Dear Mr. Bhatt, would it be possible for a video about the proposed changes proposed in the 2023 union budget to outward remittance taxation. An increase to 20% from 5% on remittances above $8500 is definitely worth a discussion!
Only if u are a resident under FEMA, then LRS would be applicable… however as you are an OCI, u most likely will not be a resident in India under FEMA and hence LRS would not apply… however such transfers can be done through normal routes if it does not violate FEMA and due taxes are discharged in India…
@@sriramrao2514 thank you ... Is there a specific FEMA law re: OCI. I am registered for income tax purposes in India for earnings from assets and bank interest and do submit my accounts each year.
VERY very useful information explained in detail, depth in a easily understandable way by both -CA & Mr Chandrakanth - the questions asked by CK are very relevant and required for those who donot have much awareness about FX ! Great effort. A must watch video. Thanks a lot to both.
At one point your expert said even a loan given to a son by father comes under lrs? A child can be given any amount as a gift correct? How do you distinguish a loan with out interest from a gift?
Your spoken statement may be true,Sir. In practice the financial crooks are transferring the Indian funds to their overseas interests without following the rules with the connivance of the bank and government officials, see Neerav Modi , Vijaya Mallyayya and others to name a few .
After seeing the title I thought they will talk about how NRI can bring his own money from India to USA 🇺🇸 .. why India make everything so hard I can send money to India 🇮🇳 from USA 🇺🇸 Xoom $50000 easily but not other way around ..
good info. There are NRIs who were earlier RIs for long years and have funds earned and accumulated in INR in India. How do such NRIs remit such funds abroad fir their own use/ use off relatives etc
You are right, I just experienced this!! I have transferred funds to India many times from the US, but when I try to get my money back from india there is a restriction on how I can get to another country every year and I got disappointed.. Unless it is a business bank, I think you may transfer a lot more funds from India. Well, I will get to know about that too..
Hi, Thanks for the informative video. Please make a video on eRUPI and its benefits in making international payments online from India to other countries.
Thanks to both of u sirs for excellent presentation. Just wanted to know whether I can remit funds, say 10L to my daughter-in-law abroad as GIFT under LRS? Is daughter-in-law is listed beneficiary under COMPANY ACT also, to whom GIFT can be made under LRS? This confusion arose as pointed out nicely in ur presentation. Thanks
How about Repatriation of money invested in India in Foreign currencies , the interst, profit, principal and inherited asset, Indian Rupee money? Sale money of Inherited Residential asset by diseased OCIs by heirs of diseased OCIs? Thanks!
@@rajanmathai It is a very relevant question and not stupid. Even though it is yr own money, it is in an Indian Bank and rules and regulation will apply.
Sir Good information. One clarity required - Is this limit of LRS or USD 2.5 lac also applies for the resident transfer to Non resident in its NRO account?
Can u pl be enlighten if we have in US dollar FD and want to transfer when we migrate permanently to australia ? Is only 250,000 allowed or all while migrating.
If an NRI sells a property in India and wants to send that amount abroad after paying the CGT, under which scheme he is supposed to do it if not under @/liberalisedremittancescheme.
Hlo sir, who will signed on authorised dealer section in A2 form??? My bank is not doing this by saying that they are in rural area.So, what I have to do now????
What about remitting money from my own NRE and NRO account in India to my local UAE account or any other foreign account? Is there a limit?..Was it not discussed as it is more direct and simpler..any inputs?
Watch this video for Transfer of funds from NRO to NRE or foreign bank outside of India th-cam.com/video/NIfgcQzoQpc/w-d-xo.html Funds can be freely from NRE to foreign bank is freely allowed…
Under LRS, what I understand is that the limit is $250k USD. Can the same Resident transfer to multiple NRIs, each equivalent to $250USD. Say, for example, one Resident wants to send money to 2 NRIs so in a given year, this resident can send $250k USD in total to these 2 NRIs or to each one of them equalling $500k USD?
I as an OCI sold my house in chennai, with the help of charted account (fee of,4000 Rs), transfered, 50,00,000 Rs, after paying 20% tax, from my NRO account. ( SBI)
I want to transfer money from my NRE account to my another account abroad, what is the best way to do without avoiding high bank exchange rate charges ?
