tax on money sent to india

[BrotherBairagi]

bros and maradals...india ki paisal pampiste tax handling ela parents?

maa dad account ki 12 lacs pampanu...ayanaki ipadidaka pan card kuda ledu..apply chesukovali ani letter vachindanta..so tax enta katali ipudu ayana...some light house on this topic plz

[AFDB__REBEL]

i think nuvvu nre account ki pampiste no need to pay tax ...

as its the money earned in usa and you already paid tax here

[rapchik]

3 minutes ago, BrotherBairagi said:

bros and maradals...india ki paisal pampiste tax handling ela parents?

maa dad account ki 12 lacs pampanu...ayanaki ipadidaka pan card kuda ledu..apply chesukovali ani letter vachindanta..so tax enta katali ipudu ayana...some light house on this topic plz

nuvu laready ikada tax pay chesi pamputhunav... so adhe chepu manu bank vadiki..if needed in w2 or tax returns pampu ..pan card is good to take..now a days 2 days lo vasthundhi anta

[BrotherBairagi]

3 minutes ago, AFDB__REBEL said:

i think nuvvu nre account ki pampiste no need to pay tax ...

as its the money earned in usa and you already paid tax here

maa nanna savings account ki pampistunde man...not nre or nro...

[AFDB__REBEL]

1 minute ago, BrotherBairagi said:

maa nanna savings account ki pampistunde man...not nre or nro...

open an nre account and add ur dad to it , then he can use it without paying taxes

[krishna0125]

33 minutes ago, BrotherBairagi said:

bros and maradals...india ki paisal pampiste tax handling ela parents?

maa dad account ki 12 lacs pampanu...ayanaki ipadidaka pan card kuda ledu..apply chesukovali ani letter vachindanta..so tax enta katali ipudu ayana...some light house on this topic plz

That is white money man...no need of paying TAX. he just need to declare it in his returns..

[perugu_vada]

Ekado chadiva, fixed deposit chesina, savings lo unnapudu interest ochina, pan number unte10% tax, lekapothe 20% tax on interest ani

[phatposts]

Money parents ki pampite, smaller amount ki issue undadu. I don't know what is considered a large amount. In my opinion 12 Lakhs is considerable. Aaa money tho mee parents emi chestunnaru anedi main question. Edanna property konte, nuvvu mee dad ki gift ichinattu raayachu. Simple. Then he can claim that as white since he got that from blood relation living outside India. 

 

Taxes point lo:

If you have an NRE/NRO account and maintain a balance of more than 10 Lakhs at any point of time (even for 1 day), it is highly recommended to declare FBAR along with your taxes in the US. It does not cost you anything but makes your life peaceful for years to come. 

The interest earned in India is considered part of your earnings. The principal is not. But the first 2.5 lakhs of your income is not taxable. If you earn more than 2.5 Lakhs per year in India, anything after that is taxable. 

 

Nenaithe, NRE/NRO maintain chesta. FBAR file chesta every year irrespective of how much ever I maintain. Naaku individual gaa India lo income emi ledu. So nenu India lo taxes file cheyyanu. Maa parents ki edanna pampali ante, vaalla account ki naa NRE/NRO nunchi transfer chesta. Maa father govt employee and tax pay chestaru. In my case, it is not beneficial to send to his account. Malli emanna audit padite India lo kaasta paper work tala noppi. I have been doing this for 8 years. Naaku India lo house loan appudu FBAR choosi bank vaadu "Ila FBAR unte maaku justification chala easy" annadu. I dont know how true that is. 

 

[BrotherBairagi]

13 minutes ago, phatposts said:

Money parents ki pampite, smaller amount ki issue undadu. I don't know what is considered a large amount. In my opinion 12 Lakhs is considerable. Aaa money tho mee parents emi chestunnaru anedi main question. Edanna property konte, nuvvu mee dad ki gift ichinattu raayachu. Simple. Then he can claim that as white since he got that from blood relation living outside India. 

 

Taxes point lo:

If you have an NRE/NRO account and maintain a balance of more than 10 Lakhs at any point of time (even for 1 day), it is highly recommended to declare FBAR along with your taxes in the US. It does not cost you anything but makes your life peaceful for years to come. 

The interest earned in India is considered part of your earnings. The principal is not. But the first 2.5 lakhs of your income is not taxable. If you earn more than 2.5 Lakhs per year in India, anything after that is taxable. 

 

Nenaithe, NRE/NRO maintain chesta. FBAR file chesta every year irrespective of how much ever I maintain. Naaku individual gaa India lo income emi ledu. So nenu India lo taxes file cheyyanu. Maa parents ki edanna pampali ante, vaalla account ki naa NRE/NRO nunchi transfer chesta. Maa father govt employee and tax pay chestaru. In my case, it is not beneficial to send to his account. Malli emanna audit padite India lo kaasta paper work tala noppi. I have been doing this for 8 years. Naaku India lo house loan appudu FBAR choosi bank vaadu "Ila FBAR unte maaku justification chala easy" annadu. I dont know how true that is. 

 

nuv devuduvi saami...thanks for explanation.

[Spartan]

22 minutes ago, phatposts said:

Money parents ki pampite, smaller amount ki issue undadu. I don't know what is considered a large amount. In my opinion 12 Lakhs is considerable. Aaa money tho mee parents emi chestunnaru anedi main question. Edanna property konte, nuvvu mee dad ki gift ichinattu raayachu. Simple. Then he can claim that as white since he got that from blood relation living outside India. 

 

Taxes point lo:

If you have an NRE/NRO account and maintain a balance of more than 10 Lakhs at any point of time (even for 1 day), it is highly recommended to declare FBAR along with your taxes in the US. It does not cost you anything but makes your life peaceful for years to come. 

The interest earned in India is considered part of your earnings. The principal is not. But the first 2.5 lakhs of your income is not taxable. If you earn more than 2.5 Lakhs per year in India, anything after that is taxable. 

 

Nenaithe, NRE/NRO maintain chesta. FBAR file chesta every year irrespective of how much ever I maintain. Naaku individual gaa India lo income emi ledu. So nenu India lo taxes file cheyyanu. Maa parents ki edanna pampali ante, vaalla account ki naa NRE/NRO nunchi transfer chesta. Maa father govt employee and tax pay chestaru. In my case, it is not beneficial to send to his account. Malli emanna audit padite India lo kaasta paper work tala noppi. I have been doing this for 8 years. Naaku India lo house loan appudu FBAR choosi bank vaadu "Ila FBAR unte maaku justification chala easy" annadu. I dont know how true that is. 

 

agreed.