tag:blogger.com,1999:blog-7036721709697976873.post8025311348921854593..comments2023-09-01T23:33:35.514-07:00Comments on SavingsFunda: Do You Need to Pay Tax When You Transfer Money to India from Overseas bank?javin paulhttp://www.blogger.com/profile/15028902221295732276noreply@blogger.comBlogger20125tag:blogger.com,1999:blog-7036721709697976873.post-37380428957373541722018-09-25T05:03:33.885-07:002018-09-25T05:03:33.885-07:00Hello,
One of my in laws wants to send money fro...Hello, <br /><br />One of my in laws wants to send money from UK to my bank account in India in pursue of future shopping for my wedding.<br /><br />Can he do that? Will be the amount taxed ? What does he need to declare?Anonymoushttps://www.blogger.com/profile/07639382159810547276noreply@blogger.comtag:blogger.com,1999:blog-7036721709697976873.post-13943555953977242682018-03-22T05:41:01.592-07:002018-03-22T05:41:01.592-07:001.5 million USD ... WOW :-) First of all congratul...1.5 million USD ... WOW :-) First of all congratulations for making a fortune with binary options. Since you are an Indian citizen your global income will be taxed in India, hence you are liable to pay tax on this earning as well. javin paulhttps://www.blogger.com/profile/15028902221295732276noreply@blogger.comtag:blogger.com,1999:blog-7036721709697976873.post-23954163457307286602018-03-21T14:38:53.616-07:002018-03-21T14:38:53.616-07:00Sir,
I earned about 1.5 million US dollars from Fo...Sir,<br />I earned about 1.5 million US dollars from Foreign based binary options. I live in India. If I withdraw money into my saving account will it be taxable ?Anonymoushttps://www.blogger.com/profile/03864626049172109904noreply@blogger.comtag:blogger.com,1999:blog-7036721709697976873.post-9116504721895134952018-03-06T02:56:23.479-08:002018-03-06T02:56:23.479-08:00Do we need to take any prior or post approval from...Do we need to take any prior or post approval from Reserve Bank of India for bringing the balance funds lying in the German Subsidiary Bank Account to India / Closure of the SubsidiaryAnonymoushttps://www.blogger.com/profile/01406386262154595890noreply@blogger.comtag:blogger.com,1999:blog-7036721709697976873.post-21751340715759901582017-12-02T17:55:45.903-08:002017-12-02T17:55:45.903-08:00Hello Anonymous,
It depends upon the amount you ...Hello Anonymous, <br /><br />It depends upon the amount you wish to gift. As per the Income Tax Act, 1961 if the value of gifts received is more than Rs. 50,000 a year, then such amount is taxed as income in the hands of the receiver. These gifts may be in any form – cash, jewellery, movable and immovable property, shares etc.<br /><br />Btw, if he is relative as you mentioned then he don't need to pay tax, provided your relation comes under following category:<br /><br />Following is the list of relations which are considered as “relatives” for gift purpose where income tax is not required<br /><br /> Your spouse<br /> Your brother or sister<br /> Brother or sister of your spouse<br /> Brother or sister of either of your parents<br /> Any of your lineal ascendants or descendants<br /> Any lineal ascendant or descendant of your spouse<br /> Spouse of the persons referred in above points<br />javin paulhttps://www.blogger.com/profile/15028902221295732276noreply@blogger.comtag:blogger.com,1999:blog-7036721709697976873.post-85139269752762675342017-12-02T12:05:09.294-08:002017-12-02T12:05:09.294-08:00Hi Javin,
I need to send money to one my family m...Hi Javin,<br /><br />I need to send money to one my family member in india through bank transfer. It is a gift for his marriage. I am not indian and I live in France. Would this amount would be taxable to him? He is my uncle.. <br /><br />Thanks in advance Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7036721709697976873.post-28208227419312271412017-11-04T02:35:09.612-07:002017-11-04T02:35:09.612-07:00Hello Unknown, I answered a similar questions here...Hello Unknown, I answered a similar questions here, please check there https://savingsfunda.blogspot.sg/2017/04/can-you-transfer-money-from-nre-to-NRO-FCNR-Resident-Saving-Account.html?showComment=1509787820969#c5848638247164521372javin paulhttps://www.blogger.com/profile/15028902221295732276noreply@blogger.comtag:blogger.com,1999:blog-7036721709697976873.post-9545597163450965692017-11-04T02:34:27.828-07:002017-11-04T02:34:27.828-07:00Hello Shek, You first need to check whether you ar...Hello Shek, You first need to check whether you are an NRI for that financial year or not. You can see this article to <a href="http://savingsfunda.blogspot.sg/2016/06/how-to-determine-nri-status-of-individual.html" rel="nofollow">calculate your residential status</a>. <br /><br />If you are NRI, then you don't need to pay tax on your foreign income but if you are not then you have to pay tax on that income. <br /><br />If your brother has NRO account, you can deposit money to his account, but not on NRE Account because <a href="http://savingsfunda.blogspot.sg/2016/05/can-i-deposit-inr-in-nre-account-india.html" rel="nofollow">you cannot deposit INR on NRE account</a>.<br /><br />Btw, this will not do any good, you still have to pay tax on your income.javin paulhttps://www.blogger.com/profile/15028902221295732276noreply@blogger.comtag:blogger.com,1999:blog-7036721709697976873.post-54110066840025408802017-09-28T10:42:11.582-07:002017-09-28T10:42:11.582-07:00I am holding an NRE account in India. I tried to g...I am holding an NRE account in India. I tried to get a property from the money i earned for 5 years in USA. I gave 50% of the money to the construction company from my NRE Account and the deal did not went through. now i have that money in my saving bank accounts. How can it claim that as this is a tax paid money ? how can i move it back to NRE account ? FORM 15 CA CB can be claimed only for indian tax paid money. Any advise is helpfull.Sundarhttps://www.blogger.com/profile/00102170575153935117noreply@blogger.comtag:blogger.com,1999:blog-7036721709697976873.post-33112801527878416362017-09-07T13:13:11.443-07:002017-09-07T13:13:11.443-07:00hello,
