Questions tagged [india]
For questions that relate to the laws, practices, and products of India
1
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1answer
25 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 ...
0
votes
1answer
50 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 ...
0
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1answer
28 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 ?
0
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1answer
52 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.
...
4
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1answer
52 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?
0
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2answers
171 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 ...
2
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2answers
259 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 ?
0
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1answer
24 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 ...
0
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0answers
25 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
44 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
39 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 ...
1
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3answers
58 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 ...
0
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1answer
35 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
76 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 ...
1
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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 ...
-1
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0answers
22 views
Can a US based NRI avail to PMS(Portfolio management service) in India
I am an NRI with H1B visa in US and I file my taxes here in US. Can I invest in Indian stock market via PMS(Portfolio management service) in India?
Will this be considered as PFIC?
2
votes
1answer
30 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(...
1
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0answers
78 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
votes
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?
0
votes
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
vote
0answers
41 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?
0
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1answer
32 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
174 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
182 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 ...
1
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0answers
67 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 ...
1
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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 ...
0
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1answer
61 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 ...
-2
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1answer
234 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, ...
0
votes
2answers
115 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
votes
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
votes
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 ...
1
vote
2answers
127 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
votes
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
votes
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
vote
1answer
43 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 ...
0
votes
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
79 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 ...
1
vote
2answers
59 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 ...
1
vote
1answer
87 views
Working options for a UK company from India?
I'm a Indian citizen. A UK based company has approached me to work for them. I have never worked for a company outside India and I do not have a work permit or VISA to work in UK.
Since they are ...
1
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1answer
78 views
How to transfer from my Indian account to my US account as part of relocation
I am relocating from India to US. I would like to transfer my money from INR to USD .
Is there a limit on money transfer between my own accounts ?
Since the money is already taxed in India , will I ...
0
votes
1answer
211 views
transferring money from India to USA [duplicate]
i saw multiple questions dealing with the topic. But they were bit old and i would like to ensure that there hasnt been any rule changes
My parents are Indian citizens and they have bank account in ...
2
votes
1answer
55 views
How tax is deducted on my fixed deposits?
I was filing income tax online. I came across tax deducted on my fixed deposit:
Tax on 2nd FD seems to be correctly deducted at 10%: 78/777 = 10%
But it seems that tax on 1st FD is deducted at 14%: ...
2
votes
1answer
134 views
How can I exchange a small amount of USD to INR?
My grandma has gifted me 20 US dollars. How can I exchange it for Indian rupees? I don’t have a passport or pan card. I have tried a few forex sites and they asked for a passport but I don’t have a ...
1
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1answer
82 views
Is it legal if I transfer money to my retired pensioner father who will create FD (fixed deposit) out of it?
Details:
I am based out of India.
I have already paid TDS on my salary and have also filed by tax-return for the same.
Now, I will transfer some part of this money to my dad's account.
I will also ...
1
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3answers
66 views
Difference in Closing Price of Security between NSE and BSE
Today date is '08-Aug-2018'. When I am looking for Previous Closing price of RELIANCE security from NSE and BSE exchanges, It differs one and each other.
BSE says Previous closing price of RELIANCE ...
1
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1answer
58 views
Indian Mutual Funds
I am new to Stock Markets. I have interests to invest my savings on Mutual Funds. When I looking for Higher Return Mutual Fund securities, I have seen some information there. For Example, I am ...
1
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1answer
56 views
On which name should home loan disbursement should have been prepared
My home loan had been approved. But the seller has joint account with his wife. The cancelled cheque he provided had a name like
<his-first-name> and <wife's first name> <surname>
...
0
votes
1answer
198 views
How to receive funds from outside India in Personal Indian Bank Account number?
I have an account in HDFC bank at Gurugaon district of Haryana. Now I have to receive the money from some foreign party , Can I accept the payment in above account? Will there be any TDS deduction ?
...
1
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2answers
39 views
Do I have to file ITR2 if I did not sell stocks in FY17-18?
I've a question related to filing ITR - whether I've to file ITR1 or ITR2. Below is my scenario.
I'm a salaried employee and I hold a Form-16 for FY1718. During FY1718, I bought few shares which I'm ...
