-1
votes
0answers
41 views

Do I need to pay taxes on a large transfer of money from an American to my Indian Bank account? [on hold]

An American friend wants to send a large amount of money to my Indian bank account, how is the conversion from dollars to Rupees accomplished and will one of us have to pay taxes on the transfer?
1
vote
2answers
46 views

Independent IT Consultant with annual fees less than 10lacs

I have started as an independent IT consultant recently. Since I will be way below the 10 lacs exemption bracket, do I need to have Service Tax Number? Also is it mandatory to get this number and ...
0
votes
1answer
33 views

income tax for purchased/sold short term & long term shares

I have purchased above 600,000 rupees stocks from different company through NSE/BSE exchange.I have a trading account with canara bank(sb), i deposited rupees 6 Lacks this year & purchased ...
-1
votes
0answers
23 views

Interest on FD in ICICI [duplicate]

I live in USA and I have no income in INR. But I keep transferring some amount in my indian accounts (like SBI/ICICI). I earn interest on that amount. I think that is quarterly however I am not sure. ...
-1
votes
0answers
49 views

I am filling out a W-8BEN from india

I am living india,I won a prize amount on a Software developer contest for building software. For getting the amount they have asked me to fill a W-8BEN form. in the form i have part I,II,III In ...
2
votes
1answer
68 views

Will it be taxable if I transfer money from UK account to India account?

I am a resident of India and currently in UK for 1 year on a work permit where I am getting salary in Pounds. My Indian salary has stopped till the time I am back in India. Now, I have a Home Loan ...
1
vote
1answer
81 views

Can I file a NULL return in India?

I currently reside in the United States and I have been working here for about a year. However, my accounts in India are non NRE accounts and I have transferred about $20k to India within the last one ...
2
votes
2answers
145 views

After my father's death, how can I transfer 50% of an account to my sister in the most tax efficient way?

My father has some shares in his demat account with me as a joint holder. He expired recently. Now I will have to transfer 50 percent of the total value to my sister. Will it attract short term ...
-1
votes
1answer
63 views

If I receive 150000$ in my Indian savings account how much tax i shall pay?

My friend is planning to invest in India. So if he transfers around 150000$ to my account.. How much tax do I have to pay? Is there any way to show it as foreign investment? Can I include my ...
2
votes
0answers
50 views

How do I loan money as a non-resident Indian (NRI)?

I am a Non-Resident Indian (NRI) and want to send approx $10,000 as a loan to my father's account in India as a contribution for a new home purchase. How do I set this up as a loan so if he wants to ...
1
vote
1answer
84 views

Tax implication for Indian citizens working in US on L1 visa

I am a citizen of India, currently working as a software engineer in India. Thus I am paying income-tax to Indian-Govt. I am moving to US in November-2014 on L1-Visa. I had following questions in ...
1
vote
2answers
125 views

How can I bring loaned money back to US from India

I am a US permanent resident and I loaned some money to my father in law in India early last year. I transferred US dollars from my US bank account to my NRI (Non resident Indian) account (Indian ...
1
vote
1answer
39 views

What are the tax implications of selling an investment property in india?

I am living in UK for last 10 years. I have an NRE and NRO account in Bank of Baroda. I want to sell my flat in India and will deposit the cheque of 50 lakh in my NRO account. I have bought this ...
4
votes
1answer
109 views

US citizen transferring money to Indian fiance to buy property

I am a US citizen wanting to transfer money to my Indian fiance to buy property. Is the best way to bring in cash, and declare the amount with customs at the airport? How much tax am I liable for ...
3
votes
2answers
72 views

Do I have to pay taxes on PPF in USA?

