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What if the parents transfers the money to the citizen's Indian account as "Gift"?
It will not have any tax implication for you in the.
It sounds like you think one could avoid the income tax that would otherwise be owed to the US because of earning the money that was sent as a gift.Can I send 100,000 to my parents in India to invest in a fixed deposit?AUD 250.00, transfer methods, online, Phone, Agent, Bank Account to Bank Account, International Money Order.Transfer options, regular payments, One off payments, Market orders.This effectively reduces the rate of return.84 in rupee terms.Go to site Compare Show details Minimum transfer amount AUD 250.00 Transfer methods Online, Phone, Agent Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Email Available currencies AED, AUD, CAD, CHF, CNY, CZK, DKK, EGP, EUR, FJD, GBP, HKD.Since your parents fall in the 30 tax slab, they would also need to pay 20 more income tax (30 minus 10 TDS) separately to the government.GBP.00.624, iNR 363,118, global Reach will match any competitor's exchange rates.Go to site Compare Show details Minimum transfer amount AUD 2,000.00 Transfer methods Online, Phone, Bank Account to Bank Account Transfer options Regular payments, One off payments, Market orders, Forward contracts Customer service Phone, Chat, Email Available currencies AED, AUD, BBD, BDT, BGN, BHD, BOB.Lets also look at effective dollar returns from this FD investment.With consistently great rates, low fees, and over 30 years experience in the money transfer industry, we've partnered with India's most trusted banks like State Bank of India, hdfc Bank, icici Bank, and Punjab National Bank to ensure your money transfer arrives quickly and safely.No maximum transfer amount.Customer service, phone, Chat, Email, Branch, available currencies.0 transfer fee on transfers over AU10,000, 15 flat fee applies otherwise.
If it weren't for the exclusion, one would pay taxes twice on the money sent to their parents: first, when the money is earned, and then again when the gift is given.
Also, FD and savings account interest up to 50,000 per annum is exempt from income tax for senior citizens in India.