Questions tagged [india]

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

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15 views

Can the New Development Bank by BRICS countries compete with World Bank or IMF? [migrated]

The BRICS countries have created the New Development Bank with an initial pool of $100 billion. What factors will determine if the NDB can ever compete with World Bank, ADB or the IMF?
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1answer
48 views

Indian Resident gift from India to me who is US citizen

I'm an US citizen. My friend and relative who are Indian citizens want to transfer USD 50,000. They will send in two transactions of 25,000 each. Transfer is from their Indian bank account directly to ...
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0answers
29 views

Is there a free trading platform in India? [on hold]

I am trying to find a free trading platform. Is there a way to do day trading buy Mutual funds or Index funds in India without paying brokerage like on can thru some platform in the USA?
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1answer
25 views

Nature of exempt allowance under section 10

I'm filing income tax return for assessment year 2019-20. I'm facing problem in putting the details for section 10. The Nature of Exempt Allowance column is showing 14 different choices as shown in ...
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0answers
24 views

What is the best way to gift NRI daughter from India? [duplicate]

My dad is an Indian citizen and he plans to sell his farm land and send the proceeds to me as a gift. I am a US citizen. What are the tax implications to my dad since he is selling farming land? ...
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73 views

how can I show “hand loan” given to my friend in tax filling?

In last financial year, I have given hand loan of 2 Lakh rupees to my friend. I would like to show this in tax filling. Which head/section of tax filling, I can use to show these details?
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0answers
50 views

NRI gifting funds from UAE to USA

I am an NRI (Non-Resident Indian) and I wish to transfer funds, from UAE to USA, as gift to my daughter. She is an Indian passport holder staying in USA on OTP visa. What are the limits and taxes, if ...
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1answer
36 views

Is there any loss to removing default 3 fund houses of National Pension Scheme India?

As a government employee in India (CG), we are not allowed to choose aggressive investment strategy in NPS. Apart from that any change in the scheme requires us to choose only one Fund house which I ...
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1answer
55 views

What is Money multiplier deposit or MMD?

What is money multiplier deposit or MMD? How it works in Indian bank?
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1answer
28 views

India Income Tax Deduction questions AY 2019-20

I am a Resident Indian Sr. Citizen, I paid Mediclaim Insurance Premium of Rs.53808/- last FY (March 2019), by cheque, for my wife and myself (both senior Citizens) I was hospitalised in December ...
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1answer
31 views

House property loss adjustment with carry forward loss from previous year

I have a query regarding situation below for tax implication : Carry forward loss from previous year under head house property loss : 60000 Current year house property loss : 120000 With above, ...
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1answer
53 views

What is the Income Tax treatment, if person A transfers more than fifty thousand Indian rupees electronically to Person B's saving account?

I wanted to know the income tax implications if A transfers more than fifty thousand Indian rupees to B's saving account electronically. The B is not a relative to A. Would B be taxed as he/she is a ...
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1answer
82 views

Risks involved in debt funds and recessions?

I have following questions related to various risks in debt funds: Are gilt funds safe during recession? I feel yes as they invest in government bonds, even though though they involve some inherent ...
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2answers
82 views

Tax relaxation for Indians in Germany

I have recently employed in Germany for one year. I am from India. Is there any tax relaxation for Indians in Germany? I am married.
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1answer
510 views

Will I be taxed for accepting money to help needy?

