http://www.indusladies.com/forums All matters relating to money - discuss about savings, investing and handling tax issues. en Sat, 21 Nov 2009 04:39:05 GMT vBulletin 60 http://www.IndusLadies.com/forums/images/006/misc/rss.jpg http://www.indusladies.com/forums http://www.indusladies.com/forums/money-matters/77835-18-omens-good-fortune-fengshui.html Sat, 21 Nov 2009 00:32:55 GMT Belief in lucky and unlucky omens has always been a universal part of our psyche. Like it or not, many of us believe...]]> Stumbled on this article....really good one..so thought of sharing....good luck to all of you

Belief in lucky and unlucky omens has always been a universal part of our psyche. Like it or not, many of us believe in signs of good fortune and impending misfortune. The greatest leaders of the world believe in it, philosophers think seriously about it, while actresses, gamblers and celebrities are hopelessly obsessive about it. Ordinary people engage in rituals and wear an infinite variety of charms to attract good portents. We believe in lucky and unlucky days. We have our favourite good luck amulets.
Our belief in lucky and unlucky signs is almost subconscious, so much so that we constantly interpret the most commonplace things that happen to us as suggesting either good or bad luck. A broken mirror, inadvertently walking under a ladder, getting stung by a bee or dreaming of white tigers – each time something remotely out of the ordinary happen to us, instantly we wonder if it will bring us good or bad luck. Here are 18 common events in everyday life believed to be powerful indications of good fortune.

	When Bats Nest In Your Home This is one of the most powerful indications that the family is about to become seriously wealthy. The Chinese regard bats as symbols of abundant wealth. The circular pattern of five bats is a very popular design feature found on furniture, paintings and ceramics. The Chinese believe that bats nest only in auspicious places – they have highly developed sensory parts that are able to “smell” out places with auspicious chi. The next time bats come and nest in the eaves of your home, rejoice because this heralds good fortune.
	When Someone Gives You Money On A Lucky Day It is the surest sign that you will enjoy a significant increase in money luck. A lucky day is usually a new moon or full moon day. Or it can be a day of your animal sign. Check the Feng Shui Almanac for these lucky days. Make sure you keep the cash given to you on that day, as it is described as “good luck money”. Money can be given to you in many ways. It could be someone repaying a debt owed to you, or someone giving you an unexpected tip for some favour performed. This is the belief behind the tradition of giving lucky money on the fifteen days of the lunar New Year. These fifteen days of the year’s first moon are looked on as “days of miracles”, so money received on these days is always regarded as lucky money.
	When Bird Droppings Land On Your Head Many people believe this to be a major sign of wealth coming from heaven. Hence, although, it is really yucky and a major inconvenience, when something like this happens to you, take comfort in the fact that this is described as good luck being just around the corner! In fact, most things associated with birds tend to spell good fortune, such as when birds fly to your home and start making nests in and around your house. While bats bring abundance, birds bring good news and opportunities. The next time a flock of ravens, pigeons or magpies come to your home, feed them with bird seeds. Birds are also said to be powerful protectors and guardians. Even crows are said to be messengers of the Gods. So welcome birds with open arms.
	Finding Your Initials On A Spiders Web Is said to be an indication you will have good luck forever. All your plans will develop to fruition and whatever obstacles may be blocking your projects will be dissolved. Like the spider, you will attract food and money without even trying! This actually happens more commonly than you realize.

]]> Money Matters SriVidya75 http://www.indusladies.com/forums/money-matters/77835-18-omens-good-fortune-fengshui.html http://www.indusladies.com/forums/money-matters/77723-money-transfer-through-walmart-moneygram.html Thu, 19 Nov 2009 22:24:51 GMT Does anyone know how to send some cash dollar through some relative in India through walmart money transfer service. points that require clarifications: 1)do walmart take cash amount? 2)how they are going to pay it to the recipient?indian rupees in cash or soe draft? 3)do recipient has to go... Does anyone know how to send some cash dollar through some relative in India through walmart money transfer service.
points that require clarifications:

