5 lakhs u will get a return, but if we put that in FD, u will get 25K, is the government going to return that?? Exchange rate+ each transaction percentage by debit card+ TCS - 20% is not a joke.
Finally you did a proper research for this topic, you covered all aspects thanks. But when compared to the last one which you did on the same topic, this is perfect.
Liked the video. You have explained the taxation on foreign remittances covering all aspects. Exemptions, threshold limit and refund of it in next year returns.
Sir i am moving abroad… so i wanted carry 3000 dollars along with me from india ….. so will there be any tax i only want to change the currency?? By giving 2 lakh rupeee n getting dollars
I didn't get your last example, if someone is an NRI they will get the money from their NRE account/NRO account, there will be no TCS on it. This whole 20% tax has been brought because of a huge gap that govt found between tax filed and money spent overseas. It is just to check tax evasion and flow of indian money to foreign countries by non resident, yes the money will be stuck until you get it through tax refund but only for indian residents not NRIs.
@@josephcorreia07 No . From NRO/NRE Accounts there is no TCS. However before transferring funds from these accounts , you need to file the Form 15CA/CB to prove that you already paid the taxes on the money sitting in these accounts
Wrong information from 10:40 pls correct...NRI's are not under the LRS scheme so if the parents send money to their child's nro account to buy a property in Canada the parents won't have to pay TCS.
Isko kya pata bcz he ran away from India and he doesn't even know about roots of Indian culture and sacrifice of our soldiers...such a stupid selfish perosn
Fucked up ! Shit this is ...tax govt ! I supported this govt ...but their taxing is next level ..
20% is the GST that you get back 100% when you file tax next yearl. so virtually, there is 0% percent tax.
This modi goverment good at Adding tax on tax .
Bilkul sahi i wanted to send 8 lacs to canada now don't now how to do it, modi cow piss drinker
Yes modi needs money to build his statue
Modi needs money to donate to ambani and adhani
@@madworker1927 20% is the GST that you get back 100% when you file tax next yearl. so virtually, there is 0% percent tax.
5 lakhs u will get a return, but if we put that in FD, u will get 25K, is the government going to return that?? Exchange rate+ each transaction percentage by debit card+ TCS - 20% is not a joke.
Great video! Does this cover wire transfer from Indian bank to American bank? Some say it only applies to credit and debit cards.
Finally you did a proper research for this topic, you covered all aspects thanks. But when compared to the last one which you did on the same topic, this is perfect.
That’s because that was a short form content which has its limitations. This is a detailed video which took over 12 minutes to discuss this topic.
@@DreamAbroad1 cool, but that gave a wrong assumption totally as an audience while watching.
Are you sure the 7 lacs threshold is removed? AFAIK, it still exists before the TCS kicks in.. for any reason to remittance.
Can you pls reconfirm..
Liked the video. You have explained the taxation on foreign remittances covering all aspects. Exemptions, threshold limit and refund of it in next year returns.
Glad it was helpful!
Does this apply to OCI holders as well or only NRI's?
Very well explained.... cleared my confusion and doubt
Bro, check again, I think it's only GST NRI ppl have to pay, instead of 20%..
Nope. He is right. Its 20% for any money sent out.
When parents transfer funds from property sales as inherited asset to their oci children, will the children get tax on their global income.
Sir i am moving abroad… so i wanted carry 3000 dollars along with me from india ….. so will there be any tax i only want to change the currency?? By giving 2 lakh rupeee n getting dollars
There’s no tax if you’re exchanging
And if someone sending money to India from abroad, is there any tax applied on that or only when sending from India to abroad?
From India
No tax in india when sending money from US to india nri account
Does India's bank card need to pay tax when it withdraws money abroad?
How govt will figure out that money sent is for education or anything else?
I didn't get your last example, if someone is an NRI they will get the money from their NRE account/NRO account, there will be no TCS on it. This whole 20% tax has been brought because of a huge gap that govt found between tax filed and money spent overseas. It is just to check tax evasion and flow of indian money to foreign countries by non resident, yes the money will be stuck until you get it through tax refund but only for indian residents not NRIs.
If I convert my savings a/c to nro a/c and then transfer the funds from nre a/c to Canada bank then will I still be paying 20% tax on it?
@@josephcorreia07 No . From NRO/NRE Accounts there is no TCS. However before transferring funds from these accounts , you need to file the Form 15CA/CB to prove that you already paid the taxes on the money sitting in these accounts
@@ramakrishnang55 thanks alot brother
Wrong information from 10:40 pls correct...NRI's are not under the LRS scheme so if the parents send money to their child's nro account to buy a property in Canada the parents won't have to pay TCS.
nre or nro?
since the remitters are parents they have to pay TCS
Incorrect information at 7:31 .If amount is 7 lacs then 20%
Is this per year or per person for lifetime
Hey Shitanshu, could you please make a dedicated video on your hair transplant experience in the past (In Canada or from wherever)... TIA😊
So say for instance tuition fees is 18000 Canadian dollar and GIC amount is 10000
So Indian government will charge me on 10000 dollars right?
Now it's postponed till 1st October, 23.
What is the parents don't have any income for the next year and file zero returns? Will they still be able to claim the TCS?
yes
I invested in US stocks through an app. For now tcs not deducted. Let's see what happens
Bro what happened?
Can I still send money under old scheme till June 30 ??
Wrong information 7:31 the threshold is still 7 lacs
What about the FD in existing NRI account
Is this applicable on NRIs repatriating money out of their ICICI NRE accounts back to their foreign bank accounts ?
It is not applicable for u guys
@@rahultalukdar5887 Thats awesome. Thanks !
Do you had a hairtransplant recently?
Yes
What if I load money to my forex card, will I still be charged 20% ?
Yes can u clarify this for both residents and NRI
very well explained
Stay to the point
Bro thats not for NRIs though 😊 for NRIs its million dollar scheme.
THIS 20% IS GST and you get all your money back when you file tax next year. You don't pay any TAX!
FOODING
Bro … government already rollback this announcement..you should have posted this video two months ago
Isko kya pata bcz he ran away from India and he doesn't even know about roots of Indian culture and sacrifice of our soldiers...such a stupid selfish perosn
What do mean it is not applicable now!
@rajay From what I can search now, this rule has not been rolled back. And there is a slim chance that it will, at least in the near future.
it is not applicable upto 7 lakh
Is this rule rolled back even after 7 lakh..?
Yes modi needs huge money to fund to adhani that's is why he's looting nri
20% tax wow its a money grab
Waiting for 1 million dollar scheme video..
This guy did not do his homework
Randi government
bjp
4 guna lagaan 🥲