Sending Money To India: Annual Limit And I R S Issues

[kathanayakudu]

Guys,

I did my research online but I can't get a transparent answer. What is the annual limit for sending money from US to India. Do I have to show it on taxes, even the most of it is to pay the education loan in India? Can I show the interest I pay on deductions in my taxes?

[sahayakudu_]

as per RBI , you can send 2500*30 times = 75000$ mama .......

[kathanayakudu]

[quote name='sahayakudu_' timestamp='1340383591' post='1302011854']
as per RBI , you can send 2500*30 times = 75000$ mama .......
[/quote] but those rules are for receivers in India. They don't hve anything to do with the regulation in US, I guess. I might be wrong.

[Power Star]

[quote name='sahayakudu_' timestamp='1340383591' post='1302011854']
as per RBI , you can send 2500*30 times = 75000$ mama .......
[/quote]

okay avi India lo legal ga tax pay cheyyakunda vaadukovochaa..

and can we send it to any account in Indai like savings account ??

[ladysfinger]

Yes u can.. As long as it is taxed income in US. Its a new agreement law passed last year..






[quote name='Power Star' timestamp='1340384830' post='1302012002']
okay avi India lo legal ga tax pay cheyyakunda vaadukovochaa..

and can we send it to any account in Indai like savings account ??
[/quote]

[sahayakudu_]

[quote name='kathanayakudu' timestamp='1340384680' post='1302011980']
but those rules are for receivers in India. They don't hve anything to do with the regulation in US, I guess. I might be wrong.
[/quote]


if u r doing ACH/wire transfers , u r transactions will be tracked .... US -India has one tax agreement so u have to pay TAX on u r earnings in US then u can send the money as per INDIA RBI regulations .....

if u earn money legally and sending less then RBI regulations ..... nothing to worry .... but if u keep sending money , then INDIAN bank will alert the income tax /RBI and they may drill down u r account activity ... so ready to answer them and show the proofs that u already paid the TAX on that money ...... else end up with BIG fine

[Gachibowli_Diwakar]

[quote name='sahayakudu_' timestamp='1340383591' post='1302011854']
as per RBI , you can send 2500*30 times = 75000$ mama .......
[/quote] antha ekada pamputhaam one yr lo

[Power Star]

[quote name='Luv Guru' timestamp='1340385082' post='1302012032']
Yes u can.. As long as it is taxed income in US. Its a new agreement law passed last year..
[/quote]


avnaa adaina link vunte fost seyyavaa flease

[ladysfinger]

Hard copy undi.. I can only send a photo if u want...

leda Link emaina dorkutue pamputhaa..


[quote name='Power Star' timestamp='1340387223' post='1302012255']


avnaa adaina link vunte fost seyyavaa flease
[/quote]

[Power Star]

[quote name='Luv Guru' timestamp='1340387970' post='1302012364']
Hard copy undi.. I can only send a photo if u want...

leda Link emaina dorkutue pamputhaa..
[/quote]


please vayya pampu vayya please

[ladysfinger]

Habba chesko mama

[url="http://law.incometaxindia.gov.in/DIT/File_opener.aspx?fn=http://law.incometaxindia.gov.in/Directtaxlaws/cbdt/dta/A1_USA.htm"]http://law.incometaxindia.gov.in/DIT/File_opener.aspx?fn=http://law.incometaxindia.gov.in/Directtaxlaws/cbdt/dta/A1_USA.htm[/url]

[quote name='Power Star' timestamp='1340388313' post='1302012400']


please vayya pampu vayya please
[/quote]

[Vaampire]

[quote name='Silence..Please' timestamp='1340385158' post='1302012038']
antha ekada pamputhaam one yr lo
[/quote]
nuvvu daaniki double pamputhunnav kada.

[Power Star]

[quote name='Luv Guru' timestamp='1340389089' post='1302012444']
Habba chesko mama

[url="http://law.incometaxindia.gov.in/DIT/File_opener.aspx?fn=http://law.incometaxindia.gov.in/Directtaxlaws/cbdt/dta/A1_USA.htm"]http://law.incometax.../dta/A1_USA.htm[/url]
[/quote]


thanks vayyaa

[citizenofIND]

GP

[Lorry]

e matter oka sari Xoom vaadu mail chesadu ... Related to topic emaina useful avuntundo

The Reserve Bank of India (RBI) has recently updated their regulations. Under the revised regulation, the number of remittances that can be received by an individual recipient in India has now increased to 30 in a calendar year.