1)do walmart take cash amount?
2)how they are going to pay it to the recipient?indian rupees in cash or soe draft?
3)do recipient has to go somewhere to collect it or they'll tranfer to the bank account or at their doorstep?
4)how reliable and fast the service is(any -ve feedback?)
5)do this get notified to IRS for next year tax return and what is the formality on that?

same questions about western union or any better money transfer service for cash amount?
thanks a lot ]]> Money Matters richa2009 http://www.indusladies.com/forums/money-matters/77723-money-transfer-through-walmart-moneygram.html http://www.indusladies.com/forums/money-matters/77719-power-attorney-flat-related-question.html Thu, 19 Nov 2009 21:44:22 GMT Hi everyone. My husband has flats in india for which he has given seareta general POAs to my father-in-law to withdraw money from NRI account and pay installments , for electrification, any customization and taking possesion (receiving keys by signing on my DH's behalf). few months after he received the possession, my husband went and did registration and mutations of the houses on his name.He didn't cancel the POA categorically as he belives once registration and mutations are done, POA has no power.Is that true?
1)when possession, registration ,mutation and all formalities are over and my dh took the ownership of his properties being physically present, it is a done deal case. Under that circumstances, did .my DH have to cancel or revoke poa s doing a separate formality or the poa automatically becomes null and void? My DH says that those poa s now null and void as he already went to complete the registration etc by himself , though possessions were taken by my fil.

2)for another flat which is on loan, though possession(by my father-in-law), registration , mutation (by my husband itself on his name)are done , the poa is still active for my father in law because he is the loan executor on behalf of my husband.the loan installment amount is directly sent to the builder from the bank every month and my father -in-law technically has no involvement.my question is do we have to keep the POA active until the loan is paid or we can withdraw it anytime before that?

WHAT IS THE PROCEDURE TO WITHDRAW A POA. DOES IT BECOME NULL AND VOID AFTER THE ACTUAL OWNER DOES THE REGISTRATION AND MUTATIONS OR IT REQUIRES A SEPARATE FORMALITY TO NULLIFY THE POA.

if anyone has ever given poa to others or parents, did you have to do anything to cancel it.please share with me if you have any info.

Thank you so much.

if anyone has ever given poa to others or parents, did you have to do anything to cancel it.please share with me if you have any info. ]]> Money Matters newlife2010 http://www.indusladies.com/forums/money-matters/77719-power-attorney-flat-related-question.html http://www.indusladies.com/forums/money-matters/77567-financial-package-help.html Wed, 18 Nov 2009 17:52:12 GMT Namaste!

I'm hoping this is the right place to post this thread, and after extensive searching, i think i may find some help here!

I have recently been kind of offered a job with an Architectural/Design consultancy Firm in Mumbai. Now, they have asked me about the Financial package, and to be honest, I have no idea what to suggest!!! this is where i need some help! I am a recently graduated MSc student from London, and have only a few months experience. I have tried looking all over the internet for suggestions, but in vain!

Any help will be appreciated greatly!!

Thanks!:thumbsup ]]> Money Matters poons http://www.indusladies.com/forums/money-matters/77567-financial-package-help.html http://www.indusladies.com/forums/money-matters/77467-right-time-buy-mutual-funds.html Tue, 17 Nov 2009 21:09:04 GMT I was looking at this MF VTFX..Vanguard short term Mutual fund...Can we buy MFs all by ourself? who is a broker in this case? and what does the broker do?? Would the broker let us know how long / short time period we have to keep the MFs and when can we sell them? I am a member of SCOTTRADe...any... I was looking at this MF VTFX..Vanguard short term Mutual fund...Can we buy MFs all by ourself? who is a broker in this case? and what does the broker do?? Would the broker let us know how long / short time period we have to keep the MFs and when can we sell them? I am a member of SCOTTRADe...any suggestions are welcome!

