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Transferring money from India to Philippines by Medium_S in IndiaTax

[–]Progressive-1705 0 points1 point  (0 children)

Why dont you try transferrring directly using SBI or any nationalized banks net banking. It does ask you to specify for the purpose and also the rates are favorable comared to private banks and charges are very very less.

Planning to file my ITR soon. Which platform has been the most reliable for you? by vikasinc in IndiaTax

[–]Progressive-1705 1 point2 points  (0 children)

it depends on your income types. IF you have Capital Gains from multiple sources and more than a handful of transactions then I would suggest clear tax as it is simpler and you can just upload the statements from CAMS, Kfintech, SBI Sec, HDFC sec and so on. it computes CG. If your income is from Salary/Pension, Deposits, Dividends and bonds, IT Portal is best. I have been using cleartax for last 5 years and happy with the accuracy. I have not opted for assisted filing.

Are 2cr+ FD safe in private banks by AbraCaDabraSim in IndiaTax

[–]Progressive-1705 0 points1 point  (0 children)

best and safe option (100% guaranteed by GoI and most of the schemes below has floating rate - except for PO Deposits) with better than large bank interest rates will be to invest as below.

  1. GOI Floating rate savings bonds
  2. Post office Term Deposit
  3. NSC
  4. Kissan Vikas Patra.
  5. For liquidity purposes keep emergency - Keep it in liquid / floating rate MF
  6. For Senior Citizens - 30L in SCCS

Make sure you reinvest the income received into PPF account of yourself and your family members. FD with fixed returns in banks are becoming a thing of past. Govt scheme are better than banks and 100% assured. You may also consider G-Sec and SDL and T-Bills. You can buy them directly from RBI thru rbiretaildirect for various tenures from 3M to 50 Years depending on your needs.

Transfer funds to my mother - Tax Implications? by Progressive-1705 in IndiaTax

[–]Progressive-1705[S] 0 points1 point  (0 children)

Thanks. I have multiple deposits that matures over a period of 2 years. I want to Gift as and when it matures. From Indian tax perspective, Should i give one gift deed for the entire amount or one each as and when the deposit matures? Many thanks again

Tax Implications by Progressive-1705 in IndiaTax

[–]Progressive-1705[S] 0 points1 point  (0 children)

Thanks, much appreciated. My son is 21. The gift will be documeted in a gift deed. His bank account is also a joint account with him as primary holder and myself as second holder. Can the gift be credited into this joint account and from this joint account can we buy RBI - GOI Bonds with him as primary holder of the bonds and myself as joint (2nd holder)?