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

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4 views

How to file Income tax return from Salary certificate of previous employer?

Consider my scenario: I worked in Company A - where my salary was below taxable limit. (< 2.5 lakhs), thus my employer issues me a "Salary Certificate" and no Form 16. I left this company in ...
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1answer
33 views

Understanding SCH TDS2 in ITR1 (Indian Income Tax Filing)

In the section titled "SCH TDS2" in "ITR1" form, there are two columns that I'm having a hard time with namely "Tax Deducted (5)" and "Amount out of (5) claimed this year (6)" where (5) and (6) ...
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1answer
8 views

How to submit missed LIC premium receipt and reimburse in Tax filing using cleartax.in

I missed to submit one of my LIC premium receipt for reimbursement. As the deadline is over and I am filing using clearTax.in site, Does anyone know how to submit the LIC premium receipt and get ...
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0answers
24 views

If PF is withdrawn by an NRI staying in USA does it become taxable as per US laws?

I have been service in an Indian company for 10 years and now getting transferred to US. I want to keep the PF and not withdraw as I don't need money and it will earn good 8.5% interest for next 3 ...
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1answer
31 views

Transfer funds from Saudi Arabia to India, to help collegues who can not transfer funds

From past 24 year I am working in Saudi Arabia, From last 1 year in my company workers do not have valid iqama. I have proper valid iqama. Most of workers cant send money to India to their family ...
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0answers
18 views

API for Exchange rate concerning banks of India [on hold]

Is there an API for Exchange rates of different Indian Banks ? I am trying to make an Android app which will help users check out different exchange rates of banks . I came across Yahoo finance and ...
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1answer
59 views
+50

PF transfer taxed under 194A India

I have changed my job (previously TCS) in August 2015. I Transferred my PF in May 2016. As far I know PF is not taxable. But in my Form 26AS I see 800(10% of interest accumulated from September 2015 ...
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0answers
35 views

Gold ornament making business [closed]

I'm offered a partnership in a gold ornament making business. I'm a NRI and I don't know about Indian tax law. The business work like this: we get order for making ornaments from jewelry with gold. ...
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1answer
23 views

Will cibil score increase if I file ITR?

I have low cibil score. still i ddint file ITR. Will cibil score increase if I file ITR?
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1answer
29 views

India - Claim missed LIC premium in declaration

I had to submit LIC premium paid receipts with my employer by December. One of the premium I could pay only on February and this was not considered for the last financial years' tax deduction ...
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1answer
101 views

Is paying high-value home loan by taking gold loan better?

I have a housing loan of 27 lakhs with the interest rate of 10% for 5 years. Is it really worth if I take gold loan and do a housing loan pre-payment out of it? I understand that gold loan is ...
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1answer
60 views

Lend money from a friend in US

I want to take some money from my friend in US. It's about 500,000 Rupees. Approx 7500 USD. I will return it in a week or so. Will both these transactions be taxed ?
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1answer
22 views

US $ transfer from Indian NRE external account to US account

I have a NRE External Account-US $ 50,000 Fixed deposit in Indian nationalised bank on my name with nominee as my daughter.I now want to wire transfer same to my daughter on her US Bank account. Is ...
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1answer
50 views

What is margin in F&O trading?

I am new in trading and want to trade in Futures. I used the span calculator for that and get the following result : Buy 1 lot Sell 1 lot Initial margin 31,225 30,...
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1answer
47 views

Do I need to pay taxes in India?

I am working on a two months of independent In-house corporate photographer with a US company. I came here on Business Visa and I should had to open local bank account because the company is only ...
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1answer
40 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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1answer
25 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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1answer
46 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
37 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
65 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
69 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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1answer
57 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
33 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
41 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
74 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
86 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
59 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 ...
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1answer
55 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 ...
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1answer
83 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
33 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
38 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
56 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
62 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
80 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 ...
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1answer
67 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
50 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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2answers
64 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
31 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
49 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 ...
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2answers
174 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
56 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
33 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
37 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
111 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
55 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
42 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
32 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
62 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
17 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 ...