He would make payment to the mortgage lender bank instead of directly transfering funds to the bank. and NOT use a third party money changes. For higher amount, you can negotiate with the bank where you are transferring the money for better exchange rate. Only when any income is involved, you need to consider the tax implications. If there is no interest or other benefit, there is no income and no tax implications.
You do not need NRONRE account for transferring funds to your cousin. repatriable basis, when the amount is returned to you, it can only be credited to NRO account. Thank you very much for the guidance.
that I8217m making the loan to him. exchange rate yesterday for USD, whereas xoom and remit2india show about Rs60. guess I will need to shop around other wiring banks. Once the amount is returned to my NRO account, can I then repatriate it back to my US account.
would be very grateful for any clarifications on the above. That is the right way and establish a good money trail. Also, you need to comply with other RBI regulations.
You need not contact your bank in USA but the bank in India where you plan to transfer funds. You would definitely get better rates as banks in India are in need of foreign exchange. If you convert in USA, as they may not have INR, they give you really bad rate. Yes you can but only through NRO. Hi, I8217m an Indian citizen and opened a forex account with an international broker. At the time of opening account I got 15 as bonus.
Today, I have gt1500. The question of legality comes when you invest through international broker and trade in forex. It does not arise at the time of withdrawal. You would pay the tax on the transactions entered by you during the year.
Income tax is on income and not on withdrawal. specially for trading binary options and broker is cyprus based, but yet i have not yet started trading because application for business commencement certificate is not submitted. Am i contravention any law if i remit outside india but i am trading as a corporation. blacklisted by India for not providing information on tax evaders.
says: After taking permission from RBI, you can do anything as permitted. Thanks for this excellent blog. Can you please let me know how can I obtain RBI8217s permission to keep an overseas margin account. and would like to continue it after relocating back to India.
Also, what is the duration of the permission 8211 is it one time or valid for many years. Thanks for your help and shining light on this complex subject. says: You can contact your regional RBI branchoffice for the same. operative and will explain in detail about the process and forms requiredhow to get the approval. resident as per FEMARBI.
Dear Sir, I am Indian resident and i trade in commodity segment in MCX for past 3 yrs. Now i want to trade in US futures market. According to RBI LRS Indian residents are allowed to remit funds for investment in stocks but prohibited for margin or margin calls to overseas exchanges. Did RBI gave permissions for margin trading And Can i invest the profit of stock trading to margin trading As it is allowed to invest in stocks. Kindly clear my doubts.
says: If RBI does not allow something, the source of funds in immaterial. Thank you for your very informative blog. from the India bank account to their US bank account or does the RBI rules subject them to a limit. says: Your parents will be able to move all their funds to the USA after payment of taxes. As they are NRI, TDS needs to be deducted of the tax amount.
For them The limit for transferring funds to USA is 1 million. Contact us if you need any help with TDS, taxation of sale of property or transferring funds to USA. Great article and very informative site. have a situation and would appreciate if you can help please: I am US Citizen with OCI and came to India on vacation, however I lost my US job in this period and now I want to stay in India for few years to be able to spend time with parents and extended family and go back to US maybe after 5 or 10 or 15 years. do not have any job now and hence no salary, so I was thinking of transferring my US bank account savings to India.
If I transfer from US Bank to NRE ac, do I have to transfer it from NRE to NRO since I wish to stay in India for few years. Actually it will be a big thing for me if I am able to get the US to India now since I will get decent interest to manage day to day expenses. Is there any other point or tax implication that I need to consider Thanks amp Regards. If you have come to India and wants to stay in India for an uncertain period, you would become 8220Resident8221 in India under FEMA. There is no tax on transfer. Tax is on the income.
And, as per current provisions, if taxes have been paid, NRI can remit upto US 1 million. The provision may change in future. Yes you can bring the money to India. tax return, let us know. Thanks Much for your prompt response.
Per your response to point 2, it is good to know that we can remit upto US 1 million from India to US as of now. will need help with some investment consulting, will reach out to you on your contact in few days time. Once again, appreciate your help. You have mentioned that one may not remit foreign exchange for margin trading.
have a unique issue. am an NRI about to return to India. trade in margin instruments and derivatives at the moment. So I already have a fx trading account right now.
If I were to return to India and become a resident Indian, can I continue trading in FX, margin trading etc with my funds already abroad I will not be sending out any money outside India. However, any profit will be brought into India and tax paid. When you return to India, your status would not change immediately to Resident depending on when you return.
Also, residency requirement is different under Income tax Act and FEMA. Whether you will be able to invest in Indian or Foreign securities or not would depend on the FEMA. Any trading in foreign securities on the exchange is allowed by residents. Also, NRIs are allowed to invest in exchange traded derivatives in India. Taxability of income will be determined by the Income tax Act.
Please contact your CA for details. If any question, do let us know. think I haven8217t been clear.
do not wish to trade on the Indian Exchanges. intend to trade in EURUSD, AUDUSD, XAUUSD using margin traded derivatives on exchanges abroad. already have a broker in Singapore through whom I am trading.
have been doing so since more than two years now and was wondering if I could continue to do so upon my return to India using my funds and accounts abroad. No money would be remitted out of India. Profits would be brought back in, and IT paid on the same. FEMA does not allow residents to trade in foreign currencies. am taking loan of around 40k from my relatives and friends in US which I will return in a few months.
Is it ok to receive money in my savings bank account in India thru online transfer and then return after sometime. Top 4 Dinge Erfolgreiche Forex Trader Do Trading an den Finanzmarkten ist umgeben von einer gewissen Menge an Mystik, denn es gibt keine einzelne Formel fur den Handel erfolgreich. Denken Sie an die Markte wie das Meer und der Trader als Surfer. Surfen erfordert Talent, Gleichgewicht, Geduld, richtige Ausrustung und Bewusstsein Ihrer Umgebung. Wurden Sie in Wasser gehen, das gefahrliche Rip Tides hatte oder war Hai befallen Hoffentlich nicht. Die Einstellung zum Handel in den Markten unterscheidet sich nicht von der Einstellung zum Surfen.
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