Thanks:cheers ]]> Money Matters SriVidya75 http://www.indusladies.com/forums/money-matters/77467-right-time-buy-mutual-funds.html http://www.indusladies.com/forums/money-matters/77351-trading-for-nris.html Mon, 16 Nov 2009 20:36:49 GMT Hi Friends, I have a few question related to Share trading, i am a newbie ....please help me with my doubts. 1 . I had a Demat Account with a Online trading bank , while i was in India. i have traded with them before moving abroad. Now i am interested in trading in indian Market. Can i still... Hi Friends,

I have a few question related to Share trading, i am a newbie ....please help me with my doubts.

1 . I had a Demat Account with a Online trading bank , while i was in India. i have traded with them before moving abroad. Now i am interested in trading in indian Market. Can i still use the same account which is still active(but have not traded for last 2 years)

2. If yes.... Do i have to inform the bank of my current stay?
if No .... Should i open a new Demat account ..... what are the conditions for an NRI to do trading in a Indian stock market.... Also advice me what documents should i have to open one.

3. if i start trading ..... are there any diffn rules(tax) for NRI's

Hope i have not confused .... thanks in Advance. ]]> Money Matters vaidehi http://www.indusladies.com/forums/money-matters/77351-trading-for-nris.html http://www.indusladies.com/forums/money-matters/76952-gold-rate.html Thu, 12 Nov 2009 12:44:06 GMT Hi all, Gold Rate is increasing Day by day.. How about in the forthcoming days.. Will it be incresed or Decreased? I heard in the forth coming days it will reach nearly Rs.2000/per gram. If you get to know any information about this. plz post here.... Hi all,

Gold Rate is increasing Day by day.. How about in the forthcoming days..
Will it be incresed or Decreased? I heard in the forth coming days it will reach nearly Rs.2000/per gram. If you get to know any information about this. plz post here.... ]]> Money Matters Bharathi.K http://www.indusladies.com/forums/money-matters/76952-gold-rate.html http://www.indusladies.com/forums/money-matters/76860-buying-home-us-when-h1.html Wed, 11 Nov 2009 18:39:12 GMT Hi Ladies,

Considering that home prices are down in the US, we were considering buying a home here...Just need your thougts on if you think its a good idea

1. I'm on H1 visa but may get EAD soon
2. We plan to stay in the US for 5-8 years


Do you ladies think its a good idea? I understand u may say wait for EAD but I also tend to think if you say let the waves stop then I'll take a swim in the sea(i know i know poor translation of a Tamil phrase :)..things will never happen...
So why wait ..there will always be oneissue of the other..buy when you can ..and prices being down is one of the best times to buy..

What r your thought ladies

Thanks
IL ]]> Money Matters indianlady1 http://www.indusladies.com/forums/money-matters/76860-buying-home-us-when-h1.html http://www.indusladies.com/forums/money-matters/76830-partner-required-discuss-online-share.html Wed, 11 Nov 2009 14:27:39 GMT hi is anybody there doing share trading ? i was trading for one year... shal v share our ideas and invest? welcome ladies hi

is anybody there doing share trading ?

i was trading for one year...

shal v share our ideas and invest?

welcome ladies ]]> Money Matters baladeepa http://www.indusladies.com/forums/money-matters/76830-partner-required-discuss-online-share.html http://www.indusladies.com/forums/money-matters/76659-your-biggest-enemy.html Tue, 10 Nov 2009 04:31:15 GMT Hi Friends. You’ll never earn your financial freedom if you keep on paying with your credit cards. Surely, it’s nice to have them for emergency situations, but buying a new pair of shoes isn’t an emergency, I hope we can agree on that. So, if you are already moving money from a credit card to... Hi Friends.

