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Questions tagged [india]

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

45
votes
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 ...
2
votes
1answer
286 views

Transferring Money from India

I am living in US for 17 years and became US citizen October 2015. My brother who is living in India gifted me the property in India, July 2015. He registered that property in my name in 2014, that ...
7
votes
2answers
68k views

Money transfer from India to USA

My daughter is a US Citizen. We (parents)are also planning to permanently settle in US. We will go their as Permanent Resident,as per US Law. We have a house here in India worth Rs.2 Crores. We want ...
4
votes
2answers
11k views

How does order matching happen in stock exchanges?

When I place my trade order in the stock exchanges, I know the price matching happens and only when there is a buyer and seller at the same price a trade happens. But how does the quantity matching ...
6
votes
2answers
4k views

How does remittance work? How does it differ from direct money transfer?

I have a bank account in Germany in which I receive my salary in Euros. I want to deposit a part of it in my Indian bank account for personal savings. My Indian bank account is in INR. As I see it, I ...
2
votes
1answer
221 views

US Salary Transfered to Indian Acc and Tax Relation

I am on an H1b visa working and receiving a salary in the US. I have transferred approximately $15-20k to my account in India Account (not an NRE account). How would this transfer affect my taxes in ...
2
votes
1answer
966 views

Transfer Money from My Account in India to my account in the USA

I am an Indian citizen living in the USA. Can I wire transfer money from the my NRO account in India to my checking account in the USA? This money, I originally wire transferred from my checking ...
3
votes
1answer
2k views

Indian citizen wants to work as a freelancer for Europe. How to pay tax in India?

I got an offer to work as a freelancer for a European company. In Europe, it's like you need to set up a small legal entity on your name but is this the same in India? How can I do freelancing in ...
6
votes
1answer
61k views

Tax implications in India for sending money to India from US

I am planning to transfer around $8K-10K in my parent's bank account(Joint bank a/c) in India . I have read a lot of posts(like Will I have to pay taxes in India when I transfer money from a US bank ...
4
votes
1answer
434 views

Indian Demat account

I just converted my savings account to NRO and created a new NRE account. Now the bank is asking me to convert my demat to NRO demat where I need to close my exising demat account and open a new NRO ...
3
votes
1answer
173 views

How to bring my assets to US

I am a naturalized US citizen. I want to bring my assets from India to US. My assets are sold and in a bank account. What are the steps to bring the money to the US? It is worth 1.25 Crore and I have ...
13
votes
2answers
12k views

Indian citizen working from India as freelancer for U.S.-based company. How to report the income & pay tax in India?

I am an Indian citizen and I work from India as a freelancer for an U.S.-based IT company. I am getting monthly payments directly into my Indian bank account. My colleagues' monthly payment come to my ...
11
votes
2answers
100k views

Will I have to pay taxes in India when I transfer money from a US bank to an Indian savings account?

I am currently in US, and would like to transfer some amount from my US Bank account to a savings account based in India on a monthly basis through a third party like Xoom or Transfast. If I'm going ...
3
votes
1answer
6k views

Gift money transfer from India to US

I'm an Indian citizen. I want to transfer $20,000 to my son-in-law, who is a Canadian citizen living in US. My daughter is an Indian passport holder currently living in US on a H4 visa. I want to ...
2
votes
3answers
45k views

How can I trade in U.S stock exchange living in India by choosing the broker in U.S? [closed]

I would appreciate if you kindly suggest an answer for this question.Anything incomplete in this question should be assumed. And also please suggest which is the best brokerage firm/broker for this ...
2
votes
3answers
4k views

Tax questions - Working from India for US company

I am working from India for a US company and as per my knowledge I am not liable to pay any tax to US govt. My first question is can I have them deposit my pay check in US account without any ...
1
vote
2answers
9k views

Why do sole proprietors in India generally use a current account?

I was told that sole proprietors in India use a current account for their business, rather than a savings account, to avoid interest. I don't understand why — if you account for the interest properly ...
3
votes
1answer
182 views

I am a USA citizen and would like to sell an apartment in India. What is the process to bringing sale procceds to USA?

I got my green card in 1998 and USA citizenship in 2002. I purchased an apartment in India in 1991 when I was residing in India with Indian citizenship. That apartment was my primary residence. Now I ...
3
votes
1answer
1k views

Income tax in India for NRIs in USA

I left India on 8th October 2014 and started working in USA from 13th Oct 2014. For my income in India, my employer deducted tax at source (Rs 30,000). In US too, my employer deducted tax at source ...
3
votes
1answer
2k views

Remittance of gift money from Indian bank account to UK bank account

I was born in India and came to the UK 11 years ago when I was 20 years old. I'm a British Citizen and hold a UK bank account. I also have an Indian bank account which is managed by my father in ...
2
votes
1answer
1k views

233 days India/132 days US - entire US salary taxable in India?

I was living in India for about 7 and half months in FY2013-2014 working as an independent consultant for a US company. I moved to USA for employment on Nov 20 2013 to work as an employee for the same ...
2
votes
2answers
596 views

Paypal Chargeback

I have started a software consultancy, I plan to get money from customer in US using paypal to me in India. If the customer has a dispute and I don't agree to refund back. Can paypal get money from ...
2
votes
1answer
10k views

Will it be taxable if I transfer money from UK account to India account?

I am a resident of India and currently in UK for 1 year on a work permit where I am getting salary in Pounds. My Indian salary has stopped till the time I am back in India. Now, I have a Home Loan ...
1
vote
2answers
2k views

Buying property in India : FBAR declaration.

