How much money can we bring from India (I am going to India on Vacation)?
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Posted on: 07-09-07 16:33:41
Quote:
Originally posted by Vijaya31
We are getting divertd from the actual questions/ discusions.
The question was - if we, Canadian Resident (either PR or Canadian Citizen) visit India , then how much money can be brought back to Canada.
As Chandresh said - there could be many reasons to bring back money from India ..such as to pay mortgage, make downpayment to buy a car or purchase a house.
So if anyone has previous experience on bringing money from India (not on first visit , such as immigration, but when we visit India on holidays).,please share some info in Canadian Desi forum.
I will definately write , after my visit to India.
Thanks!
It depends on your source of money. In case you sell your ancestral property, then after paying the capital gain taxes you can repatriate the money in $$$$. On the same note your parents can gift you and i think the limit is $100,000 per year. If you have sent some money from here for investment, then after paying the taxes, if any , you can repatriate the money in dollars.
It depends on the source of money ....... after all there no "money trees"in India where you can pluck the money & then try to repatriate it .... or is there ................
These are the limits for sending remittance from India.
http://www.icicibank.com/Pfsuser/icicibank/depositproducts/outward_remittance/out_rem_drop.htm#donation
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Just got back fm holiday to India, since I had some funds I wanted to bring and got the following info.
1. As stated earlier by putoo, it depends on source of funds, but to repartiate back to canada the process is tedious.
2. Gift from parents or anyone else is no simple matter as they too have to show how they got those funds and pay tax.
3. As a PR or a NRI you can take only foreign currency equillant to IRS.10000 ( Rs. Ten thousand only, please don't read adding one more zero).
4. However resident Indians can take USD 10000 with ease.
Hi Vijaya 31,
I've diverted the topic to the some extent, nevertheless the diversion is all about money only.
Technically you can bring all your back home monies selling all your fixed assets up to 100 K USD provided you paid all the taxes for the income that you are planing to bringing. Talk to the State Bank of India or ICICI foreign currency transaction branches nearer to your home town, they will clearly explain to you with RBI regulation; how much money you can actually take out from Back home. There are two acts you should know FERA and FEMA if you are bringing money from Back home. You will loose money in the currency exchanges.i.e., Indian rupees to Canadian Dollars or USD.
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Quote:
Originally posted by kumar_vadivelu
Hi Vijaya 31,
I've diverted the topic to the some extent, nevertheless the diversion is all about money only.
Technically you can bring all your back home monies selling all your fixed assets up to 100 K USD provided you paid all the taxes for the income that you are planing to bringing. Talk to the State Bank of India or ICICI foreign currency transaction branches nearer to your home town, they will clearly explain to you with RBI regulation; how much money you can actually take out from Back home. There are two acts you should know FERA and FEMA if you are bringing money from Back home. You will loose money in the currency exchanges.i.e., Indian rupees to Canadian Dollars or USD.
Actually you can remit upto one million dollar from your NRO account if you have paid the necessary capital gain taxes on immovable property sale.
