans is 10% in India. Instead, is it possible to get loans from USA banks to India at 3.3-4% for a project ? Is this what is called hedging or hedge funds ?
1
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1answer
27 views

If bank can give less home loan than PAL offered based on my credibility

I have applied PAL (Pre approved home loan ) for a bank. Bank have approved the amount what I needed. When I confirmed with them, they assured they have check my cibil and credibility before approving ...
1
vote
1answer
30 views

Transfer from NRE account to a local Indian account is it taxable

This may sound like a repeated question yet I would like to be sure on the answer. I am currently working in US. I do occasional transfer from my US account to my Indian NRE account (ICICI Bank) ...
0
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0answers
38 views

Is Superannuation fund held in Australia, taxed in India for Australian national residing in India?

If a person is an Australian national, residing in India (OCI) for past 3-4 years. Has a Superannuation Fund in Australia (Equivalent of a PF in India). This Super Fund was created when the person ...
1
vote
1answer
32 views

CitiBank or HSBC account in India but use funds in America

I have some money in India that I plan to transfer to an international bank such as Citi or HSBC. Once the money is in the account, can I use those funds in America? Are there any tax liabilities in ...
1
vote
0answers
35 views

If a citizen of UK is sending money from a US bank to an Indian what is the amount that citizen of UK and India has to pay to the government/bank? [closed]

The banks of both the countries i.e., India and US took some amount from us and still the bank in India has demanded for more money to complete the money transferring process.How much amount is the ...
1
vote
2answers
61 views

Banking Advice for my new Job

I am moving to UAE for my new job soon from India. This is my first job as well. My Employer asked me to send my Banking Details. So what kind of account should I start, where should I start, and what ...
1
vote
2answers
79 views

Do Options take Dividend into account?

Suppose I own a contract with a market lot of 100 shares in company A and company A goes ex-dividend during the validity of the contract. That means, that theoretically the price of company A will ...
2
votes
4answers
368 views

If a stock has only buyers and no sellers how does its price go up?

I have been watching a stock for the past month. Nobody has been selling it, but every day the price has increased. If there are no sellers, it means there is no trading happening, so how can the ...
3
votes
1answer
51 views

Long Term capital gain tax for selling land abroad

My husband and I are currently in the US and pass the substantial presence test for residence (31 days in 2015 and 183 days on the whole) We want to sell a self acquired property purchased in the ...
3
votes
1answer
69 views

Do European options have to be exercised at a specific time on Expiry day?

European Options as compared to American Options can only be exercised on a certain date. As I want to start writing options, I want to know whether it can be exercised by the buyer at anytime during ...
0
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1answer
32 views

What IT form to use in India?

In Previous Year 14-15, Assessment year 15-16 I have income from salary income from two house properties income from Capital Gains Income from other sources income/profit from business What form ...
-1
votes
1answer
72 views

Gifted money invested without tax?

If I gift $10k to my parents (parents are indian citizens, so am I) in India, and they use it to invest. Will that investment be taxed in USA? Taxed in india if kept long term? Is this a tax loop-hole ...
2
votes
1answer
38 views

FBAR needed if I wire transfer in installments?

Lets say I want to send $24000 to my parents account in India from USA. I will first transfer in NRE account. Then move money from NRE into my parents account. If I send $8000 to NRE, move it into ...
2
votes
1answer
26 views

Filing FBAR if I wire transfer to my parents Account?

Do I need to file FBAR if I send $25000 to my fathers account in India?
2
votes
1answer
103 views

Selling my earned dollars to someone in US for rupees in India

I am working in US as a resident alien. I have few dollars in my bank account in US. If I give some dollars to a friend in need in US and he deposits equivalent amount in Rupees in my Indian bank ...
2
votes
1answer
79 views

Indian working in the US Tax filing as Resident in both countries

I moved to the US last October from India, I had spent more than 180 days in India during the Financial Year 2014-2015. I am also eligible to be treated as a Resident for tax purpose in the US as I ...
0
votes
1answer
48 views

If an Indian resident earns any income in the USA is he liable for double taxation?

I plan to work in the USA for 2-3 months then come back to India. In this case is there tax liability both in the USA and India?
1
vote
1answer
20 views

Tax in US or India

I am Indian citizen and living in US on H1B and have been paying taxes regularly in US. Now I want to start investing in Indian Stocks. If I make profits in Indian stocks where should I pay the taxes, ...
1
vote
1answer
48 views

Pre-Emi Calculation

I would like to take home loan for under-construction building in India. Completion time will be 30Months. How do I calculate pre-emi, if I take the home-loan of Rs.60L for 15 Years with an interest ...
1
vote
1answer
91 views

How to calculate and pay tax for Jan to March abroad income for resident indian

I moved to US in October 2014 end which makes me resident Indian form Indian taxation perspective. I paid my US tax for the income of October, November and December 2014. Now while filing India tax, i ...
2
votes
2answers
104 views

My query about my CTC, Gross salary and net pay

I am working as Software professional in reputed private concern. After one year of my successful completion, they offered me 3 lakhs per annum package. But I am getting only Rs 20606 as net pay per ...
5
votes
1answer
69 views

Applicability of form W-8BEN-E / W-8BEN to an Indian citizen

I am an Indian citizen residing in India. I have started working as a consultant for a US-based company since June 2015. I have submitted my first invoice to the company (I will be getting paid in ...
1
vote
1answer
94 views

Is there any tax in India for money from Saudi Arabia

I work in Saudi Arabia, I took a loan here, nearly 10 lakhs Indian Rupees (1,000,000 Indian Rupees) and already transferred to my NRE account in India. My questions are: Is this amount taxable in ...
1
vote
2answers
127 views

Offshore Bank account with Online International Wire-transfer facility for Indians

I am freelancer having Indian nationality and residing in India. I own and operate Sub-Affiliate program of US based company. I have Bank accounts in India which operates in INR (Indian Currency). ...
3
votes
1answer
96 views

Sending money as gift to India from US

So, the story. A Indian citizen is working in US and is earning a lot of money. If he transfers 10K USD to parent's account in India as "Gift", then he can claim that amount to be tax exempted in US. ...
1
vote
1answer
33 views

In which infrastructure bonds should one invest to avoid capital gains tax after selling a property in India?

This is a follow-up question to Taxes on sale of property What are the available infrastructure bonds and can one withdraw that amount at any moment or some lock-in period is there? How capital ...
1
vote
2answers
124 views

Should I invest or repay my debts?

I work in an IT firm company with an average 10% annual hike. Currently I save around 35,000 rupees per month. My family has a debt of 19,00,000 rupees. For the next 5 years I do not have any major ...