I am on H1b visa in USA and thinking about buying property in India. If I buy any property in india,do I need to report my property in USA income tax return, FBAR or anywhere else? Do i need to pay ...
1
vote
2answers
1k views

Tax on Money transfered to India from UK?

I'm from India came to UK on Feb 4th 2014 and I will be in UK till Sept 30th 2014. I'm earning money in Pounds, and paying tax as per UK tax policy. I could save some money which I transferred to ...
1
vote
2answers
380 views

Tax implications of transferring money to retired parents (India)

I transfer some amount of cash to my parents for their groceries every month. What are the tax implications for this amount? Do I get any tax exemptions for this sum?
0
votes
1answer
131 views

Is tax owed on money sent to India through an NRO account?

I need to transfer money from my Saudi account (NCB) to India through my own NRO account. Should I have to pay tax for this transaction?
12
votes
3answers
3k views

Interest rates on fixed deposits in India: Why would rates for 1 year deposits be higher than for 2 years?

Currently, in India, banks are offering very high rates on Fixed Deposits (FD). What I am curious about is that the rate is often higher for a 1 yr lock in period than a 2 yr lock in period. I would ...
3
votes
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 ...
3
votes
1answer
2k views

As a freelancer, how to receive money from overseas company to my individual bank account in India?

I am working as a freelance software developer. Recently I got a project from an overseas company. I asked them to send money through ICICI Bank Money2India. The first payment made it successfully ...
20
votes
1answer
51k views

What is fuel surcharge in India?

In Bangalore (INDIA), when you purchase fuel with cash, you never have to pay for a 'fuel surcharge'. When you pay for it using your credit or debit card, a fuel surcharge is added on later? What and ...
4
votes
1answer
15k views

Transfering money to personal saving account in India

I am currently residing in Qatar since 2 years. I am transferring my salary from Qatar to my personal Indian savings bank account. The amount I used to transfer is used for general expenses. Do I ...
4
votes
1answer
1k views

Tax consequences of working for US company from India

I found a job at a US-based company, and I would like to do all my work for that company while residing in India. My questions are: Can said company deposit my salary check directly into my account (...
3
votes
2answers
21k views

How much tax should I pay in US on interest earned on my NRE a/c in India?

I am a person on H-1B who passes Substantial Presence Test. I have transferred money which I saved from my salary to my own NRE account in India. I think that I can transfer any amount without paying ...
3
votes
2answers
2k views

What is the maximum amount of money that can be transferred from India to USA?

Here are a few facts before I put in my question: I am a non-resident alien transferring a limited amount ( in dollars post tax) to India every couple of months. I put that money as a fixed deposit ...
1
vote
1answer
2k views

How to bring NRO money from India to UK

I have several rupee insurance policies that are maturing soon, and I have NRE and NRO accounts in India. I live permanently in the UK and looking at ways to bring the funds over. My Indian bank ...
1
vote
1answer
23k views

India Income Tax: Need to Pay Tax on Savings Account Interest for FY 2012-13 Or Not?

As per Indian Income Tax rules and regulations, for the Savings Account Interest accrued during the period of April 2012 to March 2013, do I need to pay any tax if it is less than Rs.10000? Or is it ...
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?
5
votes
3answers
9k views

If I am Indian citizen residing in US and earning there, do I have to pay taxes to India?

Say, I am an Indian citizen and living and working in US, do I still have to pay some taxes to Indian government? My first thought is why should I be paying taxes to Indian government because neither ...
5
votes
1answer
3k views

Transferring money from Foreign Account to NRO Account in india - is it taxable?

I'm working in Maldives. I'm transferring money from my Maldives savings account to my Indian Savings account(NRO). Will it be taxable in India? Again I'm transferring the money from my Indian ...
4
votes
1answer
5k views

How can I cash US treasury check in India?

I have a United States Treasury check. Please let me know how to encash it in India. I tried ICICI bank but they are unable to process it.
3
votes
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 ...
3
votes
1answer
1k views

Transferring money from Indian NRE account to UK

I am an Indian citizen with permanent resident status in the UK and I need to get some money from India to UK to purchase a property. My father will be gifting me the money and he has the money in his ...
3
votes
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 ...
3
votes
1answer
906 views

Global Income tax in India & tax credit

I am Indian citizen who was working in US from 15/11/15 to 31/03/16 i.e 137 days, that means I am resident tax payer like all other Indian citizens for FY15-16. As per tax treaty they clearly mention ...
3
votes
1answer
490 views

Do i need to pay taxes if i stayed more than 183 days in financial year?

Date of entry - 17 Nov 2013 No. of days in India - 231 No. of days in USA - 134 For duration of US stay, I got regular pay with all tax deduction. I did file US tax returns for 2013. By Indian tax ...
3
votes
1answer
57 views

How should get my PPF fixed

I opened (first) PPF account in Union Bank of India at City X-branch (I live in city-Y which is away from city-X by almost 3 hour travel by railways) where my dad used to work. Now he is retired so am ...
2
votes
2answers
1k views

Conversion of House Sale Proceeds in INR to USD or CDN$ for transfer to Canada

I am a Canadian Resident that just sold my house in India and I understand I can repatriate the proceeds in INR converting to US$ or CDN$ in my NRE account and then move it to my Canadian Bank. Which ...
2
votes
1answer
106 views

Tax on Sale of Property

My uncle has sold his property and he deposited the money he received from selling the property. I like to know, if he keeps that amount in his bank account for an year, will that money be taxed? He ...
2
votes
1answer
3k views

How to change if we did mistake in E-Filing income tax in India

I have filed income tax for the financial year 2012-2013 using e-filing. While filing the same, I gave the assessment year as 2012-2013 instead of 2013-2014. How to rectify this problem ? Can ...