i am resident of india,having salary accoun...hello,<br />i am resident of india,having salary account in hdfc bank.In between i got an opportunity to work abroad and the money got deposited to my account as remittance,i stayed for more than 6 months but did not convert my hdfc salary account to nre/nro etc.may i please know whether i need to pay tax on this remittance deposited to my account?if yes can i get this remittance to be deposited in my brothers account who is holding an nri account to prevent taxes in future remittance?kindly adviseshekhttps://www.blogger.com/profile/09691170535814813775noreply@blogger.comtag:blogger.com,1999:blog-7036721709697976873.post-33081780740804149382017-09-06T17:48:17.396-07:002017-09-06T17:48:17.396-07:00Hello Shruti,
Since, you went on 1st September 20...Hello Shruti, <br />Since, you went on 1st September 2016, you have stayed for 212 days outside in India in financial year 2016-17, which means you will be considered an NRI for that year from income tax perspective. What this means is that, you don't need to pay income tax on your global income in India. Only income earned in India will be taxed. <br /><br />This means you can transfer the money to India without worry e.g. in your account or your parents account. By law, an NRI cannot keep normal saving account, it must be either NRO or NRE, but since you are already coming back, its up to you. You also have option to transfer the amount to your parents account because it will be considered gift and will not be taxed. javin paulhttps://www.blogger.com/profile/15028902221295732276noreply@blogger.comtag:blogger.com,1999:blog-7036721709697976873.post-48370150345693693922017-09-06T17:43:13.667-07:002017-09-06T17:43:13.667-07:00@Anonymous, I am not the expert on that but my und...@Anonymous, I am not the expert on that but my understanding is that loans are not considered income hence he don't need to pay tax, but you better ask him to check with a certified charted account or income tax planner. javin paulhttps://www.blogger.com/profile/15028902221295732276noreply@blogger.comtag:blogger.com,1999:blog-7036721709697976873.post-86666639391221549162017-08-29T11:00:58.878-07:002017-08-29T11:00:58.878-07:00On 1st September 2016, I left India and came to Ir...On 1st September 2016, I left India and came to Ireland to pursue my masters. As part of teaching assistant job, I got paid some money into a local Irish bank account. In May 2017, I joined an internship here, for which I got paid monthly salary into the local Irish bank account. However, now I am planning to return to India permanently. I'll reach back on 1st September 2017. I have a normal savings account (neither NRO nor NRE) in HDFC bank. If I transfer money from my Irish account to that account in India, will it be taxable? I have already paid taxes to the Irish government. What's the right thing to do here? Also, my parents had sponsored my tuition and living by loading money to an indian forex card. I used that to pay off deposits for my accommodation here, however, I've gotten the deposit back in my Irish bank account as well. How can I show that this money is not income? I have payslips for all my earnings.shrutihttps://www.blogger.com/profile/16840797329369620292noreply@blogger.comtag:blogger.com,1999:blog-7036721709697976873.post-60107468138636826112017-07-31T14:44:32.137-07:002017-07-31T14:44:32.137-07:00I am an Australian lending money to a friend in In...I am an Australian lending money to a friend in India to acquire a house. There is a loan document and the funds are repayable. Will he need to pay tax on this loan? Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7036721709697976873.post-72295235871752565172017-04-17T02:51:52.081-07:002017-04-17T02:51:52.081-07:00NONOAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7036721709697976873.post-34287044848572334222017-04-15T06:43:13.184-07:002017-04-15T06:43:13.184-07:00Hii.. i am working in dubai. My query is if i tran...Hii.. i am working in dubai. My query is if i transfer money from my ADCB a/c to axis bank NRE a/c as foriegn currenty is it taxable ..Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7036721709697976873.post-31692910126021689792017-03-27T00:33:41.930-07:002017-03-27T00:33:41.930-07:00No, i guess you don't have to pay tax on you m...No, i guess you don't have to pay tax on you <a href="https://www.remit2india.com/sendmoneytoindia/homepage.jsp" rel="nofollow">money transfer to India</a>. You have already paid tax on you earnings. Many online remittance services offers free remittance to India.Jitunoreply@blogger.comtag:blogger.com,1999:blog-7036721709697976873.post-19237590870568159282017-01-05T11:18:00.827-08:002017-01-05T11:18:00.827-08:00My mother's income is less than 2.5 lakhs/year...My mother's income is less than 2.5 lakhs/year. So can I send her some money to deposit as FD? Will that attract any taxes?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7036721709697976873.post-72141916584144731102016-11-21T04:50:45.315-08:002016-11-21T04:50:45.315-08:00Hi, the earnings your friend has in his overseas a...Hi, the earnings your friend has in his overseas account was already taxed in that country. So, for bringing the money to India now, he will not have to pay additional tax. Which country is he bringing the money from?Amandeep Singhhttp://www.comparism.comnoreply@blogger.comtag:blogger.com,1999:blog-7036721709697976873.post-7552115546095082822016-11-14T01:13:05.332-08:002016-11-14T01:13:05.332-08:00Hi , My friend worked in abroad and come back to 2...Hi , My friend worked in abroad and come back to 2014 but he kept his savings money in his overseas bank. He want to take that money back to India now. Is this amount is taxable and the new law impact his money?<br />Anonymousnoreply@blogger.com