Immigration Voice - Forums
Register Get Involved Contact Lawmakers Advocacy Discussion Image Image Image Image

Go Back   Immigration Voice > Immigration Voice Issues and Congressional updates > IV Agenda and Legislative Updates
Click to log in with Facebook
IV Agenda and Legislative Updates Immigration Voice's Agenda and Legislative Updates

Reply
 
LinkBack Thread Tools Display Modes
  #46 (permalink)  
Old 11-07-2007, 03:01 PM
Member
Priority Date
:
Sep-02
Category
:
EB3
I140 Mailed Date
:
Chargeability
:
India
Processing Stage
:
I-140
I485 Mailed Date
:
Compare
Join Date: Feb 2007
Posts: 36
miththoo is on a distinguished road
Default

Does any of you trade in Indian shares? If so, did you have to open the PIS NRE account to do trading in Indian shares ? I heard that NRI from USA can not use the normal demat account to do the trading in secondary market in India.

Thanks,
Miththoo
__________________
EB3 PD -- Sep 2002
I-485 - Filed on Jun 25th at NSC
EAD- Card Ordered
AP - Not Yet
---------------------------------
Contributed $100 for Rally.
Bookmark and Share Compare Reply With Quote


  #47 (permalink)  
Old 11-07-2007, 03:07 PM
Senior Member
Priority Date
:
Dec-03
Category
:
EB2
I140 Mailed Date
:
09/13/2006
Chargeability
:
India
Processing Stage
:
I-485
I485 Mailed Date
:
06/29/2007
Compare
Join Date: Jul 2007
Posts: 395
WeShallOvercome is a splendid one to behold WeShallOvercome is a splendid one to behold WeShallOvercome is a splendid one to behold WeShallOvercome is a splendid one to behold WeShallOvercome is a splendid one to behold WeShallOvercome is a splendid one to behold WeShallOvercome is a splendid one to behold
Default

Quote:
Originally Posted by miththoo View Post
Does any of you trade in Indian shares? If so, did you have to open the PIS NRE account to do trading in Indian shares ? I heard that NRI from USA can not use the normal demat account to do the trading in secondary market in India.

Thanks,
Miththoo
I have a trading account with IB, which I opened about 3 years ago. But now they need all trading account holders to provide their PAN information. They can not sell or purchase without that. My account is also in a suspended state becaus eof that(Good that I could not sell them,,, they are all about 3 times now )

I've applied for PAN and asked IB to provide info on what I need to do to convert my regular account to an NRI account.
__________________
LC PD : 12/2003, EB2-India
RD RD : 7/2/2007 - Thanks to IV
AD : 11/30/2007, Card Received: 12/11/2007

Chapter : WA

ATTENDED DC RALLY
Contacted Law-makers
Contributed $275 so far
Brought 3 new contributing members to IV
Bookmark and Share Compare Reply With Quote


  #48 (permalink)  
Old 11-07-2007, 03:11 PM
Member
Priority Date
:
Apr-06
Category
:
EB3
I140 Mailed Date
:
Chargeability
:
India
Processing Stage
:
I-140
I485 Mailed Date
:
Compare
Join Date: Aug 2007
Posts: 28
yadav has a little shameless behaviour in the past
Default Easy way

If someone enter USA they can bring in 10K$ with them in any form, ask you parents to go to any center in india private broker or anyone and buy $$ (thye charge some amount and that is in paise if they buy $ from you at 39 then they will sell it at 39.50 or so)

You can buy as much as you want 100K$ or more. then when someone from india is coming then they can hand it to him and he can give it to you here.
Bookmark and Share Compare Reply With Quote


  #49 (permalink)  
Old 11-07-2007, 05:24 PM
Member
Priority Date
:
Sep-02
Category
:
EB3
I140 Mailed Date
:
Chargeability
:
India
Processing Stage
:
I-140
I485 Mailed Date
:
Compare
Join Date: Feb 2007
Posts: 36
miththoo is on a distinguished road
Default

Quote:
Originally Posted by yadav View Post
If someone enter USA they can bring in 10K$ with them in any form, ask you parents to go to any center in india private broker or anyone and buy $$ (thye charge some amount and that is in paise if they buy $ from you at 39 then they will sell it at 39.50 or so)

You can buy as much as you want 100K$ or more. then when someone from india is coming then they can hand it to him and he can give it to you here.
Well in that case you "may" get caught by IRS (if they audit ). But in case of wire transfer you can prove that the money came from India in which there would not be any tax liability.
__________________
EB3 PD -- Sep 2002
I-485 - Filed on Jun 25th at NSC
EAD- Card Ordered
AP - Not Yet
---------------------------------
Contributed $100 for Rally.
Bookmark and Share Compare Reply With Quote