One of my friend, who is very poor, is hospitalized. His total medical expenses are around 1.8 lakhs. He is not in a position to pay even a small amount on this. So, I am requesting people send ...
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1answer
103 views

How to get FMV ( Fair Market Value ) of a stock on 31 Jan 2018

I want to know how to get FMV of a stock ( Ex. SBIN ) which is purchased from NSE. I want to know this for filling ITR ( India ). I tried over nse website as well as moneycontrol website but could ...
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1answer
24 views

SEBI RULE For Closed Company / Share not traded

I have Invested good amount in SUPREME TEX (BSE: 531934).. This company is not traded from last two month. What is the SEBI rule to for refund ?
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0answers
12 views

DTAA in case of India and UK

For current FY (2018-2019) , I have some foreign income from UK. I am a resident of India. I was in UK from April 2018 to Aug 2018 and also during April 2017 to Mar 2018. I have paid and filed tax ...
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0answers
23 views

Transferred to UK in Nov 2018 from India, How Tax needs to be declared

I have been moved to UK due to company transfer from India in Nov 2018 and will be staying coupe of years here. Nov 2018 onward, I am getting my salary in UK itself which is being credited in UK ...
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1answer
51 views

Is salary for march included in income tax if it gets paid in April?

My mother is a pensioner in India. Her Pension for March 2019 was actually paid on 2nd April 2019. My question is whether this amount would be considered as income for Assessment Year 2019-20 or ...
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1answer
64 views

How to exactly find out income earned from Fixed Deposits?

I have an SBI savings accounts with autosweep facility such that it creates FD if the amount goes above a certain limit. Now any interest earned from FDs is taxable. However this year, I don't see ...
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1answer
114 views

How many days it take to reflect income tax paid on form 26as?

Today, I have paid my payable amount of income tax through Government Website as Self Assessment Tax using Chalan 280. Now, I want to file my ITR but same tax paid amount is not available in FORM ...
2
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1answer
50 views

Is it required to mention money returned by friend in ITR filing in India?

I live in India. For a long time I was giving money to my friend as he lost his job; there was no other option for income. But later he got job so he returned all my money recently into my bank ...
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1answer
51 views

How to transfer money directly from US to home loan account?

Can we transfer money from US directly to the home loan account? Do we have any tax implications in US or in India? I don't have an NRE/NRO account and want to transfer directly to Home loan account. ...
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2answers
229 views

Sharing father's property with my brother

My father owns a piece of land which he wishes to share between his two sons - me and my brother. I do not wish to own the land and would rather take my share of the money (in other words my brother ...
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4answers
193 views

How can intraday trading be done when settlement takes two days?

When I buy a stock on the NSE in India, it takes two days for settlement (T+2). Therefore I can only sell that share after two days after the purchase date. Then, how does intraday trading occur (...
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1answer
27 views

Tax benefit on home loan of under construction as well as ready possession property

I am from Pune, India and working in Ratnagiri. I have purchased a under constructed flat as a Co-Owner in FY 18-19 in Pune. Possession will be after four years i.e. 2022. First Owner is my wife. We ...
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1answer
47 views

Tax deduction for penalty paid

Can I get tax deduction for my 2 Lakhs penalty paid to the company to break H1B bond. Is there any section I can mention about this 2 lakhs?
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1answer
130 views

Why many people are trying to sell their property in Southern Chennai?

I am planning to buy an apartment in Southern Chennai, India. I searched in a leading property website 99acres.com and wondering about some results. I searched all residential buildings+land in the ...
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0answers
23 views

Where to find P/E ratio of previous years? [closed]

Where can one find the P/E ratio for previous years? Is there an Indian website that has this data?
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2answers
154 views

Can I get a housing loan for my father's property

I want to apply for a home loan, but the property is registered in my father's name and he is no more. Is it possible? Can anybody help clarify my understanding of home loans?
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1answer
76 views

Can I be taxed if a colleague from abroad sends money to my NRI account in India?

I'm residing in USA and have some property in India. An acquaintance of mine who is residing in Dubai has rented that property. Can he send the rent to the NRE bank account I had taken for while I ...
2
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1answer
69 views

Self assessment Tax not reflecting 26AS

I paid Self Assessment on 24/6/2019 before noon. Chart status enquiry on 28th confirms receipt of amount in TIN on 27th. But till 30th 11:30 AM it is not reflected in 26AS. How long will it take to be ...
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1answer
26 views

Interests in USA for NRE account profits

I'm a recent college grad so I am not that knowledgeable about money. So, please bear with me! If I make a NRE account, I can get a 6% interest rate and I like that much more than the 1.5-2% ...
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1answer
174 views

Sending money ($80k) from USA to India, any issues with IRS?