Query: Individual had a salary account (Resident / Tax paid and returns filed) and later migrated to overseas (Non-Resident) i.e. Foreign bank account. On transferring money for maintenance from own resident to foreign bank account, LRS is applicable right ? Limit states more than 7 lacs, there is 5% charges applicable. Is there any way to file a return for this ?
Father wants to gift his amount from selling the property to his sons who are NRI, what is the maximum amount gifted to each one of them and are there any tax to be paid?
Sir, what if and NRI wants to transfer his own indian assets as money to abroad - say if he us going to settle there ? This LRS only covered scenarios where resident is transferring to nri.
There is another scheme called 1 million dollar scheme for NRIs . There is a detailed video on this channel on this subject. Please watch and be guided
Could you please enlighten whether to FiIe FORM ODI of PART I. As per my understanding Form A2 laso needs to be filed for Annual performance report. Kindly let me know what are the forms need to be filed and when
I have got some options from a UK based company as compensation for providing consultancy services. I need to exercise these options, for which I need to pay nominal exercise price. However HDFC and ICICI Bank are not able to execute this outward remittance as they are not sure about correct purpose code. This investment will be in equity shares. Can someone guide for purpose code please. UK based company do not have any subsidiary in India. Please guide.
Ifparentsexpire.and Nri son or.daughter wants.to takethe money from sale proceeds of property and deposits received what is the procedure including taxtobe paid etc maybeinformed..
I am a pensioner in India and live in the USA as a green card holder. I have filed my ITR as an NRI. To transfers funds for my personal expenses from the accumulated pension amount do I need Form 15 CA & 15 CB or can I straight away use Form A2?
In my Opinion, Form 15CA-Part D would suffice and no requirement for Form 15CB in this specific scenario... Please consult your banker in this regard for confirmation from them...
foreign remittances are taxed presently at 5%.New taxation law of 20% is it effective from 1st April or July 1st of2023.and am I permitted to remit money upto July 1st at 5%. Please clarify
What if an OCI bring money from overseas and live in India for a few years and then want to return back to overseas again but before that he wants to send his money from his resident Indian bank account to his active overseas bank account. Please suggest?
Thank you. It was very helpful. I have a doubt. Can a NRe transfer 10000 Euro from India from his NRE account to another NRE aboard. Two persons both are NRE . Is it allowed.
Exactly, Sir! The Definition of What's legal and what's not is constantly changing. Thank God! This channel is clarifying this and more.
I request you to cover how a new immigrant can transfer their funds overseas
This is the best video on FEMA and LRS on TH-cam so far.
Thank you very much
Very simplify explanation Thanks you both.
It will be very helpful if you cover NRI inr remittance to foreign
Dhanyawad ji for excellent and lucid presentation by SriRam ji and impressive anchoring subject u chose.
Dear Mr. Bhatt, would it be possible for a video about the proposed changes proposed in the 2023 union budget to outward remittance taxation. An increase to 20% from 5% on remittances above $8500 is definitely worth a discussion!
Hello Mr, Bhatt
Can you please reply on this? What are the alternatives to transfer money from India to USA?
Beautifully explained sir. Very useful to common people. Kudos to both sirs👍
Like all your videos this is also superb. Every information is authentic. What a great service! Be blessed always.
Very useful information for students studying abroad and their parents
Very good interview n good analysis by the anchor n the learned young CA.i am really enlightened.thank you.
Beautifully Explained, Your effort to simplify rules is praise wothy
Dear Chandrakant,
I found this video quite useful.
Could you pls. inform how OCI card holders can transfer their INR funds to their overseas account ?
A great information and that clears lots of doubt of common man. Thanks a lot.
If someone wishes to gift an amount to his child who is now foreign citizen ( person of Indian origin) do the same rules apply ?
Yes
@@NRIMoneyClinic Thanks 🙏
Excellent content!!!! Great information!!!! Lengthy video but with lots of details and information. Thank you for making this video.
Thanku very much sir..... This video cleared most of my doubts.... God bless u.... Keep making such informative videos 👍
Siram tie brings back memories of my late father, he had one just like that for over 35 years .now I have it .
No one cares about your tie. Did u even take anything else out of this?
