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.
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.
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Here are the ways to transfer money to India from the USA. First, you can transfer your money to India from the USA with online money transfer services, in which...
If you Send Money From Abroad to a Normal Indian Savings Account, there is no tax on the principal amount, but if an NRI is sending money from abroad to...
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$...
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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.