Money Transfer From Us To India: What Is The Maximum Limit?

[CHANAKYA]

[b]Per year ki[/b] intha ani emanna minimum or maximum amount limit untundaa? [size=4]If so, how much? [/size]

[karna11]

eppudu transfer chesthunee vuntav, nee medhaa IT raids seyyaliii oka sari

[CHANAKYA]

I am an NRI (US residence) holding an NRE account in Mumbai [ Images ]. I am planning to transfer money from this NRE account into my mother's (who is an Indian resident) regular savings account, also in the same branch. I have the following questions:

[b]I found this on rediff...[/b]


1. I believe that this amount is tax-free without any limits. But can you please confirm this for me?


2. Since I will lose repatriability on this amount, is there any other legitimate way of sending money out of India to relatives abroad. For example, I have heard that one is legally allowed to send up to [b]$25,000 per[/b] year abroad. Is this true? If so, how would that be reflected on my mother's IT return? Also, what are the tax implications for me?
[size=4]-- ABC[/size]


1. Yes, the amount that you transfer to your parents is tax-free without any limit.

2. As per Master Circular, dated July 1, 2006, Indian residents are allowed to remit abroad up to $100,000 per annum for maintenance of close relatives. You will be a close relative of your parents as per the law and hence this should take care of your requirements.

Also, as per latest AP Dir Circular, the $25,000 limit that you refer to has been increased to US$200,000 per financial year and this includes gifts. Therefore, an Indian resident may send as much as $300,000 per annum abroad out of which $100,000 is necessarily to close relatives.

You gifting a sum of money to your mother or vice versa is tax neutral as per current Indian tax laws.

[b]Is this true? A limit of 25K..... [/b]

[CHANAKYA]

[quote name='karna11' timestamp='1358345622' post='1303115888']
eppudu transfer chesthunee vuntav, nee medhaa IT raids seyyaliii oka sari
[/quote]
[img]http://i.imgflip.com/c9tm.gif[/img]

[littlemoon]

nenu kuda vinanu 25k is the max limit ani... n strong reason chupiyali if u r doing more tht.. jst in case future lo problem avthe...

[littlemoon]

[quote name='karna11' timestamp='1358345622' post='1303115888']
eppudu transfer chesthunee vuntav, nee medhaa IT raids seyyaliii oka sari
[/quote]
[size=4] [/size][size=4] [/size]

[Market Mastaan]

[quote name='littlemoon' timestamp='1358346343' post='1303115918']
nenu kuda vinanu 25k is the max limit ani... n strong reason chupiyali if u r doing more tht.. jst in case future lo problem avthe...
[/quote]
nuvvendi patha levu..

[ChampakDas]

based on xoom restrictions....per month maximum transaction amount is 2.5k kabati per year 12*2.5 = 30k per year this is based with xoom ante at least we can send 30k....maximum kosam searching

[manmadudhu]

transfer enduku time bokka naaku echeyi mooota sardesi [img]http://www.andhrafriends.com/uploads/gallery/album_15/gallery_24383_15_361241.gif[/img]

[ChampakDas]

moota mutukovadhu thalli [img]http://www.andhrafriends.com/uploads/gallery/album_15/gallery_24383_15_361241.gif[/img]
[quote name='manmadudhu' timestamp='1358346617' post='1303115927']
transfer enduku time bokka naaku echeyi mooota sardesi [img]http://www.andhrafriends.com/uploads/gallery/album_15/gallery_24383_15_361241.gif[/img]
[/quote]

[mrudhula99]

money dart unlimited ani vinna.... do some research and proceed...

[charygaru]

nee account nunchi pampatam ayyipothe naaku transfer cheyyi nenu pampinchestha oka 5 6 yrs lo

[ChampakDas]

25k ne anukunta....hdfc
[b]USD Limits[/b] [b]Duration[/b] [b]Transaction No.[/b] [b]Amount[/b] Daily 5 10,000 Weekly 10 12,000* Annual 25 [size=6][color=#FF0000][b]25,000[/b][/color][/size]

[missionxp]

ICICI Money to India lo rojuki 1 lakhh $ dhaka pampukovachu mama
nuvvu rechipo

nothing illegal

[CHANAKYA]

[quote name='GatisKandis' timestamp='1358346519' post='1303115924']
based on xoom restrictions....per month maximum transaction amount is 2.5k kabati per year 12*2.5 = 30k per year this is based with xoom ante at least we can send 30k....maximum kosam searching
[/quote]
makes sense. But, [size=4]some other money-sending-services will allow you to send $5K min per day. That means we can't even guess how much we can send per year based on their limits. :-I[/size]