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

2
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1answer
82 views

20 American dollar to Indian rupee

My grandma have gifted me 20 American dollar. how can I convert to Indian rupees? I don’t have passport and pancard I have tried in few forex sites and they asked for passport but I don’t have any ...
1
vote
1answer
57 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 ...
0
votes
0answers
55 views

Best Mutual Fund Combination for the long term : [on hold]

Assuming a person is in his 30s, & will retire at the age of 60. His health, life insurance emergency needs are taken care of & That guy is a high risk taker. What would be the best ...
1
vote
3answers
60 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
vote
1answer
43 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
vote
1answer
36 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
31 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
vote
2answers
34 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 ...
1
vote
1answer
14 views

How to declare interested earned from unmatured NSC (5 years) in ITR

5 year NSC shows its interest earned is reinvested every year, So I can clam it under 80C. But there is no interest entry made by the Post Office department against NSC. How can I declare such ...
0
votes
0answers
16 views

Can a sole proprietorship survive with just a saving account in India? [duplicate]

I understand that the current accounts in India provide a facility of unlimited number of cash withdrawals restricted only by the funds within the account (some may also offer overdraft facilities). ...
1
vote
3answers
197 views

Is it safe if I rely “only” on mutual funds for retirement planning?

I am investing in mutual funds to raise retirement fund. My portfolio is 25% debt and 75% equity currently. I have self occupied property. Before few years of retirement, I will start to switch fund ...
1
vote
1answer
18 views

Income tax exemption (in India) for interest on second home loan

I own a house in Bangalore (India) for which I had earlier taken home loan and which was fully closed nearly 7 years ago. This property has been let out as I am working & staying in Mumbai. I have ...
3
votes
2answers
115 views

Where I can complain about my stock broker for invalid transaction done by system and putting negative ledger balance

Due to the system error, Angle Broking credited a mutual fund and debited my ledger which has zero balance in it. And for that negative balance they sold out my shares even I have complained about ...
-1
votes
1answer
30 views

Meaning of EPF codes PUPUN Full Form - Should this not be MHPUN

I have searched PF code meaning for Pune - Maharashtra. It is showing PU/PUN. Generally my understanding is say for Karnataka First two alphabet is KN which means Karnataka state. So Maharastra it ...
0
votes
1answer
59 views

Negative balance effect credit score

I have an saving account in Oriental Bank. I am not using this account for last 1.5 year. Currently the balance is negative. I am staying in Bihar since last two year. It is not possible to go ...
0
votes
2answers
101 views

Can merchants refuse cash as payment in India?

Can merchants refuse cash as payment in India in favour of digital modes of payment?
1
vote
2answers
51 views

Can calculation of the amount of tax I will need to pay if I take a home loan be done if I present actual figures?

This is related to the India. So an answer pursuant to the Indian IT rules would be much appreciated. Let's say my income details are: Gross Annual Income: Rs.10,50,000 HRA received from employer: ...
0
votes
1answer
50 views

Money Transfer by Indian Citizen to US Citizen as gift

The grandparents who are indian citizens would like to send money from india to US to gift their grandkids who are US citizens residing in US. Are there any restrictions on how much they can send? ...
1
vote
1answer
39 views

Stock vesting and taxation situations

While working at an Indian branch of a company based in US, I got some Restricted Stock Units vested couple of times. Earlier times (Scenario S1), all the stocks (Say I got 100 stocks vested) would ...
2
votes
1answer
68 views

How prize money is taxed in India

I have won a programming competition based in US, and i will be getting $800 from the US based company. They are telling me that they will pay the taxes already and will give me the full amount. Now, ...
0
votes
0answers
29 views

Tax laws for Transferring money from India to USA [duplicate]

My mother is a green card holder who has been filing FBAR here in the US. She is my dependent and I am a US Citizen. She would like to close her accounts and bring her money to the US. She has less ...
14
votes
2answers
4k views

Stock Split seems not to have changed the Share Price. Why?

I was recently looking at the financial charts of TCS(Tata Consultancy Services) and noticed that the TCS offered 1:1 bonus on 31st May, 2018. I noticed that the price of the share stock did not ...
1
vote
1answer
68 views

Credit Cards: Cash Financing Charges

I have a credit card, where the terms and conditions have this to say about cash withdrawal: B. Cash Advance Fees The Cardholder can use the Card to access cash in an emergency from ...
0
votes
1answer
44 views

To make a Gift Deed or Sale Deed

I live in a house that have a share of my brother. I want to pay my brother share in cash by taking a Home loan. The house is in name of my father. Now I am confused & blank about thinking that ...
1
vote
0answers
40 views

How can I pay tax on invoice generated by DigitalOcean after giving them my GST number (in India) [closed]

Previously I was paying taxes on invoices directly as I was not a registered business in India, now I have a registered company with GST number. In digitalOcean I have option to provide them my GST ...
1
vote
1answer
252 views

Is money collected from childhood taxable?

My daughter is a business woman currently. She started consultation and business from 18 years. Also before she turned 18 she had collected around 2.5 lakhs as pocket money from her relatives, and ...
0
votes
1answer
63 views

How to file and pay income tax for ITR2 in India? What is the order?

I have following incomes Salary Interest income from fixed deposits Short term capital gains from sale of equity stocks Long term capital gains from sale of debt mutual fund Searching for it leads ...
0
votes
1answer
23 views

NRE to Indian savings account taxable ? if returned back to India for good?

