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Questions tagged [india]

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

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24 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). ...
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3answers
275 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 ...
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1answer
34 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 ...
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2answers
122 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 ...
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1answer
185 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 ...
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1answer
129 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 ...
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2answers
189 views

Can merchants refuse cash as payment in India?

Can merchants refuse cash as payment in India in favour of digital modes of payment?
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2answers
56 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: ...
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1answer
111 views

Money transfer by Indian citizen to US citizen as a gift

The grandparents who are Indian citizens would like to send money from India to the United States to gift their grandkids who are US citizens residing in US. Are there any restrictions on how much ...
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1answer
54 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
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1answer
153 views

How is prize money 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, ...
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0answers
30 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 ...
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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 ...
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1answer
79 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
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1answer
84 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
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1answer
321 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 ...
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1answer
162 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 ...
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1answer
25 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 ?
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1answer
399 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 ...
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1answer
163 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 ...
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1answer
36 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
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1answer
123 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
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1answer
197 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
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1answer
114 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 ...
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3answers
250 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 ...
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1answer
71 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 ...
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1answer
102 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/...
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1answer
32 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 ...
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2answers
138 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
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1answer
58 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
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1answer
49 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
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1answer
1k 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
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1answer
40 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 ...
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1answer
309 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 ...
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2answers
47 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
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1answer
127 views

Tax liability for Resident indians through funds received from NRE account [duplicate]

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
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1answer
154 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,...
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1answer
115 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 ...
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1answer
143 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 ...
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1answer
42 views

Yearly commission on mutual Funds in India

I had purchased HDFC prudence fund (Balanced Fund - 65% equity) via a broker (my bank) on 29th June 2016. I would like to know when would the next yearly commission to be paid to the mutual fund agent ...
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1answer
224 views

1040NR - India F1/F2 visa - Can we claim standard deduction AND claim my spouse as dependent by filing ITIN

According to Pub. 519 Chapter 5, Indian F1 visa taxpayer can claim spouse as dependent in Line 7c of 1040NR along with ITIN application 'APPLIED', if they don't have income. (My spouse on F2 visa, so ...
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1answer
309 views

I got a job in Saudi Arabia. What are my tax liabilities in India

I just received an offer from Saudi Arabia but I will be required to be in Saudi for only 4 month in the whole year. So what is the tax implications on the earning that I have in Saudi. What are the ...
1
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1answer
31 views

Indian Income Tax - EVC done before payment was reflected

I filled in the ITR-1 form and paid the income tax amount. However, I went ahead and filed the ITR and also immediately did the e-verification before the income tax paid amount was reflected in the ...
4
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2answers
188 views

Moving from USA to India, and will be working remote. Where should I get paid?

I am an Indian citizen and have resided in the US for more than 5 years and will be moving back to India soon (because of idiotic laws that prevents an H4 visa holder to work remote for an overseas ...
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3answers
2k views

how to transfer inheritance money to US legally

I have inheritance from my mother in India and would like to bring in USA. I have NRO/NRI account in India. I am aware of 15CB & 15CA forms need to complete. I know that legally I can bring $10,...
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0answers
33 views

CGT in India and claiming tax credits in UK

Hoping you can advise. With the recent introduction of CGT of 10% on sale of shares in the indian stock market, I wanted to understand the calculations and impact of that when doing self assessment ...
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1answer
88 views

Start a crypto currency exchange in India [closed]

Why are websites like Zebpay and Coinome allowed to sell and buy Bitcoin in India if crypto currency is not legal? What legal documentation do I need to start an exchange like theirs?
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1answer
581 views

Working remotely for an Indian company while living in the United States

Can I work remotely from the U.S. under a contract with an Indian company? Do I pay tax to India? If so, what is the rate? Do I need any special United States paperwork to be a remote worker in ...
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1answer
793 views

Can corporate insurance coverage continue even after resigning?

While working at a company in India, I was covered by a corporate insurance policy. Also, I was asked to pay the annual premium for including my parents to the policy. In December, I had to resign ...
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1answer
103 views

GST goof up. Can I ask for interest?

I had booked a 2BHK apartment with a well known builder. As per the agreement and payment structure I paid all the installments but the last one, which I was supposed to pay at the time of possession. ...