Like Tree2Likes
  • 2 Post By gunsnroses

Transferring $ from India

Closed Thread
  1. #1

    Transferring $ from India

    I am thinking about selling some property in India and would like to bring the money from it to Hong Kong. I hear though that there is a 30% tax or something in India if you try to take money out of the country. Is this true? Are there ways to avoid this?


  2. #2

    Join Date
    Jan 2008
    Posts
    1,966

    If you have held the property for more than 3 years, then you capital gain tax of 20%.


  3. #3

    yes, but after everything is sold (and capital gain tax paid), the money will be sitting in a bank in india. would like to know how i could bring it to hk without paying that additional 30% or whatever it is they charge for taking money out of the country. thats a LOT of tax...total rip off lol


  4. #4

    Join Date
    Jan 2008
    Posts
    1,966

    Funds

    There is no 30% charge for transferring funds. You have to apply to your bank for transfer , and give them the necessary documents.


    Quote Originally Posted by anon1980s:
    yes, but after everything is sold (and capital gain tax paid), the money will be sitting in a bank in india. would like to know how i could bring it to hk without paying that additional 30% or whatever it is they charge for taking money out of the country. thats a LOT of tax...total rip off lol

  5. #5

    Join Date
    Oct 2012
    Posts
    296
    Quote Originally Posted by anon1980s:
    I am thinking about selling some property in India and would like to bring the money from it to Hong Kong. I hear though that there is a 30% tax or something in India if you try to take money out of the country. Is this true? Are there ways to avoid this?
    seriously the best way to get your money out of India is through Hawala (i.e. the underground banking system). Presuming you have friends / family in India - they will be well aware of those ppl. The difference in the exchange was about 4% when I converted but I gave them a wad of cash in the evening with my bank account details. I flew back that evening and arrived in the morning. By the afternoon of that day, I received the cash from Canada. They won't be able to tell you where its coming from - as that changes depending on whom within their network is ready at that immediate time.

    Just make sure the Hawala guy is someone recommended...

  6. #6

    Join Date
    Sep 2007
    Location
    Sai Kung
    Posts
    5,860
    Quote Originally Posted by rakedavids:
    seriously the best way to get your money out of India is through Hawala (i.e. the underground banking system). Presuming you have friends / family in India - they will be well aware of those ppl. The difference in the exchange was about 4% when I converted but I gave them a wad of cash in the evening with my bank account details. I flew back that evening and arrived in the morning. By the afternoon of that day, I received the cash from Canada. They won't be able to tell you where its coming from - as that changes depending on whom within their network is ready at that immediate time.

    Just make sure the Hawala guy is someone recommended...
    I would be very cautious of suggesting something illegal as this. Not only its illegal its what terrorists use with help from the Dawood Ibrahim's network run Hawalas...

    OP I would suggest, you to speak with your bank, provide them the necessary info/documents and surely they won't be charging you 30% even after paying capital gain tax.
    ghkg and bibbju like this.

  7. #7

    Great thanks! Yeah I'd rather not go the illegal route. Will speak to the bank.