You’ll never earn your financial freedom if you keep on paying with your credit cards. Surely, it’s nice to have them for emergency situations, but buying a new pair of shoes isn’t an emergency, I hope we can agree on that. So, if you are already moving money from a credit card to another, trying hard to make ends meet, you’d better stop spending from the credit cards and let them slowly get balanced. Be careful with those credit cards, as they are not all alike. Some of them are more expensive than others, so make sure you repay the most expensive ones first, then get rid of the debt on the others. Then, after you’re done, either cut your cards in pieces or simply control your shopping impulses better and don’t use the cards unless you have a real emergency that needs immediate attention.
Tanks. ]]> Money Matters henrythomas http://www.indusladies.com/forums/money-matters/76659-your-biggest-enemy.html http://www.indusladies.com/forums/money-matters/76638-tax-deduction-for-home-office.html Mon, 09 Nov 2009 22:29:58 GMT Hi Anyone doing tax deduction for home office? Hi
Anyone doing tax deduction for home office? ]]> Money Matters chaaral http://www.indusladies.com/forums/money-matters/76638-tax-deduction-for-home-office.html http://www.indusladies.com/forums/money-matters/76552-can-anyone-advice-filing-income.html Mon, 09 Nov 2009 08:43:27 GMT Hi,

My friend is a running a business from her home . It's a small business. She needs advice on filing Income Tax returns.

Give me your advice and experience on it,
Nainika ]]> Money Matters NainikaSomaiya http://www.indusladies.com/forums/money-matters/76552-can-anyone-advice-filing-income.html http://www.indusladies.com/forums/money-matters/76478-us-citizens-moving-to-india.html Sun, 08 Nov 2009 17:30:13 GMT I have penned down some of my queries and answers I got when I relocated to India. Since majority of this post details with finance and related information I decided on posting in this forum. Mods, please move it to the appropriate area if this is not the right forum for this post. I would like... I have penned down some of my queries and answers I got when I relocated to India. Since majority of this post details with finance and related information I decided on posting in this forum. Mods, please move it to the appropriate area if this is not the right forum for this post.
I would like to add a disclaimer - I am not a financial planner/consultant nor a dual taxation expert. These are some of my experiences. Please feel free to add to what I have stated or correct me if you find any discrepancies.

* Can I maintain my NRI status even if I transfer residence to India.
Most likely NO. You will be treated as a regular Indian Resident when it comes to Bank A/Cs,Post Office Schemes, Ration Card etc. Unless you keep travelling back and forth and do not declare TR when you move in, you cannot maintain NRI status(even if you are a US Citizen).

* Can I get a license to drive/Ration card/Gas connection/Pan Card etc
Address proof - For me it was apartment docs and electricity bill in my name. I used this as address proof to get a DL. DL can be used as address proof as well as photo id in most places. If you don't own a house, the rental agreement with electricity bill should do.
If you have a valid US DL, any RTO should be able to give you a license with a rider on the reverse(stating that you are a foreign DL holder). Most RTOs will refuse there is such a law, make your life miserable and make you run from pillar to post. Just go to a driving school and do the road test. You will get your DL sooner OR go to a driving school and show your foreign license and see if they can help you with the Indian DL.
Once I got my DL, I used that as address/id proof along with OCI/Passport copies to open regular bank a/cs.
Pan cards are for anyone filing taxes in India, even if you are not an Indian citizen. Get one(your pan card will state your OCI/PIO status).
Ration cards are also for residents, you can get one. I've not really found a use for it other than for getting a regular subsidized gas connection.

* How does taxation work?

India -
Your investments in India will start getting taxed, just like a normal resident as soon as you transfer residence and start working and earning in India(all NRI a/cs need to be closed too). This is similar to Indian citizens in the US getting taxed there.
You can and should apply for a PAN card(with your OCI/PIO) ASAP. It is mandatory to give a copy of your PAN card to the banks and other financial institutions if you make an investment greater than INR 25,000. Until you get your PAN card, you can still open bank FDs giving a PAN exempt form(which is available in the Bank). Main reason for me was that I was a non working person. Later, I had to get a PAN card for opening a Demat a/c when I decided to start diversifying and investing in equities etc. So from my experience, get a PAN card you will need one.


