Getting INR from India to USA

[Konebhar6]

We have spent money using Money transfer portals to send INR converting USD to lets say

our own NRE accounts,

our own Resident Bank accounts

Our parents resident accounts. 

At some point if we want to get money back to USA, is it possible to get back this money into USA? What's the right way? 

 

[hyperbole]

What are the Tax Implications for Sending Money from India to USA?

Under FEM (CAT) Amendment Rules, 2015, Individuals can avail of foreign exchange facility for the following purposes within the limit of USD 250,000 only on financial year (April – March) basis.

1. Private visits to any country (except Nepal and Bhutan)
2. Gift or donation.
3. Going abroad for employment
4. Emigration
5. Maintenance of close relatives abroad
6. Travel for business, or attending a conference or specialized training or for meeting expenses for meeting medical expenses, or check-up abroad, or for accompanying as attendant to a patient going abroad for medical treatment/ check-up.
7. Expenses in connection with medical treatment abroad
8. Studies abroad
9. Any other current account transaction

Amounts exceeding this limit require prior permission from RBI. No separate taxes need to be paid by you for this as these funds are after payment of applicable taxes.

[hyperbole]

How to Repatriate Money from Sale of Property in India?

To be able to transfer money, received in India from the sale of your property, it is important that the payment for the property is accepted through legal banking channels. Documentary proof showing source of money will be required when transferring money abroad. In order to transfer the money it must first be deposited in an NRO bank account. Remember, your CA has to verify that taxes have been paid on 'Form 15CB'

NRIs are allowed to repatriate an amount up to USD one million, per financial year, from their NRO account. Such transfers are allowed, subject to tax compliance. The limit of USD 1 million includes sale proceeds of immovable properties held by NRIs/PIOs.

In the United States, you are required to report this capital gains transaction on your Federal Income Tax Return and pay the applicable capital gains tax.

 

[hyperbole]

Your parents can transfer to you or your kids, 250k per year

https://www.deutschebank.co.in/en/nri-banking/non-resident-connect/liberalised-remittance-scheme.html#parsys-columncontrol_163477-columnControlCol1Parsys-accordion-accordionParsys-accordionentry_1497950803

[Kootami]

On 7/11/2023 at 11:17 PM, Konebhar6 said:

We have spent money using Money transfer portals to send INR converting USD to lets say

our own NRE accounts,

our own Resident Bank accounts

Our parents resident accounts. 

At some point if we want to get money back to USA, is it possible to get back this money into USA? What's the right way? 

 

Let me know if u find out a way to bring 3-4c atleast anna

[Konebhar6]

21 minutes ago, Kootami said:

Let me know if u find out a way to bring 3-4c atleast anna

Friends have sold properties and got money legally into US via Tax attorneys. Huge amounts. 

[nokia123]

On 8/31/2023 at 4:01 PM, Konebhar6 said:

Friends have sold properties and got money legally into US via Tax attorneys. Huge amounts. 

Etta theccharo adhi kooda seppu baa 

[Konebhar6]

24 minutes ago, nokia123 said:

Etta theccharo adhi kooda seppu baa 

Close to 2 cr.

[nokia123]

1 hour ago, Konebhar6 said:

Close to 2 cr.

Adhe baa..etta theccharu antha amount? Any steps?

[Konebhar6]

17 hours ago, nokia123 said:

Adhe baa..etta theccharu antha amount? Any steps?

Got details. Friend sold a property in India. Lets say he bought it for 2 lakhs long back. He sold it for 1cr.30 lakhs. All 1cr, 30 lakhs deposited into his NRO A/C. He gave the sale deed details to the tax preparer and he calculated the tax. His purchase cost is adjusted for inflation (Looks like its called Indexing) so it came around 28 lakhs. So the tax calculation came around 25% it seems (on 1 cr 2 lakhs). He showed the proof of Income tax paid to ICICI Bank and did funds transfer from his NRO to US Bank Account. 

Once he got money here, He gave all details to tax attorney here. They add (1 cr 30 lakhs - 2 lakhs) converted to $$ and add it to income here. What ever is the Income tax calculated, they deduce the tax paid in India already (25 lakhs converted to $$).  

The process looks complicated, but he did with out any hassles. Just keep documentation until everything done. 

Overall the total tax paid on profit came to around 30-35% it seems but all legal money.