I am going to work on H-1B in US for next 3 years. I am sure that I will return to India after 3 years and do not want to permanently settle in US. In order to invest money in India I am planning to ...
1
vote
2answers
47 views

Income tax Rebate on more than one property

I have purchased one house property at Bhopal. which is constructed. For which I paid Rs. 280800/ pre EMI interest & Rs. 260000/ EMI interest. I purchase another house property in Gurgaon. It is ...
0
votes
1answer
106 views

How to save tax in India

Hi I'm a salaried person with an annual income of 4 L/annum. I don't know much about tax saving. What can I do save tax in India ? and Is PF/Pension and Gratuity in salary taxable in private company ...
0
votes
1answer
40 views

Will I be taxed in India

I am on a project (1 year duration) in Qatar. I am remitting money thru TT to my HDFC Bank savings account in India. All family maintenance/expenses and Home Loan EMI is deducted from this Saving ...
1
vote
2answers
127 views

Tax considerations for outsourcing freelance work to foreign country

I've seen this asked a few different ways (closest was here), but I am looking to find out from the business's perspective, how to report (if necessary) the amount paid to a foreign contractor. My ...
0
votes
0answers
51 views

Can I transfer my RSU/ESPP shares money to a friend working in US?

I am an Indian citizen. I need to sell the ESPP and RSU shares granted for US company. I want to transfer the money to my friend's account, who is working in US but is an Indian citizen. He will in ...
3
votes
1answer
533 views

Tax implications on money transferred to NRO account

Here is the situation - my wife and I are based in UK. I have NRO/NRE account in India. My wife has remitted some money to my NRO account in India. Can the forum please help me with the following? ...
3
votes
1answer
173 views

What are the common Income Tax deduction for salary earned in Saudi Arabia

I have left for Saudi Arabia on 7 November 13 , I am a government employee in Saudi Arabia . My salary is deposited in Saudi bank account , will I have to pay tax on 1,000,000 rupees amount which I ...
2
votes
1answer
155 views

What are the Long Term Capital Gains for this real estate sale in India?

I purchased a site for Rs85,000/- in 30/03/2001 and planning to sell it this year(2014-15) for Rs35,000,000/-. What will be the long term capital gains for this? If I invest in bonds for 3 years, will ...
1
vote
1answer
56 views

How do I get audited in India and what happens after that?

I have not filed my tax returns for 5 years. However I have a few FD's in my name and I was wondering what would happen if I were to get audited and how do these audits take place. In the bank they ...
1
vote
1answer
131 views

Transfer money from NRE account to a local Indian account

I am currently in US and I generally transfer money to my NRE account in India. I was wondering if I could transfer some of it to my mother's local bank account. Will she have to pay any tax if I ...
1
vote
2answers
500 views

Do I have to pay income tax if my friend uses my bank account to transfer funds to a third party?

Suppose my friend has to transfer to someone a big amount using debit card. Since he doesn't have a debit card, he transferred the same amount to my bank account via cash and asked me to make ...
2
votes
1answer
253 views

I am an Indian citizen residing in the US on H-1B. Can I send my earnings to India to my regular Savings Bank Account?

I am in the US on H-1 B. I understand NRE, NRO and FCNR accounts are available to the Non resident Indians. But can't I continue to use my regular Savings Bank Account for sending money to India? ...
0
votes
1answer
181 views

How to get money transferred from the United States to India?

My brother has a registered company in the USA and has a payment gateway. Now here in India I need to use his gateway for payment as I am into online technical services and have a registered company. ...
3
votes
4answers
112 views

Will I be liable for taxes if I work for my co. in India for 3 months while I am with my husband in UK

My husband has a temprorary assignment in the UK and I plan to accompany him . My company is open to let me work from home but are there any legal or personal tax implications and how long can I ...
1
vote
1answer
150 views

Is the fund received to my indian bank from foreign bank taxable?

I am Nepali citizen and I have ordinary saving account in Indian bank. I was also working here for 2 years in the past(3 years ago) and I have PAN card and bank account. Now I am living in India for ...
1
vote
2answers
107 views

US tax for a resident NRI

I am a recent resident and filing for my taxes. However I have investments in India (stocks and real estate). I would like to know since I am paying taxes for those investments in India, would it be ...
0
votes
1answer
48 views

Whether the waterbill paid to HMWS&SB of Rs. 20,000 per year can be used for Tax benefits

I own a house under GHMC, Circle-15. The drinking water bill is Rs.1800 per month. Can I use these bills for Tax Rebate while filing IT Returns, similar to LIC Bills
2
votes
1answer
198 views

Is the amount taxable if my grandfather sells agricultural land

My grandfather who is around 80 years old selling agricultural land that he has acquired from his forefathers in Aligarh (Uttar Pradesh). He would the selling the land for 13 lakhs. Is this taxable. ...
1
vote
2answers
156 views

Do I need to pay tax on the amount of savings I have in the bank?