USA-
Big difference - NRIs outside india are not going to be taxed for earned income outside of India(in India). USCs and green card holders(yes even GC holders) have to file returns and yes earned income outside the United States is still taxable - Income from Abroad is Taxable. As of 2009 tax cycle, earned foreign income of little over $90,000(per head) is exempt from taxes but you still have to file taxes - Foreign Earned Income and Housing Exclusions. And it is best to not skip any assest anywhere while filing.
US citizens physically outside of the US before the tax deadline automatically qualify for a two month deadline extension(penalty may be charged on payments). You can apply for a further two/four month extension. This will give you the time to file taxes in India, get all the paperwork ready and then file the US taxes. All hows and whens and all about extensions - U.S. Citizens and Resident Aliens Abroad

Here is the latest IRS publication for tax payers living abroad - http://www.irs.gov/pub/irs-pdf/p4732.pdf

I got a foreign tax consultant's help to file US taxes. He was recommended by a friend. That saved me a lot of hazzles with US taxes. He is based out of the US.

Btw, here is a link to a Dual Taxation discussion from the R2Iclub forums. There are a bunch of people discussing various taxation issues. Most of it went over my head though - MT: Tax for US Citizen living in India - R2IClubForums

Another tip on tax filing, in India there is no concept of married filing jointly, everybody needs to file as individuals. If you file your India returns this way, then it may make sense to file separately in the US(Married filing separately).

* What happens to my existing NRI bank accounts/home loans etc?

The legal thing to do is to open Resident bank accounts(if you have claimed TR) move funds from NRI to resident account and then close the NRI a/cs. I walked into my bank, told them that I had moved and they got the needed paperwork and did the needful(SBI). FDs - after the tenure, it should automatically be renewed as Resident FDs. New FDs will be opened as resident FDs(banks generally will do that).NRI home loans will continue with the same EMI and tenure(fixed interest ones, not sure of floating).


* How about new loans/FDs etc

You will not get an NRI home loan(esp if you are employed in India) even if you are a USC after you have transfered residence. You can invest in FDs(resident interest).

* MFs in India
SEC has a catch for you. Foreign MFs are considered PFICs(Passive foreign investment companies) and are governed by tax laws that are really hazy and difficult for lay people to understand. I've been researching this for the past year and have nothing other than some explanation from various international taxation experts blogs that have simplified it a little but again it is really not clear.There is a whooping $10K penalty for any issue with foreign MFs. That's not all there are two ways to file returns for foreign MFs. All details can be googled from various sources but here is a good one I found on how to file and pay taxes on foreign MFs - Mayer & Riser, PLLC -- Taxation of Foreign Mutual Funds . If you read through this article you will realize that if you opt to pay taxes on these MFs only when cashing out, you will be taxed under the highest bracket(even if your income was at a lower bracket). Paying a 39% tax is definitely not worth it. Know your tax liability in the US before investing in any Indian MFs. None of the Indian Financial Consultants/planners/advisors are aware of US tax laws. I'm sure you will get a zillion assurances of investing in the plethora of funds available from most consultants. Be cautious, otherwise $10K is the penalty(plus taxes @ the highest bracket and a penalty - yearly compounded interest of 9%). My take, don't take the trouble of investing in MFs in India, concentrate and diversify with other funds - equities/ulips/post office funds/FDs/Real estate etc.


* Moving funds to India -
Fairly easy, everyone does it all the time. Don't transfer everything in one shot and then wonder where to invest. Do it in chunks.

* How do I move funds back to the US -
Moving it out - different story. Only one way to repartiate funds back. Go to your Indian Bank physically, get a foreign currency DD and go to the US and deposit it.
As per RBI, Indian currency is valid only in India. Which means you can't just deposit an Indian currency check in the US. You can't transfer funds online from India to the US. Indian currency transactions outside of India is illegal.
There is a $100K cap on repartirating funds as of today without RBI permission. Moral of story - Don't move all your funds in one shot from the US. Keep a balanced portfolio. It is always best to diversify and therefore some funds in the US will not hurt.Remember bringing money into India is easy but moving it out is difficult. If I had known this a year ago, I would have been a little more careful moving funds to India.

