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

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2
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1answer
55 views

Wire transfer from India to US

I would like send/lend money from US account to My brother-in-law's Indian account(international wire transfer) for 30 lakhs. This will be no interest loan to him. My brother-in-law needs this money ...
1
vote
1answer
15 views

FD and liquidation of cooperative Bank (patsanstha) in India

I've my money stuck in cooperative patsanstha (bank) since last 4-5 years. Money was invested across multiple FDs (worth Rs. 1,50,000) and after banks liquidation they deposited the money to saving ...
0
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1answer
18 views

Interest on self assessment tax

Sr citizen individual assesses are exempt from advance tax requirement. Enough for them to pay self assessment tax before 31st July WITH OUT interest? Or, are they liable for interest payment? V ...
0
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1answer
48 views

Freelance trading of products in India

I am an Non Resident Indian living in Saudi Arabia. I have a query for starting freelance trading of products in India. Is it possible for me to trade without a license or registration with the ...
0
votes
0answers
9 views

Company Deductee vs Non Company Deductee in Challan 281 [migrated]

I am a director of Private Limited Company in India. I am doing a TDS for my employees salary and filing a TDS for the same. What is the option I need to select there? Company Deductee or Non Company ...
2
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0answers
56 views

My dad wants to transfer money from India to US as a family maintanance

What is the tax implication if my dad is sending money to me here in US as a family maintenance? Do I have to pay tax on that money and how much will that be?
2
votes
1answer
30 views

Capital gains tax applicability if buying a House abroad

I want to sell my House in India and bring that money to UK (living here for 2 years) to buy a house in UK. It will help me securing a loan by increasing the down payment I can make. My question is, ...
0
votes
1answer
24 views

Investments as an NRI

I would like to gain clarification in regards to my investments made as a resident and also as a NRI (Non-Resident Indian). The investment done in mutual fund during the tenure being an resident was ...
1
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1answer
36 views

I left my job 2 years ago in 2013 and I am joining a new company now in 2015 . Can I still have my old EPF account transferred to the present one?

I was working in tech space for period of 10 months before quitting my job to go for higher studies in 2013. Somehow I never withdrew any money nor contributed anything to my EPF account after ...
2
votes
1answer
71 views

Legal way to give money to friend in USA and take equivalent amount in India

Is it legal to give money(USD) to a friend in USA and take equivalent amount in India? My friend is planning to buy a house and he wants some money in USA. He has the equivalent amount in India. ...
2
votes
2answers
71 views

Transfer money from a real estate sale in India to the US

I'm an H1B visa holder (a non-immigrant work visa) in the US. I've acquired some property in India a couple of years ago for around 30k$. It has nicely doubled in value since and it's worth around 60k ...
1
vote
1answer
36 views

What is approximate tax deduction for this scenario?

I am working as software Er and my finance status is like this: Basic salary:18750 House rent allowance:7500 Medical allowance : 800 Conveyance Allowance : 1250 Special allowance : 9200 Total earning ...
2
votes
1answer
33 views

How does India tax foreign stipends?

I am a student in India, recently selected for the Google Summer of Code. Google provides a stipend of 5000 USD for successful completion of the project. They also state that this is not employment. I ...
1
vote
0answers
79 views

What is the meaning of “BY” in atm mini statement?

I recently printed my mini statement of central bank atm card in a sbi atm machine. I got a statement where there was deposit made and abbreviation written as "BY". I never heard of such abbreviation ...
1
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2answers
110 views

Are there any implications if I do not report an Indian bank account during U.S. tax filling?

I have an Indian savings account to which I send money from the U.S. Over the year the maximum amount I sent was less than $10,000. I would like to know whether there are any complications if I don't ...
2
votes
2answers
69 views

How are stocks in an IPO allocated to investors

Example: the VRL Logistics IPO was subscribed 74x, how is it decided who gets shares and who doesnt? This is assuming the number of those who applied at the highest price point is still greater than ...
1
vote
2answers
40 views

Questions regarding taxation for Indians living in U.S.( citizens of U.S.)

