Tax on foreign transaction
This query is : Resolved
31 May 2020
Sir i am Smit , my friend from USA wants to do FDI in india so which sector is good for investment in India? he wants to transfer 10MUS$ in my account but due to RBI monetary restriction his HSBC bank in USA have refuse to transfer his 10mUS$ in my account in S.B.I, so he created to my online account in his HSBC BANK USA , he transfer his 10MUS$ money from his HSBC bank regular account into My HSBC bank online account now his bank (HSBC) says that i will transfer this money from my online account at HSBC bank into my regular saving account in SBi through online way. So sir is this transaction is legal in India, as per Income tax laws and banking laws ,if it is legal what percentages of TAX will be levy on this transaction by Income tax department.?
Note- Sir i am Indian citizen not NRI and my friend is USA citizen)
Note- Sir i am Indian citizen not NRI and my friend is USA citizen)
31 May 2020
Sectors of manufacturing of lithium-ion battery and solar panels are the best for investment.
Start a company with you and your friend as directors lot of opportunities and government support and tax benefits available.
Such remittance will be treated as gift and taxed at slab rates upto 30%.
Start a company with you and your friend as directors lot of opportunities and government support and tax benefits available.
Such remittance will be treated as gift and taxed at slab rates upto 30%.
09 June 2020
but sir it is not sent by my relatives/mother/father /wive although this transaction treated as giftt? can i transfer this money from my online account in HSBC bank USA into sbi saving account , if this will done can i prosecuted for money laundering? Note - I am not NRI .
09 June 2020
Transfer of money through banking channel will not be treated as money laundering.
Don't opt to treat it as gift high tax payable.
Foreign direct investment is encouraged. Start a company get investment from your friend and include him as non resident director.
Don't opt to treat it as gift high tax payable.
Foreign direct investment is encouraged. Start a company get investment from your friend and include him as non resident director.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Unanswered Queries
- Refund of AY 22-23
- Should I include march foreign salary received in April in my income for FY 2023-24?
- HSN Details in IFF/GSTR-1 & in GSTR 9
- Tax on capital gains revoked us 54f
- Inventory of finished goods
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- GST APPLICABILITY ON POLLUTION CHECK SERVICE
- Applicability of Ind As to associate of associate
- 115TD on cancellation of 12A 80G Registration
- Declaration of Profit of foreign subsidiary in Indian holding Company
- Return material
- TDS is applicable on payment of Fix Meal
- Form ITC 04
- TDR receipts for agreement holder
- Point (III) 9 of GSTR-9C
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
