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Questions tagged [india]

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

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2answers
40 views

From a legal point of view, how do I establish who the gift “receiver” is while transferring money from the US to India?

There is $14,000 per receiver per year federal gift tax exclusion limit while sending money from the US to India. From a legal stand point, how can I establish that I am sending the gift amount to ...
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2answers
2k views

Are distributions from Roth 401k or Roth IRA accounts taxed in India?

I am wondering if India distinguishes between pre-tax and roth IRA/401k accounts. So, if I am contributing to a roth account (401k and/or IRA) - would I have to pay taxes in India again: On the ...
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0answers
33 views

Top Indian ETFs (BSE/NSE)

I would like to find popular ETFs that are similar to QQQ and SPY but are based on the top 50/100/500 Indian companies and are traded in BSE/NSE. Results from Google were mostly ETFS that trade in ...
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0answers
66 views

Relocation to US

I am relocating to Texas from India along with my family in the month of July 2019 to pursue a Phd. In order to effect a smooth transition, would like some advice on how to setup things to manage my ...
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0answers
22 views

Tax in US on interest earned from NRE account

I work in the US and recently got converted to H1B. I am planning to transfer funds to my NRE account ($3000), accrue interest in 3-4 months and then use it to pay for my student loan. Will I be taxed ...
3
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1answer
1k views

Loan from friends living abroad

My friends living abroad [non Indians] are ready to provide me financial loan for the purpose of education of my children. If this money comes via inward remittance, what should be the appropriate ...
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1answer
75 views

what is DEMAT equivalent in USA

I am new to USA. In India to trade in market one needs a Demat account and a trading account. but In USA, when I opened an account with a reputable brokerage there was no mention of an account similar ...
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1answer
71 views

Need to understand the SMS lately sent by ITDEPT - 'Total tax by Employer for Q is xxxx…'

Total TDS by Employer for Qtr ending Dec 31 is Rs. XXXXX and cumulative TDS for FY 18-19 is Rs. YYYYY. View 26AS for details. YYYYY is way greater than XXXXX , could someone tell me how to interpret ...
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1answer
18 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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1answer
35 views

Withdraw money from Canada Pension Plan (CPP) or Govt Pension by an Indian Citizen

I am an Indian and working at Toronto for last ~4 years with long term Work Permit. ( I am NOT a PR holder). My company is deducting ~300 CAD per month from my salary under 'GOVT PEN'. I came to know ...
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1answer
87 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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1answer
44 views

Funds transferred to India after three years of leaving US

I was in the US for a few years and didn't close my savings and checking accounts in the US at the time of return. After three years of my return from US, I transferred some funds to my savings ...
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0answers
30 views

NRI returnig to india for good but have forex income in USA

I worked in US for 4 years and decided to return to india for good . I have regular income from forex which comes to US bank account and I pay tax to US government. Once I return to India , am ...
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1answer
14 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-...
2
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2answers
39 views

How is the tax levied if I am earning from abroad?

I am an Indian citizen and I work remotely for a company based in Hong Kong. I have a fixed salary in USD which then gets converted to INR according to the exchange rate during the time of transaction,...
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2answers
756 views

How does credit card's online authentication work?

I am not sure if this question is valid here but this seems to be the most appropriate place. I have a credit card which I use to shop online. When I checkout a product on say, Flipkart, it asks me ...
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1answer
50 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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1answer
31 views

How tax is managed for selling items through marketplace in India?

Lets say I'm a marketplace owner. I charge a 2% commission for every sale through my marketplace. Suppose a customer place an order for an item which cost 1000INR excluding 5% tax (1050INR Total). ...
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1answer
30 views

LIC Beneficiary

My uncle has listed me as a beneficiary for two LIC policies with maturity dates in 2027. I am an Indian born US citizen. I do not have OCI. How can I get the insurance money transferred to my US bank ...
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0answers
10 views

How is capital gain calculated in India for a house when it is constructed on a piece of land bought few years earlier?

I had bought a piece of land in 2003 and constructed the house in 2005. I am planning to sell now; how is capital gains calculate for this?
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1answer
41 views

Participating in a buyback - Understanding the benefits and drawbacks

Recently, A company I have invested in offered to buy back a certain percentage of my shares. I've been considering this proposal and here's what I think. Say I bought 10 shares in this company over ...
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1answer
64 views

How to know whether I need to pay tax?

In India, how to know whether an adult needs to pay any type of tax or not? Is there any website or any other way to know about it?
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2answers
596 views

How to find a good financial planner in India [closed]

For last few months I am looking for a god financial adviser but cound not found one here in India. I read This SO question but this is not about India. Is there any directory or associations of ...
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2answers
109 views

Is it possible for a merchant to withdraw money from a debit card without knowing the PIN?

I am from India. Recently I went to a store and bought some goods. After I was handed my bill, I gave the cashier my debit card. I was busy on my phone and didn't give it much thought, and to my ...
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1answer
63 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
94 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> ...
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1answer
35 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
30 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
118 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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0answers
27 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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4answers
833 views

Is it possible to sell a stock at a higher value than the market price?

I want to sell a stock of the company XYZ. Its market price is 300rs. I want to sell the stock for 305rs. Is that possible? How might I do that?
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3answers
90 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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2answers
32 views

Have brokerage and DEMAT account in separate places in India

Can I have brokerage and DEMAT accounts in two separate institutions - or do they have to be in the same institutions? For example, can I have a brokerage account at zerodha.com and a DEMAT account ...
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4answers
109 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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2answers
2k views

How to send money as Gift to Grandson for college education from india to USA?

I am a senior resident Indian of 73 years age. I am submitting IT returns regularly for the last 40 years. My son-in-law, daughter and 2 grandsons are in USA. They are green card holders. Elder ...
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1answer
36 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
20 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
239 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 ...
3
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1answer
24k views

Transfer from regular savings to NRO account

I have a regular savings account in India and a NRE/NRO account as well with a different bank. I just haven't gotten around converting my regular savings to NRE/NRO. Can I move my funds from regular ...
0
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1answer
85 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
343 views

Money transfer from India to Dubai

I have to go back to India due to job loss and have to repay my bank loan in Dubai. How can I transfer money from my savings account to my bank in Dubai?
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2answers
68 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 ...
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1answer
34 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 ?
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1answer
522 views

Transferring Money from UK to India

I am an Indian citizen and working here in UK from last eight months (June'2015). I get salary after tax deductions as per UK law. I want to send some money to Indian in my saving account but I ...
3
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1answer
153 views

Transferring money to India from UK?

I am a Indian Resident and moved to UK for company assignment for short period. In UK, Company giving me some amount for my expense on which i am not paying any tax. I am managing to save some money. ...
45
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8answers
19k views

How do credit card companies make profit?

How do credit card companies make profit by giving us credit for 40-50 days (India). I purchase something on my credit card and I pay it to the credit card company after some days. How are they going ...
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3answers
633 views

How to transfer money from an ATM card in a village in India without an ATM machine or smart phone?

Is there any way to transfer money from one account to another account using only an ATM card? We don't have a card swiping machine or the Bhim app. I have a shop in a village where ATM and card ...
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2answers
193 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 ...
2
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1answer
121 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 ...