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? 

[HEROO]

Its very hard to get money from india

chinna amounts aithe okay pedda amounts kastam legal ga teesukuraavadam

[Kootami]

6 hours ago, 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? 

Money bank lo unda ? Or real estate lo invest chesava ?  Small amount aythey ne circle lo try cheyyi. Big amounts aythey exchange rate and tax kattali anukunta if its black 

[thanks]

Same problem 

[Konebhar6]

5 hours ago, Kootami said:

Money bank lo unda ? Or real estate lo invest chesava ?  Small amount aythey ne circle lo try cheyyi. Big amounts aythey exchange rate and tax kattali anukunta if its black 

I was transferring money from USD to INR yesterday for Insurance Policy. The amount will mature in a couple of years. 

If we send lets say $10,000 - 8.2 Cr  INR now. Should we not be able to repatriate the same amount $10000 in future (based on exchange rate at that time)? Without paying any taxes.

Do we need to keep the proofs like receipts from the money transfer portal?

Over years lets say we sent $100,000 to my accounts or to family, and we have proofs of transfer, should we not be able to get it back with out paying taxes? 

Realestate sales. I have clarity. A couple of friends got money back into US paying taxes on the profit.

[Guest]

5 hours ago, HEROO said:

Its very hard to get money from india

chinna amounts aithe okay pedda amounts kastam legal ga teesukuraavadam

There's a 20% Tax Collected At Source(TCS) on money sent abroad from India for purposes other than Education & Medicine. You gotta file tax returns to claim this TCS paid. 

[Konebhar6]

I saw ICICI is not allowing me to sell my stocks in NRI account. There was a message that I have to transfer these to some Non-pins account. I have to read the message completely in leisure. 

So many changes these days. Hopefully for good.

[jerry1]

4 hours ago, Konebhar6 said:

I saw ICICI is not allowing me to sell my stocks in NRI account. There was a message that I have to transfer these to some Non-pins account. I have to read the message completely in leisure. 

So many changes these days. Hopefully for good.

Hdfc too

[surfroshan]

5 hours ago, Konebhar6 said:

I was transferring money from USD to INR yesterday for Insurance Policy. The amount will mature in a couple of years. 

If we send lets say $10,000 - 8.2 Cr  INR now. Should we not be able to repatriate the same amount $10000 in future (based on exchange rate at that time)? Without paying any taxes.

Do we need to keep the proofs like receipts from the money transfer portal?

Over years lets say we sent $100,000 to my accounts or to family, and we have proofs of transfer, should we not be able to get it back with out paying taxes? 

Realestate sales. I have clarity. A couple of friends got money back into US paying taxes on the profit.

10k usd is 8.2 lakh inr not crore

[sarvayogi]

ippati varaku after coming to US sent close to 2-2.5 Cr INR to India...masters loan and investments...ippat varaku tax kattindi ledu..any problem?

[Konebhar6]

2 hours ago, sarvayogi said:

ippati varaku after coming to US sent close to 2-2.5 Cr INR to India...masters loan and investments...ippat varaku tax kattindi ledu..any problem?

Your case - No need to pay tax in india. You already paid tax in USA.

We are discussing getting the money back from India to USA.

 

[Konebhar6]

3 hours ago, surfroshan said:

10k usd is 8.2 lakh inr not crore

Thanks for correction

 

[Spartan]

9 hours ago, Konebhar6 said:

I was transferring money from USD to INR yesterday for Insurance Policy. The amount will mature in a couple of years. 

If we send lets say $10,000 - 8.2 Cr  INR now. Should we not be able to repatriate the same amount $10000 in future (based on exchange rate at that time)? Without paying any taxes.

Do we need to keep the proofs like receipts from the money transfer portal?

Over years lets say we sent $100,000 to my accounts or to family, and we have proofs of transfer, should we not be able to get it back with out paying taxes? 

Realestate sales. I have clarity. A couple of friends got money back into US paying taxes on the profit.

[Spartan]

9 hours ago, rushmore said:

There's a 20% Tax Collected At Source(TCS) on money sent abroad from India for purposes other than Education & Medicine. You gotta file tax returns to claim this TCS paid. 

if the amount is in your account only...

then no need to pay that tax....NRIs are exempt from TCS....

only Indian residents need to pay tax.

[Guest]

47 minutes ago, Spartan said:

if the amount is in your account only...

then no need to pay that tax....NRIs are exempt from TCS....

only Indian residents need to pay tax.

Thanks for clarifying! Can you further elaborate with these two scenarios as example?

scenario 1:

An Indian resident sending money from his personal account to abroad for purposes other than education & medicine, should he pay TCS? If sending for education or medicine, how should one prove that it's being sent for intended purposes?!

scenario 2:

If an Indian resident got money in his personal account say Rs 8,30,000($10,000) sent from the US.

Can he/she send that money back to the US to a different person without having to pay TCS?