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Questions tagged [india]

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

45
votes
12answers
20k views

Is it legal if I'm managing my family's entire wealth?

My family (father, mother, and brother) have allowed me to invest their money in the stock market and other types of investments (real estate, bonds and mutual funds). Is it legally okay to do all ...
44
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 ...
20
votes
1answer
50k 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 ...
16
votes
4answers
4k views

Do banks give us interest even for the money that we only had briefly in our account?

My father has just deposited ₹95,000 in my savings bank account with Indian Bank that I have to pay as fees to my university. I was thinking of paying the fees 1-2 days later, as I will get interest ...
16
votes
3answers
3k views

Investing in S&P500 Index Fund from India

I am an Indian Citizen residing in India. Can I invest in an S&P500 Index fund while residing in India?
15
votes
3answers
5k views

India: is making money by buying and selling foreign currency legal?

Can a person buy a foreign currency using the currency of their own country, and then sell it when their currency's value goes down? Say, I exchanged 44,820 INR for 1,000 USD in 2010, when 44.82 INR =...
15
votes
3answers
16k views

Is there a way to know the number of a lost debit card?

I am stuck in the situation where I want to know the card number of my lost debit card (lost in 2013). I have an account in the Bank of India. I checked all my entries in bank pass-books but there is ...
14
votes
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 ...
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 ...
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 ...
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?
11
votes
1answer
3k views

Should the bank cover money lost due to an unsuccessful transfer?

Recently I have transferred money from Deutsche Bank, Germany to Standard chartered Bank, India. My transaction was not successful due to an Indian Government policy change for demonetization. The ...
11
votes
1answer
2k views

Forgot to encash dividend Cheque!

My Mother holds shares in a public limited company [India], which announced it's interim dividend last year. Accordingly, they sent a cheque to her for her share of dividend, but she forgot to encash ...
11
votes
2answers
98k 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 ...
10
votes
2answers
9k views

Applicability of form W-8BEN-E / W-8BEN to an Indian citizen

I am an Indian citizen residing in India. I have started working as a consultant for a US-based company since June 2015. I have submitted my first invoice to the company (I will be getting paid in US$)...
8
votes
3answers
6k views

INR 10 million borrowed from friend at 7% interest per annum

If my friend transfers INR 10,000,000 into my bank account and we make a legal document for the same to return the amount at 7% per annum for next 12 yrs, should I pay tax on the same? If my salary ...
8
votes
3answers
3k views

How can a freelancer get a credit card? (India)

I work freelance for clients, in other countries, and paid via Paypal and other methods. When I applied for a credit card in my country, it was rejected. They mention as I don't get a salary and I ...
8
votes
1answer
437 views

ATM took in the money after spitting it out

I tried to use an Indian bank based (HDFC) Multi currency prepaid card in a Bank of America ATM to withdraw some cash. The ATM did spit it out but took it back in weirdly, looked much like it never ...
8
votes
2answers
3k views

Buying house on a loan when you're just starting a career

I am 25 year old Indian in the beginning of my career i.e this is my second year after entering the workforce. I am working in Japan. My salary does not leave much extra after my personal ...
8
votes
3answers
1k views

Are U.S. Social Security payroll contributions and state taxes deductible from taxable income for India?

I moved to USA during the financial year Apr 2014 - Mar 2015, in which I was resident in India for more than 182 days due to which my status is "resident" in India for the tax year concerned. I ...
8
votes
1answer
3k views

Best way to transfer abroad loan amount to Indian parents Savings Account

Can you please advise: I am working in Dubai, and applied for a loan of 25 lakhs, I would like to use this funds to repay my personal loan (to relatives) and want to buy a land with left out money. ...
7
votes
4answers
3k views

Buying life insurance at the age of 25

Given that, the person is unmarried and without any dependent, is it advisable to buy life insurance (which is not a term insurance) at the age of 25? Considering it as an investment tool plus a ...
7
votes
4answers
2k views

Is it advised to sell current self occupied home and buy the other new one to book the profit?

I have a first (and only) and self occupied home. Mortgage is fully paid. Home is with four rooms. Considering expenses I done on home so far including my share in mortgage, taxes so far, total ...
7
votes
4answers
2k views

In India, what is the difference between Dividend and Growth mutual fund types?

I've always seen a mutual fund with two types (specifically pointing to Indian mutual funds) that are XYZ - Dividend/XYZ - Growth mutual fund? What exactly they mean here? Which is the best to buy?
7
votes
3answers
44k views

Indian working in US on H1B - Do I have to pay taxes on interest earned from Savings Bank Account in India

I am an Indian citizen, currently living in US. I am on H1-B visa and employed in a company. I stay there pretty much all year long. This means I will be classified as an RA (Resident Alien). ...
7
votes
2answers
4k views

What is the difference between PPF and NSC saving schemes?