Hi I have returned back to India from abroad, i have NRE account. Can i continue that account till i spend that money ! If i transfer it to my savings account in india, is it taxable ?
1
vote
1answer
131 views

Money transfer from India to USA for EB-5 visa

My friend wants to sell his inheritance house in India. He wants to invest $500,000 USD in USA to get EB5 investor visa. How money can be transferred from India to USA legally? Also what forms or ...
1
vote
0answers
113 views

How to find out present value of money invested in 1991 [closed]

My friend had invested Rs 4,33,000/- in his brother's house construction in 1991. What shall be the value of that money in 2018?
1
vote
1answer
96 views

Why is tax so high on petrol and diesel in India? [closed]

https://en.wikipedia.org/wiki/Fuel_tax#India In India, the pricing of fuel varies by state, though central taxes still are part of the pump price of fuel. The Central and state government's ...
-1
votes
1answer
31 views

Relocating to India and reg remittances

I am relocating back home. I am trying to transfer my tax paid salary saving to a joint ICICI account in which My mother is primary account holder and I am secondary. I will be using money transfering ...
1
vote
1answer
119 views

Home Loan Saver Account

Which one will be better to clear off the home loan ASAP : Paying monthly extra pre-payment Putting pre-payment amount in an Home-loan-saver-account Putting pre-payment amount in SIP/Mutual Fund for ...
3
votes
1answer
158 views

My father in law (wife's father) who is a PIO wants to gift money of 30000usd.what are the tax implications

My question is about my father in law and mother in law who are Persons of Indian Origin (PIO) and United States of America citizens who want to gift me 30,000 USD from their USA bank accounts to my ...
2
votes
1answer
81 views

Transferring funds to India from US

I am an Indian citizen ending my PG studies in US as I'm unable to return to the US after an overseas trip because of visa issues. I wish to transfer savings from my US bank account to a savings ...
5
votes
3answers
210 views

Transfer of money as Gift to daughter working in USA to fund her purchase a house

I am an Indian Citizen. My daughter is working in USA ON L1 Visa. She is in the process of purchasing a House in USA (CA). Since she is running short of money I wish to Gift her Rs 3,000,000, roughly ...
0
votes
1answer
49 views

How to request customs for revaluation of Customs Duty on the prize received to India from US in a competition

I got a prize from website from US as I was winner in the event. Parcel was posted to India through USPS its a Honor Band 3 which costs around 50 USD in US and 2800 INR in India. Today I received the ...
1
vote
1answer
69 views

I am Indian Resident, and would like to gift my daughter who is PIO as well as US Citizen now

I am Indian Resident, and would like to gift my daughter who is PIO as well as US Citizen now. Pl answer following queries : Will gift tax be applicable in such case to donor (per Indian law) and/...
0
votes
1answer
31 views

How to close Indian Demat account?

I am unable to close my Demat account, as I hold few shares of a company which is no longer traded in the market, my dp advised I have to transfer it to another Demat account if I wish to close it, I ...
1
vote
1answer
65 views

Bank asking first transfer to be a wire transfer to NRE account

I have opened an NRE account with IDFC Bank. They are asking me that my first fund should be transferred directly from my US bank account (possibly through wire transfer). Is there any rule like this ...
0
votes
1answer
54 views

How to calculate nifty 50 index?

I want to calculate the NSE Nifty 50 index on my own. It is a free floating index. The method I am following is I have a base value of index ie ( for all stocks, sum of [price_of_stock * ...
0
votes
1answer
37 views

Venturing into Investment Market [closed]

What are some of the noted and best books which cover the basics of Stock market, Forex, Bitcoin investment and other investment concepts and provide expertise and in-depth knowledge of the same? Also ...
2
votes
1answer
339 views

what is the difference between 'Instant Pin Generation' and 'Credit Card ATM Pin'?

I just got my HDFC credit card. When i logged into net banking site to create credit card pin, i found two options in the site, Instant Pin Generation and Credit Card ATM Pin. To create Credit Card ...
3
votes
1answer
37 views

Income Tax India - Respond to Notice U/S 139(9) of Income Tax

We did a mistake when we filed the ITR and the e-Verification before the payment was reflected. We then resubmitted the ITR as described here. So, if I now login to Income Tax website and navigate to ...
1
vote
1answer
91 views

How to get historical data for stocks in BSE or NSE exchanges in India? [closed]

For research purposes, I need historical data for the last two years or so of companies listed in the National Stock Exchange of India (NSE) or Bombay Stock Exchange (BSE). I looked around in the ...
1
vote
2answers
39 views

LTCG and income tax will significantly reduce returns?

If I bought set of equities today and sell them next year amounting to a capital gains say 1.5 lakhs. 1 lakh is exempted from LTCG and 0.5 lakh is charged with 10% LTCG tax. If my income salary ...
0
votes
1answer
41 views

Tax liability for Resident indians through funds received from NRE account

Please, I would like to transfer a bulk amount from my NRE account to my parents account, For Taxation purposes,Do they need to pay only for interest accrued thereof or for the entire lumpsum amount ...
0
votes
1answer
143 views

In Mutual Funds, why do the total units decrease?

I noticed that when my Mutual Fund is performing negatively, not only my NAV (Net Asset Value) decreases (which is understandable), but also my total number of units (that I bought) goes down. However,...
1
vote
1answer
87 views

Where should standard deductions be mentioned on form 1040NR?

I am a non-resident alien for the year 2017 as far as tax returns are concerned. I used a software to complete my 1040NR form, but I have a question regarding the document that was prepared by the ...
1
vote
1answer
73 views

Which acquisition date is considered when calculating capital gains tax for inherited mutual funds in India?

Let's say (in India): Ravi's father bought units of an MF on 01-Jan-2011 Ravi's father passed away on 01-Jun-2015 The inherited units were credited (transmitted) to Ravi's account on 01-Feb-2017 ...