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Inward Remittance Letter to Bank  Form

Inward Remittance Letter to Bank Form

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Instructions and help about remittance form hdfc bank

how are inward remittances taxed in India before we get into this let us know what FEMA is FEMA stands for Foreign Exchange Management act in India all the foreign inward remittances come under the governance of this very Act but is every remittance taxable well no Prema outlines scenarios and the sender receiver relationships in which remittances are not taxable there is no upper cap on the amount one can send to listed relatives without being subject to taxation so when is the money actually taxed the money sent to any non-relative upon crossing the threshold of 50 000 rupees annually will be taxed by the government as the receiver's income furthermore the country of origin may also tax remittances in certain cases for example U.S residents can send fifteen thousand dollars in gifts to family in India per year tax free however gifts about this amount will result in a tax event in case of the United Kingdoms the yearly exemptions are capped at 3 000 pounds during the fiscal year Addit

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