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Questions tagged [india]

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

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1answer
26 views

Transfer Money to NRO account via third party

I moved to Singapore recently. Can I transfer fund to NRO account via third party remittance service like Instarem ?
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0answers
35 views

How are profits in an Indian Limited Liability company distributed? [on hold]

Say, a limited liability company in India has a profit of 'x' dollars after taxes. How is this distributed ? How does the shareholder's equity change? How is the dividend paid?
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1answer
13 views

NRE to foreign account transfer

Can I transfer money from my Indian NRE account to my sister's savings account in UK bank?
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0answers
20 views

Transferwise regulated by RBI India

According to RBI FEMA Act Section 10, only authorized person or company could transfer Forex from India. I have checked the website of Transferwise and can't find any information on this. How can I ...
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0answers
41 views

How does an Indian citizen work as a freelancer for a foreign company? [closed]

There are two similar questions have been asked before: Indian citizen working from India as freelancer for U.S.-based company. How to report the income & pay tax in India? Indian citizen wants ...
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1answer
62 views

Tax implications of money transfer to and from parents

I am an Indian working in the US on H1B and I want to transfer some money (about $70k) to my parents in India. They plan to use it temporarily and then return the money back to me in the US. What ...
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0answers
22 views

Do I need to pay tax in the US on funds withdrawn from a pre-existing PF account in India

I have a PF [retirement] account through my employment in India, before moving to the US in Aug 2012. However, there were no fresh contributions made to this accounts during my residency in the US. ...
1
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1answer
11 views

Dividend from ESOP to Cash - India

I'm Indian and working for a US organisation in India. I have been investing in the Employee Stock Purchase Plan (ESPP) for a while now. During the initial investment period, I had not opted for re-...
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4answers
102 views

Investment vs Income Tax

For a private employee in India, with an income of INR 6.5 lacs per annum, to minimize IT under 80C, which investment is most beneficial?
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1answer
34 views

Should I continue with ULIP

I am from India. I have a ULIP (Unit Linked Insurance Plan) worth Rs 75000 per year which I started in June 2018. The plan is for 10 years and I have already paid for 1 year. I bought this to get a ...
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0answers
19 views

is it possible to account TDS in Microsoft Money Plus?

Is it possible to account Tax deducted at source like Fixed deposit interest in microsoft money plus?
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0answers
39 views

Taxation of prize money given by US to Indian citizen

Can I claim 0% withholding of tax by US on the prize money given to me by a US based organisation? I am an Indian citizen holding a PAN card and filing returns every year.
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1answer
52 views

Will I have to pay taxes if there are more than 10 lakhs worth of transactions?

I am a CSE student in a college Andhra Pradesh, India. My friend and I have created a web application to automate hostel payments with which students can pay their bills monthly. We use the PayTM web ...
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1answer
64 views

Recent Green card holder. From US, how to Transfer money from my Indian SB AC to my recently opened checking account in US

Recent US Green card holder not NRI, as came to US just 2 months back. After coming to US, how can I Transfer money from my own savings bank account in India (No NRE or NRO A/C) to my recently opened ...
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1answer
32 views

How Much tax we can save by investing in ELSS Mutual Funds

If Mr.ABC's Taxable income is 3Lakh , than his Auditor telling he need to pay 22,000Rs tax in FY 2018-19, so if he invest 50k or 1 Lakh in ELSS Mutual funds, than how much tax he will save ?
1
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1answer
83 views

How to show in income tax filing a loan taken from friends to repay home loan?

I took home loan from PNBHFL of 20 lakhs. Due to various personal reasons (to clear my debts) I sold my house. I purchased it in August 2016 and sold it in January 2019. I sold it for 40 lakhs. ...
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1answer
53 views

Is compensation for European flight cancellation taxable in India?

Here is the situation: Indian resident receives compensation (under EC Regulation 261/2004) for cancelled flights while on business travel within EU. Is it taxable in India?
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2answers
181 views

How are micro-finance banks able to offer interest rates so much higher than traditional banks?

