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

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2answers
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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 ...
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1answer
26 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 ...
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1answer
15 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 ...
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1answer
49 views

Why India has high inflation despite a high interest rate [closed]

As per this article Interest rates and inflation are inversely linked. When interest rates increase, inflation decreases. And vice versa. In the light of this, how come a country like India has such ...
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1answer
38 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?
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4answers
99 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 ...
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0answers
72 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 ...
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1answer
95 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%.
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1answer
39 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 ...
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1answer
11 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 ...
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2answers
120 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, ...
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1answer
95 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 ...
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1answer
55 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 ...
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1answer
89 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 ...
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1answer
31 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 ...
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2answers
38 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?
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1answer
46 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. ...
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1answer
27 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 ...
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1answer
61 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 ...
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0answers
47 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, ...
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2answers
74 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 ...
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0answers
55 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 ...
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0answers
40 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 ...
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1answer
44 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 ...
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1answer
46 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 ...
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1answer
34 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?
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1answer
60 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, ...
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1answer
75 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 ...
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1answer
18 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 ...
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1answer
39 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 ...
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0answers
42 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 ...
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1answer
27 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 ...
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2answers
81 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 ...
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2answers
82 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 ...
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1answer
19 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 ...
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1answer
112 views

As US citizen want to send money to my parents account. Do they need to pay tax? If not how can they show that it is a gifted amount from my daughter?

I am US citizen and want to send around $45k to my parents in India. Is there any kind of tax I or my parents need to pay? If not then how can they show that it is gifted amount from their daughter in ...
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2answers
134 views

Is it legal to have a Savings account in india while I am working in the US

I have been residing in the US since 2012. I have recently started working for an employer since 2014. I have three related questions. Due to lack of due diligence on my part, I missed couple of ...
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1answer
60 views

Are U.S. Social Security payroll contributions and state taxes deductible from taxable income for India?

I moved to USA during the financial year Apr 2014 - Mar 2015, in which I was resident in India for more than 182 days due to which my status is "resident" in India for the tax year concerned. I ...
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1answer
48 views

Remittance to India from US in an Indian account?

I am Indian citizen working in the US on a non-immigrant work visa. I have a regular savings account in India as well but I dont have an NRE/NRO account. So, will my remittance send to India account ...
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1answer
55 views

Making sense of mutual fund returns

Looking at a mutual funds returns, sometimes I see a 5 year return of 20% and 1 year return of 100% (both annualized). Does that imply that the growth was 0 in the year n-5 to n-1, and the growth of ...
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1answer
57 views

Can preventive health checkup be claimed as a separate expense from medical expenses?

I am aware that the salary structure for most employees of corporations in India consists of a section called medical which amounts to 15,000 rs. The implication of this is that employees can get tax ...
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1answer
109 views

Does Income Tax have to be paid in India if i am paying IT abroad also and i am not a NRI

I was working with an Indian company till mid of 2014, all my taxes were adjusted and final settlement paid to me, and then I was without a job until end of Jan. I moved to Singapore for a short term ...
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1answer
54 views

Questions related to leave travel allowance

I am aware that one can claim tax reimbursement on expenses incurred on travelling within India during a personal leave. Although, I find this concept very confusing. I already understand the ...
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1answer
100 views

Income tax implications in India: sending money to ordinary OWN saving bank account

Could someone help on following: Please consider I am on work permit In EU and have not worked a single day in Inida in entire financial year Would I have to pay income tax other then TDS on ...
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1answer
104 views

Tax Exemption on Home loan on property on Father's name in INDIA

We have an independent house registered on my father's name. I took a loan for construction of first floor. The bank has granted the loan after submission of documents and verifications. My father is ...
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1answer
60 views

Income tax India change of form for defective return

I have filed a Income tax return with ITR4 and received a communication about defective return asking to fill balance sheet and profit and loss account. I think I can file ITR1 or ITR2 instead of the ...
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1answer
57 views

US Tax exemption for Independent student contractor working from India

I am an undergraduate computer science student, resident and citizen of India, I'll be working as an Independent student contractor for a US based software company from my home country (India), during ...
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1answer
93 views

Questions related to medical reimbursment

I am aware that an amount of 15,000 rs can be claimed under medical reimbursement in India if you are a salaried employee. I have the following questions related to this process : Let's say that I ...
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1answer
35 views

Income Tax in India for variable Income

I have variable income through freelance developing software like for e.g say I earn Rs 15lakh in one year and Nil in the next year. Is there any way to distribute the income over two years or any ...
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1answer
41 views

Income Tax form in India for freelancing

If I have income only through freelancing (developing software for a US based Company) and am not a incorporated business do I need to file ITR4 or ITR2