I want to invest money in either a PPF (Public Provident Fund) or NSC (National Savings Certificate) scheme, but I would like to understand the differences between them.
7
votes
2answers
27k views

What does paying by invoice mean?

I was trying to buy a book from Springer in the Yellow Sale 2012. I chose to pay by invoice, without knowing what it means!?! Further, if it matters -- I filled in: Billing address, Shipping address ...
7
votes
2answers
64k 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 ...
7
votes
1answer
571 views

Working as freelancer with two partners. How do I report the income for tax purposes in India?

I am a software engineer working in a IT company. Apart from this, I am also working as a freelancer with a U.S. client. Money comes in USD to my Indian bank account. I have two partners with an ...
6
votes
3answers
11k views

If a stock has only buyers and no sellers how does its price go up?

I have been watching a stock for the past month. Nobody has been selling it, but every day the price has increased. If there are no sellers, it means there is no trading happening, so how can the ...
6
votes
3answers
2k views

Is my credit score affected by making payments in parts?

On a bank's website, I read that part payments affect credit score. Avoid part payments. It doesn’t really help and affects your score. There are times when amount due on my card is 20k, and I pay ...
6
votes
2answers
2k views

Should/How I pay tax return in US for last year even after I moved permanently to India?

I'm in a situation where I left the U.S. last year in April, 2015. I worked in the U.S. until March 2015, so I received a W2 for the year 2015 from my US employer. But since April 2015, I'm back in ...
6
votes
3answers
50k 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. Is it possible? Can anybody help clarify my understanding of home loans?
6
votes
1answer
161 views

Would investing in commodities help me build my home?

I am from India and I plan to build a new own home next year. The present price of steel is lower than in past years. Is it worthwhile to buy steel from commodity exchanges now and then switch to ...
6
votes
3answers
11k views

Tax considerations for outsourcing freelance work to foreign country

I've seen this asked a few different ways (closest was here), but I am looking to find out from the business's perspective, how to report (if necessary) the amount paid to a foreign contractor. My ...
6
votes
2answers
15k views

Do I have to pay tax in US when my stay extends 183 days. I don't earn in US

I'm in US working with the parent company, my stay is about to extend 183 days. I don't get paid in US. My company in India under whose payroll I'm listed credits my Indian salary after deducting tax ...
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 ...
6
votes
2answers
19k views

Cashing a foreign check in US

Is it possible to deposit a check issued by a foreign bank in a US bank? To be specific, I would like to know if I can deposit a check issued by a bank in India in INR in my bank in US. I was able to ...
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 ...
5
votes
5answers
2k views

Moving back to India in a few years. Should I keep my savings account in the U.S. or in India?

My savings account in the U.S. says that it gives me an interest rate of 0.01% and it comes with a lot of restrictions (like limiting the number of transactions per month etc.), and checking account ...
5
votes
3answers
733 views

Cash out mutual funds or stay invested? Risk aversion choice

I am from India. Stating this upfront to focus on Indian context , while the question is generic in nature and would like to get a wider response By way of background I am in late fifties , retired ...
5
votes
1answer
503 views

What is Chit funds. And how to invest in it?

I have heard a lot about this northern part of India, but no idea about this type of investment please share your views about this type of investment.
5
votes
1answer
137 views

Giving money to sister's son

I want to give rs.1lacs (100,000 rupees) to my sister's son who resides in the UK as my sister died recently and he has no father. My sister's son is an adult and is earning. So is this gift taxable ...
5
votes
2answers
1k views

Do I need to pay income taxes for the money I earn online from a foreign website?

I work for a website based in Europe and they pay me every month to my bank account (salary account). Every time I receive funds, I will get a call from the bank for confirmation and they ask for the ...
5
votes
3answers
12k views

What foreign exchange rate is used for foreign credit card and bank transactions?

I am an Indian. I would like to know about how foreign transactions work. I have paid my GRE $185 fees through my SBI credit card. I was charged something around 11k rupees. How is the dollar rate ...
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 ...
5
votes
2answers
1k views

Is there a way to get loan for Retired people in India to buy a house?

Is there a way to get loan for Retired people in India to buy a house? Can their working son or daughter being a NRI co-sign for surety purposes? Any bank or institution that you can suggest?
5
votes
2answers
5k views

Do I have to pay taxes on PPF in USA?

I am going to work on H-1B in US for next 3 years. I am sure that I will return to India after 3 years and do not want to permanently settle in US. In order to invest money in India I am planning to ...
5
votes
1answer
12k views

How a company in India can misuse my PAN number and its scanned copy that I provided as an interview candidate?

Two companies in Bangalore and Pune (India) asked me to send PAN number (government ID number used as ID for income tax return and transaction, like social security number in the US) and scanned soft ...
5
votes
2answers
914 views

Deciding between Employee Stock Option and Restricted Stock

The Company I am currently working with, as part of a reward program awarded me 500 stock options and given me an option to choose them either as Employee Stock Option Restricted Stock Or as a ...