I am a PayPal newbie so I gotta ask these questions My relative has paypal and he has some kind of 500GBP monthly limitation. What is all about that? Does that mean that he can't get more then 500GBP from another PayPal transactions monthly or that he can't withdraw more than 500GBP to his bank account, credit card of whatever? If my relative sends me some money to my PayPal for example 500 bucks a month, do I have to pay taxes or such if I withdraw it to my bank account? Paypal has its taxes for sending and withdrawing money, about 5% if I'm not wrong, so I guess that covers it all or do I have some other form of taxes to deal with?
There is no limit for receiving...I think it's 500GBP withdraw limit.. It depends on your country,You can check your paypal..you should pay fees if your account don't have "gifts" option ...
I guess thats the charges for their service. Its not tax. And if your income becomes taxable, you have to pay tax.
If you are an Indian male below 60 yrs of age, then you have to pay taxes for annual income over INR160,000.
Nothing in Paypal is taxable. Paypal isn't paying you, someone else is and paypal is just facilitating the transaction. The money you receive may be taxable, but it has nothing to do with paypal. As far as the limit, you may need to verify the account, or upgrade to a premier account. There should be a link to see what can be done to lift the limit. Usually it involves upgrading the account, or verifying a bank account or credit card.
I think his PayPal account isn't verified It's been years I'm using a verified PayPal account so I don't remember quite...
OK, and what is necessary for a verified PayPal account? I heard that you need SSN or something to do that. Are there any benefits for business or premium accounts?
For your first question the answer is the limit is for monthly PayPal withdrawl. For your second question, yes you have to pay taxes for any money that is being transferd to your account and the sum total of it exceeds 160,000 yearly.