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If NRIs sent you remittances, then it is not taxable if they are from the money that is earned outside India. If remittances are earned in indian, then it is not taxable, and if the recipient receives a huge amount of a gift which is more than INR 50,000, then it also comes under the tax obligations.
For the LRS for education or a financial institution, the TCS rate is nil. For LRS for medical treatment, education, the TCS rate will be nil for below or equal to 10 lakh INR and 5% for more than 10 lakh INR. For many overseas tours, the TCS rate will be 5% for less than 10 lakh INR and 20% for more than 10 lakh INR.
If an NRI person sends money to India, then he is required to pay tax on the gift or money is more than 50,000 INR, and it will be reflected on your form 26AS. The TCS credit will be available to the taxpayer to file an ITR for that year.
RNOR (Resident but not Ordinarily Resident) is beneficial for the NRIs if they have the income generated from the rent from abroad from rent, getting interests or dividends from the...
Yes, NRIS need to link their PAN card with an Aadhaar card under section 139AA of the Income Tax Act, 1961, for every person who is eligible to get an...
Here is the TDS rate on the interest earned in NRO accounts, which is subject to tax in India. Recent data shows that these TDS rates are 30% with surcharges...
NRIs can avoid double taxation through the lifesaving DTAA. It is basically an agreement that is signed by two countries. It is carried out by India with different countries, in...
No, the income earned from interest on an NRE account is not taxable in India. So, as long as you hold the NRI status or a resident but not ordinarily...
NRIs are allowed to get shares of the listed and unlisted companies with mutual funds that are subject to the Foreign Exchange Management Act. The tax date depends on the...
Yes, as an NRI, you can open a joint account with residents in India. You can easily open an NRO/NRE or FCNR account with Indian banks under the Foreign Exchange...
Yes, there is a limit on the remittance income you earned in India under the Liberalised Remittance Scheme (LRS), where Indian individuals, including minors, can only remit up to 2,50,000$...
If you are selling a property as an NRI in India, then you need to pay 20% tax as a TDS for long-term capital gains, which you hold for more...
Yes, NRIs can avail of a tax deduction for their NPS contributions. Like Indian citizens, they also enjoy the benefits of NPS schemes, and they can only contribute to the...
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