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Questions tagged [india]

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

5
votes
1answer
368 views

How does service tax work for Indian app developers selling through an app store?

I'm an app developer based in India, and I will be selling my apps through an app store. As I understand, developers are subject to a service tax of 15% once their revenue crosses a threshold of ₹10 ...
4
votes
1answer
1k views

If PF is withdrawn by an NRI staying in USA does it become taxable as per US laws?

I have been service in an Indian company for 10 years and now getting transferred to US. I want to keep the PF and not withdraw as I don't need money and it will earn good 8.5% interest for next 3 ...
3
votes
1answer
279 views

Income Tax rebate on Housing Loan on rental property and HRA rebate?

I had purchased an under construction Flat with loan of 30 lacs in Indirapuram, Ghaziabad in Year 2011 for which I got possession in June,2015. I am staying on rent in East Delhi and claiming HRA ...
2
votes
1answer
154 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, ...
2
votes
1answer
115 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 ...
2
votes
1answer
86 views

india : income tax liability on leaves encashment

I have changed my job from a govt company to a private company. At the time of final settlement in the govt company, I have got some money as leaves encashment. Am I liable to pay income tax on that.
2
votes
1answer
82 views

Home Loan rebate in Indian Income tax

I had taken a home loan in Jul 14. Took possession in Mar 16. Since the loan was partially disbursed I was paying the Pre-EMI’s till Feb 16. EMIs started from March 16. YEAR PEMI INTEREST ...
2
votes
1answer
753 views

How do I loan money as a non-resident Indian (NRI)?

I am a Non-Resident Indian (NRI) and want to send approx $10,000 as a loan to my father's account in India as a contribution for a new home purchase. How do I set this up as a loan so if he wants to ...
1
vote
1answer
45 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 ...
1
vote
1answer
44 views

Tax treatment for India (stay over 182 days)/Hong Kong salary income in a single year

What is the tax treatment for salary earned in India (stayed over 182 days) and Hong Kong? Hong Kong tax rules provide for some standard deduction before computing net chargeable income. What is the ...
1
vote
1answer
27 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 ...
1
vote
1answer
36 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 ...
1
vote
1answer
163 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 ...
1
vote
1answer
71 views

Right account for local purchases, loan EMI, and investments

I am an Indian citizen working in Singapore. I have an education loan for which I have monthly EMIs. Currently I transfer money to my parents account and they pay the loan EMIs. Kindly advise on: ...
1
vote
1answer
313 views

Form W-8BEN income taxable in India/US

I have been living and working in US until middle of last year. I have since been in India but still working for my US employer from India. My employer decided to pay my salary in India after I submit ...
0
votes
1answer
54 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. ...
0
votes
1answer
25 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 ...
0
votes
1answer
42 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 ...
0
votes
1answer
42 views

Provident Fund transfer from a company which got acquired by another company

My husband has changed job to another company and had not transferred his PF at that time. Later the previous company he was employed in got acquired by another company. Now he has initiated PF ...
0
votes
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 ...
3
votes
0answers
109 views

Indian Taxation policy on UK (foreign) income

I am looking for some advice. My wife and I have a joint NRO account in India. Here in the UK, I am a higher rate tax payer (40%). We sold a house in 2012 and although that required tax in India, it ...
2
votes
0answers
56 views

Declaring income made in a foreign country

I was in the US from 2010 - July, 2016. In July I moved back to my home country (India) and have been working here ever since. I still count as a resident alien for 2016 in the US for tax purposes (...
2
votes
0answers
62 views

Do I need to pay tax in US that ESPPS and RSUs earned in India

When I was working in India I got some RSUs and also purchased ESPPs from my company by contributing from my salary.Its US based company located in India. I have an account in ETrade. ETrade has ...
2
votes
0answers
257 views

USA taxes for foreign contractor- FW8BEN FORM

I work as an independent contractor (providing personal engineering services) from India for a a USA based company. I receive around 15000$ yearly directly credited to my Indian bank account. I ...
2
votes
0answers
111 views

Where do I pay income tax and how?

When I was in the US before, I worked for a company as a independent contractor under 1099. Now I've come back to India, and I am still working for that same company. The company deposits my pay in my ...
2
votes
0answers
4k views

How to report short term capital loss occurred between 16-Mar and 31-Mar in ITR2?

I have short term capital gains from sale of equity shares for India financial year 2013-14 as below (Figures are hypothetical, but the concept is exactly how I am facing it) Gain of Rs.30000 in ...
1
vote
0answers
43 views

H1b + Rental income in India and USA

1) As a H1b holder, if I have rental income in India and need help with the following: a) Indian tax law exempts first INR 250,000 and Indian tax law allows 30% deductions on rental income. b) When ...
1
vote
0answers
95 views

Help with unique tax situation due to move between US-India-Canada

I would like to discuss my unique tax situation for next years filing so I could prepare for tax scenario in advance and make sure all documentation/filing is done properly. I am currently on H1B in ...
1
vote
0answers
41 views

NRI Indian customs question

Though info is avaliable online but I am not sure as it talks about Indian residents returning to India for good. I am a Singapore resident staying here for last 2 years. I keep travelling to India. ...
1
vote
0answers
63 views

Where should I pay tax as an Indian with an LLC in Delaware in the US?