I would like to send money around $80k USD to INR to family in India, to purchase a property. This is the money from my savings and loan. I read somewhere that If I send more than $14k to a person, ...
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1answer
61 views

How to give collateral loan for car - India?

I am an Individual and my neighbour wants a loan on his car, what are the legal procedure to give such a loan?
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2answers
83 views

NRI, German tax resident having foreign income

I am working in Germany in an it company last 3 years and paying tax as normal. Now I am getting some earnings as website advertisement and it is coming from US/UK through paypal account and credited ...
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1answer
20 views

How does NPS Tier - 1 80CCD work?

Conditions: NPS Tier-1 contribution from salary per year > 60000 NPS Tier-1 contribution from company per year > 60000 Question 1: How much amount is counted for 80CCD? Is it just salary or also the ...
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2answers
190 views

Maintain Salary Account even after quitting job

This is very silly question I know , but there is a big debate happening between my colleagues. Say A is having Salary account with Bank AAA who is working in company ABC. Now A resign the jobs and ...
2
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1answer
50 views

Working as an independent consultant for a US company

I recently resigned from a US company and moved back to India on 5/31/2019 (I was on my H1b). I submitted my resignation letter already. I will be going back to school for a Ph.D. in the fall and my ...
3
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1answer
140 views

Is there a total stock market index fund in India, like the one offered by Vanguard in the US?

I have been reading 'The simple path to wealth' by Jim Collins which advances the indexing philosophy to investment. The issue is that the book is written from the perspective of a US citizen, and ...
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1answer
188 views

Can a merchant charge me on my credit card one year after transaction date?

What is the time constraint put on the merchant to charge customers on their credit card? Edit: Country: India, Card: Amex, Purchases: Coffee and snacks
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1answer
74 views

How to diversify long term retirement investment schemes in India so have sustainable passive income?

Public Provident Fund (PPF) - an Exempt-Exempt-Exempt (EEE) investment tool, I invest max possible in 80c i.e. 1.5 Lakh at the rate of 7.6% per year with a lock in of 15 years. (I would like to extend ...
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2answers
95 views

Am I eligible for applying PMAY scheme?

I am planning to buy a home and my father already own a home. Am I eligible for applying PMAY (Pradhan Mantri Awas Yojana-Housing for All (Urban)) scheme? Thanks in advance
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2answers
267 views

Is it mandatory to convert normal savings account to NRO/NRE account if there is no money to deposit from outside India?

If there is no money to deposit from outside India to Indian account, though the status is NRI, is it mandatory to convert savings account to NRI/NRE account? What are the penalties of not ...
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0answers
136 views

Is it fine to use Savings account to pay salaries? what is the downside?

It is taking us time to get checking/current account for the business. We want to know, if it is OK to pay through Business Owner's personal savings account and still have it as a record of business. ...
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1answer
43 views

Is there a different tax rate for non-U.S. resident foreigners on capital gains in the U.S., depending on period of investment?

I'm an Indian citizen, living in the U.A.E. The U.A.E. does not have a tax treaty with the U.S., so, tax treaties don't affect the equation, which makes things simple. I've read that there is a ...
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3answers
362 views

Best strategy to invest in mutual funds with this scenario?

Edit: This question is about investing in mutual funds in India by a resident of India. I have been working for the past 7 years. I have most of my savings in fixed deposits (60%) and stocks (40%). ...
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0answers
45 views

Tax on inherited property [duplicate]

I am USA citizen and I want to sell my inherited property in India. If I bring that money to USA, do I need to pay taxes in USA?
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3answers
138 views

Steps to making first share purchase?

I would like to know the steps I can take to buy shares, for a common man having a bank account and PAN card.