PayPal India and taxes

Hello all

I have around 10k$ in my paypal account and I want to withdraw it. It is equivalent to approx Rs. 4.8 lack. If I withdraw it, will I have to pay taxes to GoI? Can there be any investigation behind so much money? I use PayPal India account and a SBI bank account.

Thanks

 

Yes i think there will be usual investigation by the bank, in that case try to withdraw your money in small break ups, i mean like $2k each every week, to make things look usual. Just an opinion, other members may help you further as well.

 

Don't worry about it.... 10k$ is not a big money Banks don't care even if it's 50k$..

 

DON,

I think limit is 1.6K for male. It is 1.9K for females.

Thanks,

 

Whatever the limit is. The main question is that can I be under suspect of GoI for some illegal work and black money?

PS: The money is whitehat and not from just 1 source. Some is from CPA, some from selling ebooks etc.

 

First of all you won't be able to withdraw such a big amount at one go, you have to break up the amount in small proportions. Secondly bank won't inquire about this money because they are happy to get more and more money. But yest you have to pay tax to GOI under income tax regulation act and till the time you are paying tax gov won't bother from where you getting this money but if you won't pay them tax then they might start bothering you.

 

If ur account is verified and u have few genuine transactions then its not at all a worry..
but if u dont and it is ur 1st transaction , den be ppd wid all the legal documents..!!

 

better pay tax for sucha big amount . btw for india 2500$ is the yearly limit for preventing money laundering.

 

If you want to withdraw now, you can. But you should have a business account. otherwise, monthly limit is just $2.5k. More over, it is always advisable to file your income through a chartered accountant at the year end (say, march). At that time, you should show your income and also file your papers for tax. You need PAN for this thing. For futher details contact any auditor. he will help you a lot. But you have to pay him.

 

People..Dont worry about the money, its safe in the hands of Paypal...

But Kaboom is putting a puzzle before us. I have some doubts...

1. How he earned such money... paypal asks in case, don't they?

2. How he left such money without withdraw, Does not he just imagine If paypal limits his account? at the same time paypal pays no interest

3. So, he earned this money in a single/double transaction. that means, he laundering the money.

4. see his rank,on DP he is just since a couple of months history, no long term track record of online .

5. Its not surely white but BLACKhat.

6. A KIND OF HAWALA.

finally dude. in india ,you need a PAN of income tax for the transaction with a bank about 50000Rs. that means no one escape form the IT,

you can do a thing

send the money in limits of 49500Rs. into your reliable persons accounts. they pick-up.

everyone happy.

p.s. may i help... you. ;-)

 

i dont know why some people Give reply if they dont really know the real answer. Mr Kaboom you can withdraw full money , and Paypal does EFT so no worries no one will ask you anything as long as paypal has no problem with the transactions.... incase wait more 2-3 days for paypal to verify the funds if there is no problem and money is there in your paypal acount . you can withdraw full 10k or 20k no problem if paypal allows to . as may be you are premier account so i think 2.5$ is limit each month. so it would take 4 months to clear. But for real you are safe to withdraw.

 

labaik88 , lol u think $ 2.5k is the monthly limit for paypal verified users ? the answer is no , it wont renew your limit over the next months . its your total limit of a paypal verified users for personal account. ( i m speakin' for paypal india) .

 

I guess there will be some sort of investigation for sure as paypal or bank will ask the OP the source of the pament. After all it is not a small amount either

 

Let me answer all that:

1. I earned in many ways. I have a site. I earned through that. Also, CPA made about 2k. And, selling ebooks (not at DP, at WF) - That answers 4.

2. I left because I was shifting my house. I thought if there would be any trouble if I just shift when the transfer of procedure is ON.

3. See 1.

4. See 1.

5. It is absolutely WHITEHAT.

6. No Hawala.

That answers my question!!

 

Well its better like others said withdraw it in parts and maybe if possible you can withdraw it to diffrent bank accounts..

 

Mr.KaBoom,

That is nice to here(read). then Here what I do to get money form U.k to India...

For a single transaction, I get money £1000 p.m, directly form my ICICI UK(which is attached to Paypal), to ICICI India, where I save huge amount, inform of commission...

Or even You do not have any onshore bank account, then also you can draw your money in 2, 3 pieces. there wont be any problem.

good luck.

 

Go ahead dude, nothing will happen and no one is going to questions you, i have withdrawn upto $28k in 1 shot... and many $X XXX transactions