I am from India and I am planning to register an LLC in Delaware US and will be operating completely in India. The majority of my customers will be from outside India and I will be paid either through ...
1
vote
0answers
71 views

Receiving debt through PayPal attracts tax?

I reside in India, and one of my friend owes me a debt of 3 lakh rupees. Now the friend is living out of the country. He sent me the debt amount via PayPal. Is this acceptable? Will this credit to my ...
1
vote
0answers
9k views

How to fill W-8BEN form as an Indian?

I'm a freelancer (individual), Indian citizen working from India and I've to fill the form W-8BEN for a client based in US. I receive the money from the US source into my savings account here in India ...
1
vote
0answers
102 views

Married filing jointly and pay income tax on income that has already been taxed in India after moving to the U.S.?

My wife is an Indian national and I am a U.S. Citizen. She's previously paid income taxes on what she made at her job in India before marrying me and coming to the U.S. Do we have to pay income taxes ...
1
vote
0answers
24 views

how to opt for discounted rate when converting currencies in paypal?

I read http://trak.in/tags/business/2016/08/25/paypal-slashes-forex-rates-paypal-me-p2p-payments/ and specifically this part - While accepting payments, the user needs to opt for the discounted ...
1
vote
0answers
54 views

When to pay IT in India on income in Japan under DTAA?

I am staying in Japan and have signed for paying IT in India under DTAA. My company will give me statement of income while I return to India after full stay period, i.e., two years. Do I pay tax ...
1
vote
0answers
1k views

1% TDS on immovable property for multiple buyers

http://blog.tdsman.com/2013/11/will-transactions-one-buyerseller-filed-form-26qb-tds-immovable-property/ Above link tells that Online statement cum Challan Form/ Form 26QB is to be filled in by each ...
1
vote
0answers
171 views

US Tax Return Forms to fill for NRE Account

I am really confused about what forms I have to fill and submit for my 2015 Tax return in USA. I am an Indian lived in USA for whole 2015 tax year. I have a joint NRE account with my spouse in India ...
1
vote
0answers
58 views

Do I need to pay tax in USA for money remitted

I am planning to transfer money from India to USA. Do I need to pay tax in USA for the money inwardly remitted. If yes, what is the percentage rate?
1
vote
0answers
273 views

Is Superannuation fund held in Australia, taxed in India for Australian national residing in India?

If a person is an Australian national, residing in India (OCI) for past 3-4 years. Has a Superannuation Fund in Australia (Equivalent of a PF in India). This Super Fund was created when the person ...
1
vote
0answers
50 views

Indian Citizen and living in Uk and doing Free lancing

I moved to UK in Aug 2014 as my husband's dependent and now got an offer from a freelancing company. They want me to setup an account in UK so that they can do payments in pounds. I am moving back in ...
1
vote
0answers
456 views

Gift tax exemption amount on funds transferred to parents joint account from US to India

What is the limit on the amount of funds that I could transfer to my parents' joint account (held by my mom & dad) without incurring gift tax? I see the limits posted as $14000 per recipient, ...
0
votes
0answers
26 views

Can I claim capital loss on unsold, delisted stocks in India?

I have stocks in delisted stocks such as Kingfisher airlines and Varun Shipping. Can I write them off as capital losses and offset against gains in FY 2017-18?
0
votes
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 ...
0
votes
0answers
27 views

Converting INR fellowship money to USD

I am a US citizen, and have been awarded a fellowship that pays a lump sum of 300K INR. While I expect to spend some of that money when physically in India, I also have related expenses that need to ...
0
votes
0answers
124 views

Money SWIFT Transfer to India in USD

I sent money from my bank in Oman to a bank (J&K bank) in India. The transfer was in USD. I had initiated the transfer in April-2016. The money was returned (when it is not known. I suspect ...
0
votes
0answers
74 views

Can I claim a deduction for interest on a second home loan before I took possession?

I have received the letter for possession from builder in the month of March 2017. I have paid the interest for the FY16-17 as 2.0 lakhs. I have still not taken possession of the property. Can I claim ...
0
votes
0answers
275 views

Transferring lottery winning from UK to India while on Tier-4 Student Visa

I wanted to know the tax implications, if any, while transferring the money I won on a lottery while on student visa in UK. The money I won is non-taxable for UK residents, and from what I understand ...
0
votes
0answers
76 views

Employment in USA. Deputation in India

Is it possible to be employed in USA on W2 but deputed in India ? Any pros and con related to this type of arrangement ( insurance/benefits ). Anything special needed for tax filings.
0
votes
0answers
1k views

How do I send money to myself from SA to India without high bank fees.

I would be going to South AFrica in a few days for an IT open-source conference. At the end of the conference, I will be reimbursed my flight tickets as I'm volunteering at the conference. The ...
0
votes
0answers
37 views

Are there are widely accepted criteria on when a fund is under-performing enough to exit it?

I'm told that once I invest in a fund, I should periodically (like annually) monitor the performance of the fund and exit it if it's consistently under-performing its index or the median fund in its ...