Very useful information. Details are explained in a lucid manner and cover all kinds of needs/requirements.
Very appropriate & this makes the matter crystal clear !
One very common topic touched. Great job!
Excellent presentation
Good pronunciation
Thank you thank you thank you
(Please make a reference to GST applicable to Foreign outward remittance)
EXCELLENT INFORMATION.THANKS TO BOTH SIRS.
You people are doing a great Job, Please keep Educating, Thanks !
Health Reasons! Any limit other than $250000?
Great Financial matters advise and instructions!
Thanks again!
Very Helpful, my use case I am an NRI wanted to purchase a home and needed some fund from India
what if a present US citizen, wants to sell a previously held property, before he emigrated-how can it be done now.
He can sell... what is your exact query??
As an OCI ... Can I money from my current account in India to my current account in the UK? And what is the process? Is LRS .... A2 form the process.
Only if u are a resident under FEMA, then LRS would be applicable… however as you are an OCI, u most likely will not be a resident in India under FEMA and hence LRS would not apply… however such transfers can be done through normal routes if it does not violate FEMA and due taxes are discharged in India…
@@sriramrao2514 thank you ... Is there a specific FEMA law re: OCI. I am registered for income tax purposes in India for earnings from assets and bank interest and do submit my accounts each year.
@@alexandergeorge8590 same here , iam an oci too earning rent from India and want to sent outside , hope it's same as NRI rules for us
VERY very useful information explained in detail, depth in a easily understandable way by both -CA & Mr Chandrakanth - the questions asked by CK are very relevant and required for those who donot have much awareness about FX ! Great effort. A must watch video. Thanks a lot to both.
Useful.
At one point your expert said even a loan given to a son by father comes under lrs? A child can be given any amount as a gift correct? How do you distinguish a loan with out interest from a gift?
Very debatable issue… it all depends on execution of transactions & documents/evidences in that aspect…
How about transferring money from my account in india to a foreign account under my name again. Do we have any restrictions?
Very good presentation and guidance, without wasting time 🎉🙏
Your spoken statement may be true,Sir. In practice the financial crooks are transferring the Indian funds to their overseas interests without following the rules with the connivance of the bank and government officials, see Neerav Modi , Vijaya Mallyayya and others to name a few .
4:29 things are getting crystal clear only Chandrakanth sir explains :)
Good information, every person whose children at abroad should know about lrs.
Dr. Chandrkant your videos was helpful..thank you so much
After seeing the title I thought they will talk about how NRI can bring his own money from India to USA 🇺🇸 .. why India make everything so hard I can send money to India 🇮🇳 from USA 🇺🇸 Xoom $50000 easily but not other way around ..
True bro. Did you find the right and most economic way to do so ?
@@sir-cute not yet .. didn’t go India last year ..
I agree. The answer is its a third world country.
good info. There are NRIs who were earlier RIs for long years and have funds earned and accumulated in INR in India. How do such NRIs remit such funds abroad fir their own use/ use off relatives etc
You are right, I just experienced this!!
I have transferred funds to India many times from the US, but when I try to get my money back from india there is a restriction on how I can get to another country every year and I got disappointed..
Unless it is a business bank, I think you may transfer a lot more funds from India. Well, I will get to know about that too..
Hi, Thanks for the informative video. Please make a video on eRUPI and its benefits in making international payments online from India to other countries.
Sir, what is capital account for resident indian or when required to be opened by a resident indian
Very informative about an issue that is at the back of the minds of a lot of people but didn't know whom to ask.
Funds transferred from NRE fixed deposits needs to fill Form A2 and declare FEMA not exceeded $250000. Is it for Residents or NRI?
Now What is the applicable TRC for NRO account for transfering funds abroad ?
Very aptly put.This is an year old video.DR Sahab does the information still hold good?Have the rules changed?Thank you again.
Very much valid
Nice video sir, appreciate your preparation 👍
Thanks to both of u sirs for excellent presentation. Just wanted to know whether I can remit funds, say 10L to my daughter-in-law abroad as GIFT under LRS? Is daughter-in-law is listed beneficiary under COMPANY ACT also, to whom GIFT can be made under LRS? This confusion arose as pointed out nicely in ur presentation. Thanks
Sir, can LRS be used fir the purpose of a cash gift to children or grand children residing abroad ???