*Added - A good article on Repatriation(it says $1m but I'm not sure if that is the legal cap) - http://www.mumbaipropertyexchange.co...les.aspx?id=26
The article states banks help in repatriation. Mine does not(SBI) - I spoke to the manager, he gave me the above explanation with the $100K cap. Not sure who is right.
* What will happen to my 401K?
Here is what I did with mine - rolled over to traditional IRAs soon after I stopped working with the employer. Thanks to Suze Orman(can't find her book online, anyone have the link?), I rolled it all over to Roth the next tax cycle(since I was anyway overseas and earned income was in the lowest bracket and already exempt).I plan to keep it there for now. If you don't have a pressing need for the money, this is the part of your portfolio that you should leave in the US. If you really have to move it, wait to relocate and then withdraw yearly after you are no longer making income in the US by paying the 10% penalty(assuming that ur income is within the foreign income cap). Otherwise, pay up the 30% penalty and bring it along(not sure if it is 30% or more).
The rest of your savings a/cs etc can be moved to India. Try to keep a balance between US/India. I've heard of a 40/60, 30/70, 45/65 ratio. Think before you make it 0/100. Decide on a ratio depending on how open you are to relocating back, what are the chances that your children will go to school in the US and what are the chances that you will make short trips/medium term to the US.

*529 Plans?
I am not in favour of 529 plans for my child simply because I really am not sure if she will end up going to school in the US or elsewhere. First of all, I don't like the "some qualified foreign institution" clause in the plan, who qualifies these foreign institutions? What happens to funds in the plan if she ends up going to a non qualified foreign institution in India or some other country? I didn't get a very valid answer other than use it for a sibiling or someone else or pay the penalty and withdraw. No sibiling for her and nobody else to use it for so far and I'm not paying withdrawal tax and penalty. I have planned for college but it will sit elsewhere and be used for college. I'm with Suze Orman in this. Lesser the money in the child's name, higher the chance the child has to get a scholarship/loan or other assistance. Not that I won't spend for her college, if she is getting free funds, I might as well take advantage of that!

Finally, was it all worth it? Definitely!!!! Glad I came!

Hope this helps anyone thinking of relocating permanently. ]]> Money Matters Laks09 http://www.indusladies.com/forums/money-matters/76478-us-citizens-moving-to-india.html http://www.indusladies.com/forums/money-matters/76282-pls-suggest-me.html Fri, 06 Nov 2009 07:22:43 GMT HI, I want to invest some amount ( EX. Rs.5000-Rs.10000) In MONTHLY under a gud scheme. I also want gud return and security . I can invest only for 2 years.(short period invest.) Will U pls Suggest me, 1.Which type of deposits in BANK/POSTOFFICE is best? 2.Which type of mutual fund is... HI,

I want to invest some amount ( EX. Rs.5000-Rs.10000) In MONTHLY under a gud scheme. I also want gud return and security . I can invest only for 2 years.(short period invest.)

Will U pls Suggest me,

1.Which type of deposits in BANK/POSTOFFICE is best?
2.Which type of mutual fund is best?
3.Is there anyother gud deposits are available?
4.What is the position of STOCK EXCHANGE IN INDIA?

REPLY ME AS EARLY AS POSSIBLE.:drowning ]]> Money Matters Ooviya http://www.indusladies.com/forums/money-matters/76282-pls-suggest-me.html http://www.indusladies.com/forums/money-matters/76222-fixed-deposits-india-us-citizens.html Thu, 05 Nov 2009 17:31:55 GMT Hello,

This is my first post on indusladies even though i have been watching and reading many posts here. Now I have a question to post here. I am seeking expert's advice on how shall I proceed on this.

I am living here in U.S.A and my daughters are U. S citizens. I have a plan to move to india permanents after 5-6 years. We have been thinking to make some fixed deposits on my daughters name for 5-10 yrs time periods. Basically we want that money to be used for their higher education and other expenses like marriage. We are ready to deposit Rs 5 Lakhs for each one.

Does any one of the indian banks allow to make a FD on U.S citizens name? Please tell me are there any other investments. We wanted to take 0% risk in this investment. Also we wanted to know the banks which offer best interest rates for FD.

Thanks in advance for all your inputs.

Cheers!
Shainy ]]> Money Matters shainy http://www.indusladies.com/forums/money-matters/76222-fixed-deposits-india-us-citizens.html