Greetings of the season. I have some clarifications and questions regarding taxation for Indian's living in U.S. What is the maximum cash gift a person can receive from Indian parents? Beyond what ...
3
votes
1answer
38 views

Indian mutual funds with tax benefits

Are there any mutual funds offered by Indian banks that give any tax advantages? This is for my mother (retired Indian citizen). Something that gives a better rate of return than the fixed deposits ...
1
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1answer
34 views

Indian Demat account

I just converted my savings account to NRO and created a new NRE account. Now the bank is asking me to convert my demat to NRO demat where I need to close my exising demat account and open a new NRO ...
1
vote
1answer
49 views

What is the best way to invest in US stocks from India?

Being an Indian citizen, I would like to trade in US stock markets (i.e. in NASDAQ and NYSE) Is that possible?
1
vote
4answers
121 views

How to save money for future expenses

I need some advice on saving money. I am 30 and married and housewife and I am going to have a child in few months. My husband is working and has poor savings habits. I want to know how can I save ...
3
votes
0answers
84 views

Indian won a contest in US. I got 1042-S claiming 30% tax. How to file?

I won a contest and the sponsor paid the money without withholding tax against my W8BEN. I am Indian citizen and I have to file taxes to US from India. I have received 1042-S claiming that I have to ...
0
votes
1answer
112 views

How much should be our expense and savings ratio? [closed]

What is the right ratio of expense to savings ? is 80-20 alright ? Although we follow high standard living, here in Bharat(India) we can save upto 50%.
0
votes
1answer
50 views

calculation of real inflation rate in india?

How can I figure out the real rate of inflation in india? If I don't believe CPI as real and practical? We get the CPI numbers as inflation rate, but in my views those numbers are not the real one. I ...
0
votes
1answer
23 views

Freelancer - taxes in India for working for Spainish company

I would be starting as freelancer for one of the European company where the products will be promoted in Indian market , hence would be traded from Europe to India . The same company has plans to ...
2
votes
2answers
127 views

Good habits pertaining to personal finance for someone just getting started?

I'm in college right now. I'm in my 20s and will graduate next year. I haven't invested in any funds/stocks or anything of that sort. I am not working currently (part time or full time) — well, ...
2
votes
1answer
102 views

What is Fibonacci values?

I was trying to analyze one stock, where there was a link called Fibonacci value, which shows different prices of stock as bellow: Trading :: Fibonacci Values Stock Code ANDPRA Exchange NSE ...
1
vote
1answer
58 views

How do I get my Loaned money back to US

I am a US citizen. I lend some money to my dad back in 2009 and 2011 as he had no source of income so I send my savings to him so he could use the annual interst as his income. I have a loan agreement ...
0
votes
1answer
111 views

Please help - Complex F1 visa OPT tax question with 5 years presence, exempt FICA

I have found much information about this online, in that if you have been in F1 visa for over 5 calendar years, you can be considered a resident alien for tax purposes. However, my situation is sort ...
2
votes
1answer
53 views

Transferring money from Indian NRE account to UK

I am living in the UK and I need to get some money from India to UK to purchase a property. My father will be gifting me the money and he has the money in his NRE account(he is NRI).IS there any tax ...
2
votes
2answers
50 views

file ITR for fixed deposit

You can see tax deducted from my fixed deposit account Can we file an Income tax return on tax debited on interest of Fixed deposit in India?
2
votes
1answer
60 views

Who is a “Business Apprentice” in the context of India-USA tax treaty?

I am an Indian citizen who plans to go to US on a J1 visa to teach and do research in a US university. I expect to be in USA for about five months. I will be filing taxes as a Nonresident Alien. ...
1
vote
2answers
74 views

NRI in US, how to receive money from India to US

I transferred money to my parents as Gift 3 years back, now they will be helping me with some money here in USA. My parents are in India and want to send me some amount here in USA. Is that fine, any ...
1
vote
1answer
71 views

How does credit card's online authentication work?

