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

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1answer
19 views

Income tax returns to be filed after leaving India?

My last working day in India was on December 23rd, 2014. After that I moved to the Middle East on March 23rd, 2015. My questions are as below: If I transfer money from here to a non NRE/NRO account ...
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0answers
13 views

Is there any Secure credit card on EMI basis? [on hold]

Instead of deposit like 20000 , im looking for pay it 20*1000. for example Sbi Advantage plus card.
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1answer
13 views

Withdrawal of provident fund

It has been one year I've worked with an multi-national company and now I am quitting my job and flying abroad. I want to close my provident fund account and get the money credited to me. What is the ...
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0answers
8 views

I want to know the names of some legit EMI finance websites in India? [on hold]

Please tell me the names of popular and authoritative websites that gives correct and exact information about the personal loan. Additionally, name of some websites that offer personal loan with ...
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1answer
37 views

How long banks in India retain transaction details?

How long does banks in India need to retain the transaction details for a savings account? For a legal requirement to prove that I've made payment to someone in the Year 2003, I'm looking for that ...
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1answer
31 views

What are the tax implications for transferring money to friend from UK to India?

The money is a large amount and it is for a fiance to be transferred from UK to India? The money still be treated as gift if the parties get married within the year?
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1answer
58 views

Moving from India to Europe - Bank accounts and Mutual funds

I would like to get information on Bank accounts and Indian tax procedures related to working from Germany. I am from India and will be moving to Germany in two weeks. I have some mutual fund ...
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1answer
53 views

Is sending money from abroad (p2p) banned in India?

I was looking at Paypal wikipedia entry and came across this https://rbi.org.in/scripts/NotificationUser.aspx?Id=5216&Mode=0 Am I reading/understanding this wrong ? This facility shall be ...
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0answers
27 views

Capital tax gain for under construction property

I entered into an agreement with a builder to purchase an apartment in Apr-2011. At that time, I had paid 10% as deposit with remaining payments to be made at regular intervals based on construction-...
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1answer
33 views

NRE to NRO or Saving Account Transfer

I am NRI staying in USA and I am planning to take a Home loan in India.To process the loan, I am being asked to open NRE and NRO accounts. I know few details about these accounts. NRE - Deposit only ...
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0answers
29 views

Cibil Score - Secure Credit Card

I have a CIBIL score of 620. If I get a secured credit card and I use it properly (30% utilization & EMI on time) how many months does it take to increase my CIBIL score?
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1answer
36 views

NRI Son's Remittance Transferred to Indian Parents

My son is an NRI (Non-resident Indian) working in the US. He sends money to his NRE (Non-resident External) a/c.Then the money is transferred to the Indian parents ac. Is there any restriction on ...
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1answer
67 views

Converting Euro to Rupees in India

I saved 1000 Euros during my internship in France, and brought them back to India in cash. It has been a year since then, and I want to deposit it in my bank account now. I was told by the bank that I ...
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3answers
82 views

Can I receive USD 1500 from a cousin in USA to my account in India

Please let me know if I can receive USD 1500 from a cousin from USA to my savings account in India.
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1answer
55 views

Capital gains tax

I have a piece of land in India that I purchased about 20 years ago. I entered into a development agreement with a real estate developer in February 2014 for construction of apartments. The ...
3
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1answer
44 views

Money transfer from a French bank to an Indian Bank

I am a student in India. Recently, I attended a conference in Paris and the organizers will be reimbursing my travel through online bank transfer. However, they are insisting on IBAN/RIB no. Indian ...
3
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1answer
79 views

How to bring my assets to US

I am a naturalized US citizen. I want to bring my assets from India to US. My assets are sold and in a bank account. What are the steps to bring the money to the US? It is worth 1.25 Crore and I have ...
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1answer
32 views

income tax liability

My son is working in Nederland. He first transferred money to his saving account in India and from there he transferred the money to my saving account (about RS 7 lakh), I need to know whether this ...
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0answers
37 views

Employment in USA. Deputation in India

Is it possible to be employed in USA on W2 but deputed in India ? Any pros and con related to this type of arrangement ( insurance/benefits ). Anything special needed for tax filings.
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1answer
26 views

Which tab in FBAR form?

I am about to file FBAR. I see 3 tabs in FBAR form where account information is to be entered - separate/joint account, no financial interest, consolidated report. I have some mutual fund units (MFs)...
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1answer
51 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 ...
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1answer
44 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 ...
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1answer
69 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 loan?...
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1answer
62 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 ...
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0answers
43 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 ...
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1answer
42 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 ...
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1answer
28 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. ...
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1answer
48 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
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2answers
171 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 ...
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1answer
55 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 ...
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1answer
30 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 ...
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1answer
35 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 ...
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2answers
94 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 ...
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1answer
51 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 ...
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1answer
24 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 ...
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1answer
31 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?
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1answer
39 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 ...
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1answer
15 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 ...
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1answer
43 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, ...
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0answers
19 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 ...
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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 ...
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0answers
37 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) = ...
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0answers
73 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 ...
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1answer
22 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.
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0answers
30 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 ...
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1answer
42 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 ...
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0answers
42 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
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1answer
28 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!
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1answer
98 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 ...
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1answer
56 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 ...