Very informative. Thank you for a great session and sharing.
How about Repatriation of money invested in India in Foreign currencies , the interst, profit, principal and inherited asset, Indian Rupee money?
Sale money of Inherited Residential asset by diseased OCIs by heirs of diseased OCIs?
Thanks!
Please also explain how the debit and credit cards issued in INR, India, can be used overseas and the local currency of that country is dispenced.
The best on the subject. Thank you
Thanks for advising on such important issue
Very useful information. Thanks to both. Great.
What about NRI transferring his own funds abroad.? Is there any provision for NRIs to transfer their own funds abroad?
Donot ask stupid question! It is your money can be transferred
@@rajanmathai It is a very relevant question and not stupid. Even though it is yr own money, it is in an Indian Bank and rules and regulation will apply.
Yes even I have the same question. Whom to contact?
For NRIs there is a scheme called 1 million dollar scheme. There is a detailed video on this channel on this scheme . Please be guided
Thank you very much for all the details provided.
Very well explained.
Thank you very much.
It's a big help for us.
TDS on gift from residnt indian ( not relative ) to NRI in canada ?
If transferred as Gift from Resident to Non Redident either thru forex or INR whether it will not attract gift tax to be paid by the receiver.
Good analysis
Thank you Sir 🙏
Sir Good information. One clarity required - Is this limit of LRS or USD 2.5 lac also applies for the resident transfer to Non resident in its NRO account?
Can u pl be enlighten if we have in US dollar FD and want to transfer when we migrate permanently to australia ? Is only 250,000 allowed or all while migrating.
Agriculture lease amount can I send in L RS
Very good information, learned new thing about TCS. Thanks. Can you make a video of transferring funds from NRO to NRE account?
This video is already there on the channel
Pls explain how we transfer from abroad to india ..n whatis limit in nre acct in one financial year
If an NRI sells a property in India and wants to send that amount abroad after paying the CGT, under which scheme he is supposed to do it if not under @/liberalisedremittancescheme.
There is a video on this channel by name " How To transfer funds from NRO to NRE " please be guided by the content
Hlo sir, who will signed on authorised dealer section in A2 form??? My bank is not doing this by saying that they are in rural area.So, what I have to do now????
Very useful information. Highly appreciated.
Would appreciate if you could explain the tax implications also for transfer up to INR 7 lakhs.
UpTo 7 lacs per financial year by the same remitter there will be no TCS amount exceeding seven lacs will face 5% TCS
Can I transfer money electronically instead of going thro a forex dealer or a bank ? Pl clarify
What about remitting money from my own NRE and NRO account in India to my local UAE account or any other foreign account?
Is there a limit?..Was it not discussed as it is more direct and simpler..any inputs?
Yes you can. NRE is freely repatriable. You can also repatriate through NRO basis supporting documents as directed by the AD/Bank.
Watch this video for Transfer of funds from NRO to NRE or foreign bank outside of India th-cam.com/video/NIfgcQzoQpc/w-d-xo.html
Funds can be freely from NRE to foreign bank is freely allowed…
How to transfer money from one’s nro account to account in usa
A good service by NRI Money Clinic.
Under LRS, what I understand is that the limit is $250k USD. Can the same Resident transfer to multiple NRIs, each equivalent to $250USD. Say, for example, one Resident wants to send money to 2 NRIs so in a given year, this resident can send $250k USD in total to these 2 NRIs or to each one of them equalling $500k USD?
No, $250k limit is for a remitter for a year in aggregate of all remittances irrespective of the recipient
@@sriramrao2514 Ok, thank you, Sriram.
@@sriramrao2514 For joint account will it be $500k for both?
Very coherent and succinctly provided information.
Done Great Job!!
Is there a provision to remit money from NRO account to one’s own account abroad? Will appreciate if you can clarify
This shall fall under repatriation. The AD/bank would ask for supporting documents depending upon the source of funds.
@@manishkukreja4040 thanks so one would need a CA certificate to say that taxes are paid in India? Also is there a limit per year
@@geetakaicker2815 Absolutely. A 15CA/CB certificate. Plus the supporting documents. You can transfer upto USD one million in a financial year.