  #50 (permalink)  
Old 11-07-2007, 05:26 PM
Member
Priority Date
:
Sep-02
Category
:
EB3
I140 Mailed Date
:
Chargeability
:
India
Processing Stage
:
I-140
I485 Mailed Date
:
Compare
Join Date: Feb 2007
Posts: 36
miththoo is on a distinguished road
Default

Quote:
Originally Posted by WeShallOvercome View Post
I have a trading account with IB, which I opened about 3 years ago. But now they need all trading account holders to provide their PAN information. They can not sell or purchase without that. My account is also in a suspended state becaus eof that(Good that I could not sell them,,, they are all about 3 times now )

I've applied for PAN and asked IB to provide info on what I need to do to convert my regular account to an NRI account.
Thanks but were you able to trade in Indian shares using that account after you came to USA ? I heard it's illegal to trade using the normal demat account in you are NRI from USA.
__________________
EB3 PD -- Sep 2002
I-485 - Filed on Jun 25th at NSC
EAD- Card Ordered
AP - Not Yet
---------------------------------
Contributed $100 for Rally.
Bookmark and Share Compare Reply With Quote


  #51 (permalink)  
Old 11-07-2007, 05:32 PM
Member
Priority Date
:
Apr-06
Category
:
EB3
I140 Mailed Date
:
Chargeability
:
India
Processing Stage
:
I-140
I485 Mailed Date
:
Compare
Join Date: Aug 2007
Posts: 28
yadav has a little shameless behaviour in the past
Default no IRS

Quote:
Originally Posted by miththoo View Post
Well in that case you "may" get caught by IRS (if they audit ). But in case of wire transfer you can prove that the money came from India in which there would not be any tax liability.
In one trip if you bring in 10K or less than customs has nothing to do with it and as far as IRS goes

then your mother can gift you 12 K$ in a year and 12K$ your father can gift and that amount is considered as tax exempt, if you are married then same applies to your inlaws they can also give you total 24K$ (12 each)

so the total comes out to be 48K and then this same thing can be done with your wife so in 1 year you can get 96K dollars as a gift from your parents and inlaws TAX EXEMPT

Last edited by yadav; 11-07-2007 at 05:35 PM.
Bookmark and Share Compare Reply With Quote


  #52 (permalink)  
Old 11-07-2007, 06:27 PM
Senior Member
Priority Date
:
Dec-03
Category
:
EB2
I140 Mailed Date
:
09/13/2006
Chargeability
:
India
Processing Stage
:
I-485
I485 Mailed Date
:
06/29/2007
Compare
Join Date: Jul 2007
Posts: 395
WeShallOvercome is a splendid one to behold WeShallOvercome is a splendid one to behold WeShallOvercome is a splendid one to behold WeShallOvercome is a splendid one to behold WeShallOvercome is a splendid one to behold WeShallOvercome is a splendid one to behold WeShallOvercome is a splendid one to behold
Default

Quote:
Originally Posted by miththoo View Post
Thanks but were you able to trade in Indian shares using that account after you came to USA ? I heard it's illegal to trade using the normal demat account in you are NRI from USA.
Yes I did do quite a bit of trading, sometimes on phone from here...It all stopped when they suspended my account for lack of PAN information.
__________________
LC PD : 12/2003, EB2-India
RD RD : 7/2/2007 - Thanks to IV
AD : 11/30/2007, Card Received: 12/11/2007

Chapter : WA

ATTENDED DC RALLY
Contacted Law-makers
Contributed $275 so far
Brought 3 new contributing members to IV
Bookmark and Share Compare Reply With Quote


  #53 (permalink)  
Old 11-08-2007, 12:35 AM
Member
Priority Date
:
Sep-02
Category
:
EB3
I140 Mailed Date
:
Chargeability
:
India
Processing Stage
:
I-140
I485 Mailed Date
:
Compare
Join Date: Feb 2007
Posts: 36
miththoo is on a distinguished road
Default

Quote:
Originally Posted by WeShallOvercome View Post
Yes I did do quite a bit of trading, sometimes on phone from here...It all stopped when they suspended my account for lack of PAN information.
Thanks. But then how did you deal with the tax liability in India ? Did you file the tax return at the end of year or was the capital gain tax deducted at source by the bank itself ?
__________________
EB3 PD -- Sep 2002
I-485 - Filed on Jun 25th at NSC
EAD- Card Ordered
AP - Not Yet
---------------------------------
Contributed $100 for Rally.
Bookmark and Share Compare Reply With Quote


