I just called the customer service of a real bank, not a money transfer service. It seems that the limit is on the electronic transactions only. If you show up at the bank the limits tend to be huge or do not exist (the bank rep. just told me that he is not aware of a limit in this specific bank).
For the financial year 1 April 2014 to 31 March 2015 as you have / will be spending more than 182 days outside of India, you are Non-Resident from tax point of view.
For the period 1 April 2014 to Aug 2014, any salary / income you have earned in India is taxable and tax need to be paid.
For the period Aug 2014 to 31 March 2015 the income you have earned in ...
If you are outside of India for less than 182 days in a financial year [1st April to 31st March]; you will be treated as resident Indian for tax purposes in India. If you are Non Resident Indian, then from tax point of view you have zero tax liability in India.
If you are spending less than 182 days, then provisions of DTAA come in place. As per the DTAA, ...
Assuming that you have earned the income in Saudi and have transferred Rs 1,000,000 to India and will you have to pay any tax on these funds transferred to India.
As you have stayed for more than 182 days in India for Financial year 2013-2014, you are a tax resident in India. India taxes on Global Income. So for the Financial Year April 2013 till 7-Nov-...
Check with Lawyer and CA who deals with international laws.
It maybe illegal in Saudi Arabia.
From India tax point of view, any credits into NRE account is not taxable. However credits to friends/family will be treated as GIFT and friends/family will be liable to pay a gift tax if such transfer are more than Rs 50,000/- per year.
Although FEMA does not ...
Taxability depends on your tax residency status.
Assuming you are non-resident Indian for tax purposes, then your income is non taxable in India.
If you keep the money in Saudi or transfer to India it would be same and non taxable
Yes anyone can credit an NRE account from outside. Most Banks in Dubai should be able to do this [The charges maybe higher], there are other remittance services offered from leading Indian banks like HDFC, ICICI, SBI, Axis etc.
A purpose of remittance needs to be provided, ask your Bank / Service Provider in Dubai and they should be able to tell your ...
I want to know whether the money I transferred to my NRI Account is taxable.
No taxes. As you were NRI the funds you earn are not taxable in India irrespective of whether you transfer to India or keep it in Saudi. You can transfer this back to India anytime in 7 years after you become Resident Indian.
I was a NRI in Saudi Arabia from Nov 2009 to October ...
Assuming you are NRI, any income you earn is not taxable in India whether you transfer to India or not.
Is this amount taxable in India? If yes then how much I have to pay as tax.
No it is not taxable.
How to fixed Deposit this money from Saudi Arabia or from India through my husband or parents?
You can open Fixed Deposits in your name or your ...
Taxability depends on residential status when the $ were earned. If it was earned during his status as "Non-Resident" in India, then its tax free.
If the money was earned when his tax status was resident in India, then its taxable as per the tax bracket.
Taxability does not depend on whether to transfer the money into India, or keep it out of India ...
For most goods there is no license required, unless you are trading in restricted goods. Remittance need to be routed via banks and they should comply with FMEA. Your Bank or a qualified CA can guide you.