You have guidance in this video th-cam.com/video/NIfgcQzoQpc/w-d-xo.html
I as an OCI sold my house in chennai, with the help of charted account (fee of,4000 Rs), transfered, 50,00,000 Rs, after paying 20% tax, from my NRO account. ( SBI)
I want to transfer money from my NRE account to my another account abroad, what is the best way to do without avoiding high bank exchange rate charges ?
Query:
Individual had a salary account (Resident / Tax paid and returns filed) and later migrated to overseas (Non-Resident) i.e. Foreign bank account.
On transferring money for maintenance from own resident to foreign bank account, LRS is applicable right ? Limit states more than 7 lacs, there is 5% charges applicable. Is there any way to file a return for this ?
Where is the description box located. I could not find it. Please guide me. Thanks.
just above this comment section... just click on 'SHOW MORE' above
Father wants to gift his amount from selling the property to his sons who are NRI, what is the maximum amount gifted to each one of them and are there any tax to be paid?
Can we transfer the funds to abroad from saving account held in India under Repatriation scheme.
Sir, what if and NRI wants to transfer his own indian assets as money to abroad - say if he us going to settle there ? This LRS only covered scenarios where resident is transferring to nri.
There is another scheme called 1 million dollar scheme for NRIs . There is a detailed video on this channel on this subject. Please watch and be guided
Thank you so much for clarifying. Is there a video explaining giving of money as a gift from a resident Indian to a NRI in Canada?
There is a video on taxation of gifts on this channel
@@NRIMoneyClinic Thank you !
Could you please enlighten whether to FiIe FORM ODI of PART I. As per my understanding Form A2 laso needs to be filed for Annual performance report. Kindly let me know what are the forms need to be filed and when
I have got some options from a UK based company as compensation for providing consultancy services. I need to exercise these options, for which I need to pay nominal exercise price. However HDFC and ICICI Bank are not able to execute this outward remittance as they are not sure about correct purpose code. This investment will be in equity shares. Can someone guide for purpose code please. UK based company do not have any subsidiary in India. Please guide.
thanks for educating me
Current regulations are slightly different from the earlier one.
Ifparentsexpire.and Nri son or.daughter wants.to takethe money from sale proceeds of property and deposits received what is the procedure including taxtobe paid etc maybeinformed..
Yes possible, but not under LRS… watch this video th-cam.com/video/NIfgcQzoQpc/w-d-xo.html
Can an NRI send money from his NRO account in India to his overseas account under LRS?
Yes possible, but not under LRS.. watch this video th-cam.com/video/NIfgcQzoQpc/w-d-xo.html
Please also add bank accounts ... Which bank account debited domestic/nro.... Which account the amount credited NRE/FCNR...etc...more helpful to us
Very useful discussion. Thank you.
I am a pensioner in India and live in the USA as a green card holder. I have filed my ITR as an NRI. To transfers funds for my personal expenses from the accumulated pension amount do I need Form 15 CA & 15 CB or can I straight away use Form A2?
In my Opinion, Form 15CA-Part D would suffice and no requirement for Form 15CB in this specific scenario... Please consult your banker in this regard for confirmation from them...
Highly Informative
Many such chartered accountancy related topics r Wellcome!
Awesome content. Liked the detailed explanation.
Very very useful information. Thanks
One case is left Sir. NRI have some fund in India, Can he send this fund to another relativ who is NRI staying in USA?
foreign remittances are taxed presently at 5%.New taxation law of 20% is it effective from 1st April or July 1st of2023.and am I permitted to remit money upto July 1st at 5%. Please clarify
20% TCS would be from 01st July… prior to that 5% TCS
Very Informative Video.
What if an OCI bring money from overseas and live in India for a few years and then want to return back to overseas again but before that he wants to send his money from his resident Indian bank account to his active overseas bank account. Please suggest?
LRS would apply under those situations
@@sriramrao2514 , Thanks 😊
excellent video. very informative. thanks
Thank you. It was very helpful. I have a doubt. Can a NRe transfer 10000 Euro from India from his NRE account to another NRE aboard. Two persons both are NRE . Is it allowed.