  #54 (permalink)  
Old 11-08-2007, 03:52 AM
Senior Member
Priority Date
:
Oct-06
Category
:
EB2
I140 Mailed Date
:
Chargeability
:
India
Processing Stage
:
I-485
I485 Mailed Date
:
Compare
Join Date: May 2006
Posts: 330
ramaonline has a reputation beyond repute ramaonline has a reputation beyond repute ramaonline has a reputation beyond repute ramaonline has a reputation beyond repute ramaonline has a reputation beyond repute ramaonline has a reputation beyond repute ramaonline has a reputation beyond repute ramaonline has a reputation beyond repute ramaonline has a reputation beyond repute ramaonline has a reputation beyond repute ramaonline has a reputation beyond repute
Default

I have an nre repatriable demat acct thru icici - it took all of 5 mnths and over 30 calls to cust svc to get the acct opened. The acct was mainly for utilizing the indian stock opts given by employer. You can trade as an NRI but online trading is not available for US residents on nre demat accts - u can however trade thru a broker like sharekhan etc.

All dividends are credited only to your NRE savings a/c - not to regular savings a/c. Any stock sale requires an authorization number which the broker can provide. Taxes on capital gains must be paid only if you sell within a year of purchase - the percentage is the same as for Indian citizens. There is no tax on long term cap gains

Since we do not have any taxable income in India, and many NRIs make charitable contributions regularly, the tax liabilities are usually not very high

Also there is a very informative section on sify.com for NRI taxation. You are not required to file any tax returns if you are in NRI status and are within the exemption limits.
__________________
This is not legal advice
Total Contributions to date:: over $750
PD Oct 2006/EB2/India
I140 approval Oct 2006
I485 filed Jul 2 07
I485 approved on Jul 25 2011
Received green cards on Jul 28 2011
Bookmark and Share Compare Reply With Quote


  #55 (permalink)  
Old 11-08-2007, 01:52 PM
Member
Priority Date
:
Sep-02
Category
:
EB3
I140 Mailed Date
:
Chargeability
:
India
Processing Stage
:
I-140
I485 Mailed Date
:
Compare
Join Date: Feb 2007
Posts: 36
miththoo is on a distinguished road
Default

Quote:
Originally Posted by ramaonline View Post
I have an nre repatriable demat acct thru icici - it took all of 5 mnths and over 30 calls to cust svc to get the acct opened. The acct was mainly for utilizing the indian stock opts given by employer. You can trade as an NRI but online trading is not available for US residents on nre demat accts - u can however trade thru a broker like sharekhan etc.

All dividends are credited only to your NRE savings a/c - not to regular savings a/c. Any stock sale requires an authorization number which the broker can provide. Taxes on capital gains must be paid only if you sell within a year of purchase - the percentage is the same as for Indian citizens. There is no tax on long term cap gains

Since we do not have any taxable income in India, and many NRIs make charitable contributions regularly, the tax liabilities are usually not very high

Also there is a very informative section on sify.com for NRI taxation. You are not required to file any tax returns if you are in NRI status and are within the exemption limits.

Thanks Ramaonline.
Which broker do you use to do the online trading ?
__________________
EB3 PD -- Sep 2002
I-485 - Filed on Jun 25th at NSC
EAD- Card Ordered
AP - Not Yet
---------------------------------
Contributed $100 for Rally.
Bookmark and Share Compare Reply With Quote


  #56 (permalink)  
Old 11-08-2007, 02:51 PM
Senior Member
Priority Date
:
Oct-06
Category
:
EB2
I140 Mailed Date
:
Chargeability
:
India
Processing Stage
:
I-485
I485 Mailed Date
:
Compare
Join Date: May 2006
Posts: 330
ramaonline has a reputation beyond repute ramaonline has a reputation beyond repute ramaonline has a reputation beyond repute ramaonline has a reputation beyond repute ramaonline has a reputation beyond repute ramaonline has a reputation beyond repute ramaonline has a reputation beyond repute ramaonline has a reputation beyond repute ramaonline has a reputation beyond repute ramaonline has a reputation beyond repute ramaonline has a reputation beyond repute
Default

There are several brokers who specialize in NRI investments. You can find them in the local yellow pages.
Check sunilgandhi.com
__________________
This is not legal advice
Total Contributions to date:: over $750
PD Oct 2006/EB2/India
I140 approval Oct 2006
I485 filed Jul 2 07
I485 approved on Jul 25 2011
Received green cards on Jul 28 2011
Bookmark and Share Compare Reply With Quote