Recently while browsing on google I came to know that there are few small-finance banks which offer great returns with the high amount of interest rate up to 7% and fixed deposits up to 9-9.5%. like ...
3
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2answers
270 views

why don't banks invest money in mutual funds or shares instead of giving personal loans

Banks offer personal loan at interest rate of 11 %, but why don't they invest those money in mutual funds or shares and earn more ?
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1answer
35 views

Tax system on savings account in India

I would like to know if the money in the bank is taxable. Let's say I have deposited some x amount in my savings account and the yearly interest is y amount. I know that this y amount is taxable, but ...
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0answers
28 views

Can I claim capital loss on unsold, delisted stocks in India?

I have stocks in delisted stocks such as Kingfisher airlines and Varun Shipping. Can I write them off as capital losses and offset against gains in FY 2017-18?
2
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1answer
94 views

Paying tax in the UK for Fixed Deposit (Term Deposit) interest earned in India on NRE Account?

I am an Indian citizen (Indian domiciled via father's citizenship) currently residing in the UK. I intend to take up permanent residency in the UK when applicable but also continue to use my Indian ...
1
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1answer
73 views

How to transfer money from india to usa [duplicate]

My son is a US Citizen and he will be entering into College on coming September 2019. We (parents)are green card holder & lives in US. We have a house here in India. We want to sell it and bring ...
2
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3answers
88 views

Jindal Vijaynagar Share Certificate

I have a physical share certificate of Jindal Vijaynagar which was bought in the name of my mother in 1995. I believe this company is now known as Jindal Steel. How can I get the share converted for ...
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1answer
113 views

Unable to transfer funds from resident savings account to NRO account

I recently opened NRO and NRE accounts in India as it is illegal for an NRI to hold resident savings account in India. I want to transfer money from my Resident savings to account to my NRO account ...
0
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1answer
77 views

Simple Interest calculation on rent of specific period till date of payment

Hi I have to calculate simple interest on Rent of Rs.10,000 @6%. There are two parts to my problem. Calculation of simple interest on rent amounts due for 41 months progressively i.e. as rents keep ...
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0answers
45 views

Sale of property in India purchased earlier using US funds and repatriate now to US [duplicate]

I was Non Resident Indians, purchased property in India with funds earned in USA. The funds were transferred from my US account to my In-Laws Bank Account in India. I am now US Citizen. I am in the ...
2
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1answer
34 views

Repatriate NRE funds from India back to the US.

I have an NRE account in India. I have been paying taxes on the interest and also reporting the total funds on FBAR every year. I have repatriated some of the money to the US this year. What IRS form(...
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0answers
79 views

How to get loan of 5 lakh with less interest in India [closed]

My monthly salary is 44000. Working since more than 3 years at private IT sector. Currently I own no loans. I wanted to buy a land of 6 lakh. I need 5 lakh of amount and 1 lakh, I have in hand. I ...
11
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2answers
2k views

Why is an ETF, which is tracking foreign equities, ticking in my local time zone?

I have recently bought the N100 ETF, which tracks the Nasdaq 100. This is an Indian ETF. So, if it is tracking the Nasdaq 100, then why and how is it ticking in my (Indian) timezone?
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1answer
42 views

Provident Fund transfer from a company which got acquired by another company

My husband has changed job to another company and had not transferred his PF at that time. Later the previous company he was employed in got acquired by another company. Now he has initiated PF ...
1
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0answers
72 views

H1b + Rental income in India and USA

1) As a H1b holder, if I have rental income in India and need help with the following: a) Indian tax law exempts first INR 250,000 and Indian tax law allows 30% deductions on rental income. b) When ...
16
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3answers
3k views

Investing in S&P500 Index Fund from India

I am an Indian Citizen residing in India. Can I invest in an S&P500 Index fund while residing in India?
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1answer
36 views

ICICI: Redeem Mutual Fund SIPs through net banking

I invested in mutual fund through ICICI net banking. After 7 SIPs, I stopped transaction for that fund, but did not get any money back in my bank account. Can someone please guide how to redeem the ...
2
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2answers
317 views

to trace shares from folio number?