Do I need to pay tax for the amount which I have in the bank? If so, what's the tax percentage for a savings account and a current account?
1
vote
1answer
122 views

Tax Deduction under section 80C for Indian with foreign family Paying International Premium

I am Ronit, indian holding indian passport. My family, my wife and kids are foreign nationals and holding foreign passport. I have purchased insurance from AIA and I am paying insurance premium for ...
1
vote
1answer
3k views

How many dollars I can transfer to my Indian bank account without letting IRS know?

Could someone please let me know how much money I would be able to transfer to India from my US bank account to my regular bank account. Do I have to let IRS know about it? What are the TAX Rules? I ...
1
vote
1answer
107 views

How would by Taxes be calculated on H1B and India Partnership Firm

I am going to USA on H1B visa and planning to stay in USA for 3 years. I also have registered partnership firm on my name in INDIA, from which i earn about 8-12 lakh per annum How would i be taxed in ...
1
vote
1answer
525 views

Tax applicable on selling of agricultural land in India

My father now aged 65 years, had purchased the agricultural land in Gurgaon area (Farukh Nagar) in 1987. He sold this land in 2011 at Government circle rate. The money was received by demand draft. He ...
4
votes
1answer
383 views

Do I pay tax if I convert INR to CAD to use in Canada

If as a Canadian resident, I hold an NRE account with an Indian bank and i transfer money earned in CAD to this account. The I earn interest in rupees and want to transfer back to CAD. The interest is ...
2
votes
1answer
286 views

Providing Client W-9 or W-8BEN forms

I am part of a small outsourcing company and have providing service to clients in the USA for a few years. The work is entirely carried out in India and we only employ Indian nationals to do it. ...
1
vote
1answer
744 views

Is a tax applicable or not if I lent my brother money in India while I am abroad?

From 2002 to 2010, I was working abroad. I sent money to my account in India via Western Union. In every transaction I used to keep 10000/- separately with me (my hard earned money). In the last 8 ...
-3
votes
1answer
132 views

Money transfer from Australia to India - avoid receiving ends service tax

How to avoid service tax at receiving bank in India
3
votes
3answers
227 views

Freelancer in India working for Swiss Company

I am based in India and I have a contract with a Swiss company to handle their businesses in and around India. I receive my Salary in Eur which is then converted to INR in my Bank. I have been paying ...
1
vote
1answer
425 views

How much money am I allowed to transfer to India into my own Indian account as a non-Indian foreigner?

I am a non-Indian foreigner and recently opened a savings bank account in India. Is there a maximum amount I am allowed to transfer taxfree under Indian Law to India for my living expenses here? I ...
1
vote
2answers
184 views

Trading US stocks from India

I used to live in US on H1B visa. I have opened a trading account in US. Now I have moved back to India but I am still doing trading with US account. Also I have not closed my bank account in US. My ...
2
votes
1answer
254 views

US tax liability for a non-resident with a US LLC that does business in the US

I'm a non-resident of the US and I've never been to the US. However, I have an LLC in the US. I sell computer software warranty services where we fix computer problems remotely from India. I have a ...
1
vote
1answer
301 views

Can I claim a tax credit on money I send to India for my parents' healthcare?

I live in Canada and I'm a permanent resident. If I send money to my parents in India, can I claim any kind of tax benefit on that e.g. under the caregiver tax? I know if I bring them here and they ...
1
vote
1answer
550 views

Will I have to pay taxes in India when I transfer money from a US bank to an Indian bank (Different a/c holders)?

I am based in US and plan to send money to India. A similar question addresses the issue when money is being transferred to my own NRE/NRO/FCNR account in India. I was wondering whether the tax ...
2
votes
1answer
140 views

How do I account for money paid to colleagues out of my professional income?

I am resident of India and I work as a freelancer, developing software for Indian companies. Sometimes, I do the work along with a few other professionals like me. I receive the payments into my bank ...
1
vote
1answer
120 views

What is the amount of extra interest I have to pay along with my tax due?

My total tax payable is 60803 for the financial year 2012-2013. But, TDS deducted till 31st 2013 is 50822, so I have to pay the tax due of 9981. What is the exact amount I have to pay? Is there ...