I am not sure if this question is valid here but this seems to be the most appropriate place. I have a credit card which I use to shop online. When I checkout a product on say, Flipkart, it asks me ...
1
vote
0answers
68 views

Gift tax exemption amount on funds transferred to parents joint account from US to India

What is the limit on the amount of funds that I could transfer to my parents' joint account (held by my mom & dad) without incurring gift tax? I see the limits posted as $14000 per recipient, ...
2
votes
2answers
142 views

Is Income coming into saving account in India from Dubai is taxable?

I am staying out of India since from 22 Jan 2014 to till now in Ethiopia and now in Rwanda. Between this period i went India for 6 days. I am getting salary (INR) from Dubai based company in my Indian ...
1
vote
1answer
80 views

Do I need to pay tax in US for the provident fund and gratuity money that I received after quitting Indian IT company while I was deputed in US

I was working for an Indian IT company. I worked in India for few years and then was deputed to a client location in US. In the middle of last year, I quit the Indian company and joined an American IT ...
1
vote
0answers
45 views

Do i need to declare property in India when living in USA

I have been living in US and paying taxes, filing FBAR to declare the foreign bank accounts. My question - do i also need to declare my property like the house in which parents are living (but its in ...
1
vote
1answer
63 views

Can I deposit money in Indian PPF account while living in US

I have been living in US for 2 years and working on H1B visa. I might continue staying here for few more years. Before coming to US, I had opened a PPF account with State Bank of India. My question ...
1
vote
1answer
57 views

Tax consequences of working for US company from India

I found a job at a US-based company, and I would like to do all my work for that company while residing in India. My questions are: Can said company deposit my salary check directly into my account ...
1
vote
1answer
35 views

Dollar transfering from australia to India and back to Australia

If I send Australian Dollar to FCNR in India, which I have already paid tax here, then when I bring back the same amount to Australia in a few years, do I have to pay tax again here?
2
votes
1answer
104 views

can foreign income be used to pay Home loans without paying any taxes?

Can we use the foreign income(from North America), transfer it to my savings account in India and pay my home EMI? I read here in forum that foreign income is not taxable unless used to buy stocks, ...
1
vote
1answer
83 views

Indian income tax 2014-2015

I am filing my 2014-2015 Indian income taxes. I am outside India since Jan 2013 and currently in USA. I am filing taxes using prepare and submit online ITR using ITR 1. What should be my resident ...
1
vote
1answer
22 views

Direct Mutual funds in India through Demat

I am aware that Mutual funds are available in India in two flavors, Regular and Direct. Also, I have been using my Demat account to buy units in Mutual fund. However, I find many Direct options are ...
2
votes
1answer
48 views

Question related to Public Provident Fund interest calculation

Consider the following extract from a newspaper article : The interest on your PPF balance is compounded annually, but the calculation is done every month. The interest is calculated on the ...
1
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0answers
47 views

How to report short term capital loss occurred between 16-Mar and 31-Mar in ITR2?

I have short term capital gains from sale of equity shares for India financial year 2013-14 as below (Figures are hypothetical, but the concept is exactly how I am facing it) Gain of Rs.30000 in ...
1
vote
1answer
37 views

Indian citizen. Moving to Brunei. Working as freelancer for US company. In which account do I get my salary transferred?

I am an Indian citizen living in the US for last 4 years. My husband will be transferred to Brunei starting July and I will join him too. My US employer wants me to continue working as a freelancer ...
3
votes
2answers
89 views

How can I judge loan availability?

I want to apply for home loan ( I am from India ). But I did not know If I am qualified for loan or not. Previous history is that I already have a home loan for a property through my family. That ...
1
vote
2answers
101 views

USA H1B Employee - Capital gains in India from selling selling stocks

I moved to the US in May 2012. I had made some investments in Indian stock markets. Since I did not make any significant profits in 2012 and 2013, I never paid taxes on that. In 2014, I have made some ...
1
vote
1answer
22 views

Transfer a Public Provident Fund account from minor to major in India

I am aware that citizens of India can contribute money into a public provident fund (PPF) which will get locked in for 15 years. I am also aware that one can open a PPF account on behalf of a minor if ...