I am in receipt of KYC updating reminder for my father. He has passed away in 2013 and these the two letter where only FOLIO number is written and number of shares. How to know more details and get ...
3
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2answers
189 views

UK Issuing Bank blocked Debit Card. Said card was used fraudulently on ecommerce website. How can this happen?

I was using my UK bank account debit card in India, to buy few flight tickets for my inter city travel. Using my own laptop, in a co-working space. Website used : www.makemytrip.com -- is one of ...
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0answers
68 views

Gift from my Dad [duplicate]

My dad lives in India and is an Indian citizen. I am a UK citizen. My dad would like to give me and my wife a gift of around £8K each. Would I have to pay tax on this in the UK? My dad has already ...
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1answer
16 views

What does “Re-registration pending” status means in bank for ECS?

Recently i have provided my BOB account details for LIC ECS. After banking process i got one message from bank site like : policy no xxxxxxx with amt xxx.xx registered for ECS. debit date ...
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1answer
62 views

Investing in grandfathers name to save tax in India

I was looking for saving tax by investing/gifting to parents. My father/mother is paying tax, instead can I gift my money to grandfather to save tax ? Grandfather does earns so easily 20 lakh could ...
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1answer
237 views

Transfer of my gift received from US to India

I am a resident Indian who received a gift from a trust abroad sources legally approved and authorised by abroad country. It is transferred through an associate bank abroad where the trust has money, ...
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2answers
118 views

What would be my Indian Income Tax if my salary is 15 lacs per annum

This is one topic which has always puzzled me to no end. No matter how hard I try to understand it, I always do not seem to grasp the concept. I'm currently considering an offer and would like to ...
2
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1answer
49 views

Retired resident alien with investment in India

We are husband and wife, now retiring in Jan 2019 and getting the PR Card for US. We have our investments in Indian Mutual Funds and Fixed Deposits in Indian Bank. When we shift to US, what are the ...
8
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3answers
6k views

INR 10 million borrowed from friend at 7% interest per annum

If my friend transfers INR 10,000,000 into my bank account and we make a legal document for the same to return the amount at 7% per annum for next 12 yrs, should I pay tax on the same? If my salary ...
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2answers
128 views

WIll money that a friend sent me (for his share of dinner bill that I paid) be taxed in India?

I paid for dinner with 3 of my friends. And at the end of the day, these 3 people send me Rs.500 each. They sent me the money via UPI bank transfer (say, using phonePe or BHIM). Will this amount (Rs....
7
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4answers
2k views

Is it advised to sell current self occupied home and buy the other new one to book the profit?

I have a first (and only) and self occupied home. Mortgage is fully paid. Home is with four rooms. Considering expenses I done on home so far including my share in mortgage, taxes so far, total ...
15
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3answers
5k views

India: is making money by buying and selling foreign currency legal?

Can a person buy a foreign currency using the currency of their own country, and then sell it when their currency's value goes down? Say, I exchanged 44,820 INR for 1,000 USD in 2010, when 44.82 INR =...
1
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1answer
44 views

Tax treatment for India (stay over 182 days)/Hong Kong salary income in a single year

What is the tax treatment for salary earned in India (stayed over 182 days) and Hong Kong? Hong Kong tax rules provide for some standard deduction before computing net chargeable income. What is the ...
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1answer
112 views

Is it a legal requirement for a shop owner in India to give me a receipt if I purchased something in their shop?

Is it a legal requirement for a shop owner in India to give me a receipt if I purchased something in their shop? I'm asking as I purchased a SIM card in a shop of one of the main phone operators in ...
1
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1answer
87 views

If I entered the SWIFT code of a branch in another state, will I receive my wire transfer?

I live in Madhya Pradesh, India. While entering the SWIFT code on my AdSense account, I used the SWIFT code of a bank branch in other state. My local branch does not have SWIFT code. My account ...
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2answers
64 views

Tax exemption on HRA in India

I am fresh out of college working in Bangalore, and have not much idea about the income tax system in India. Here is my salary structure: Basic - Rs. 12,50,000 pa HRA - Rs. 6,25,000 pa I looked up ...