  #57 (permalink)  
Old 04-08-2014, 11:16 AM
Senior Member
Priority Date
:
Jul-06
Category
:
EB2
I140 Mailed Date
:
06/25/2006
Chargeability
:
India
Processing Stage
:
I-485
I485 Mailed Date
:
06/30/2007
Compare
Join Date: Nov 2007
Posts: 171
ca_immigrant has a reputation beyond repute ca_immigrant has a reputation beyond repute ca_immigrant has a reputation beyond repute ca_immigrant has a reputation beyond repute ca_immigrant has a reputation beyond repute ca_immigrant has a reputation beyond repute ca_immigrant has a reputation beyond repute ca_immigrant has a reputation beyond repute ca_immigrant has a reputation beyond repute ca_immigrant has a reputation beyond repute ca_immigrant has a reputation beyond repute
Default

Quote:
Originally Posted by aviko21 View Post
Also for tax purposes in USA, you can get a gift of $200,000 from your parents and [COLOR="rgb(255, 0, 255)"]upto $12000 anually[/color] from other people without a tax incident up here.(completely unrelated info to your current wire)
Also u can wire from any bank in India.
This is intresting information...my tax person was telling me its 13k per year per person...so if u are a family of 4 then it can be 4x13k. But if its 200k that is intresting.

Have you got money from India as gift ?

also, off late i have been hearing a lot of cases where folks are bringining in money from other countries to buy homes here...how exactly does that work and wonder what the tax implications are...
__________________
=======================
Contributed $150 to $200 so far to IV !!
Sent out flowers during the Flower campaign !!
Made phone calls to senators during various phone campaigns !!
Bookmark and Share Compare Reply With Quote


  #58 (permalink)  
Old 04-29-2015, 01:08 PM
Junior Member
Priority Date
:
Category
:
N/A
I140 Mailed Date
:
Chargeability
:
Processing Stage
:
I485 Mailed Date
:
Compare
Join Date: Apr 2015
Posts: 21
stan1IV is on a distinguished road
Default

Hindsight is great. Reading through Rs 36 for a dollar days and difficulties in repatriating money back and forth.
Bookmark and Share Compare Reply With Quote


  #59 (permalink)  
Old 07-30-2015, 06:27 PM
Facebook User
Priority Date
:
Category
:
I140 Mailed Date
:
Chargeability
:
Processing Stage
:
I485 Mailed Date
:
Compare
Join Date: Jul 2015
Posts: 1
ZZzzZZhanna is on a distinguished road
Default

Quote:
Originally Posted by GCBy3000 View Post
I know this is not releated with Immigration. If you dont want to answer, that is fine. Just ignore this.

I have money crunch in US. I have accumulated huge debt in my CC. In past I have sent some money to India, but now when I ask my parents to send it here, they tell it is not possible without losing 30%. This is what they heard from my bank. Any Idea on how to get money from India from my own account to which I have sent from here.
Hi! I think this link may help you:
What’s the Cheapest Way to Send Money to India?
Bookmark and Share Compare Reply With Quote


  #60 (permalink)  
Old 10-08-2015, 01:40 AM
Junior Member
Priority Date
:
Category
:
N/A
I140 Mailed Date
:
Chargeability
:
Processing Stage
:
I485 Mailed Date
:
Compare
Join Date: Oct 2015
Posts: 2
narjivpar is on a distinguished road
Default Do Exchange

You can try Paypal or westernunion

The other way to do it is find some one who needs who needs money in India and staying in US and want to transfer money in India. You take money from him in USA and tell your parents to given money in India. I have done same from Somnath Hotel Gujarat
Bookmark and Share Compare Reply With Quote


Reply

Bookmarks


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are Off
Pingbacks are Off
Refbacks are On

Similar Threads
Thread Thread Starter Forum Replies Last Post
sending money 2 india ca_immigrant Interesting Topics 21 05-10-2010 03:49 PM
Transfer money to India pani_6 Interesting Topics 15 11-24-2009 05:47 PM
AC 21 Portability and New Employer like Infosys India, Wipro India, IBM India krupa Interesting Topics 5 06-28-2009 01:35 PM
transfering money to India dent04 Tax, Social Security and Financial Issues for Immigrants and Nonimmigrants 2 03-10-2009 12:09 PM



All times are GMT -4. The time now is 09:11 AM.


Powered by vBulletin® Version 3.7.4
Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
(c)ImmigrationVoice.org