This news is disappointing for millions of indians living in America. Now NRIs living in America may have to pay an additional tax of 5 percent for sending money to their home. This tax will have to be paid by H1B visa holders and green card holders, as well as people from other countries. After the passing of this bill brought in the US Parliament, it will affect millions of indians who work there and regularly send money to their home from there.
This bill, brought with the title 'The One Big beautiful Bill', has been recently released by the US house Wages and Means Committee. On the 327th page of this 389-page document, there is a mention of the provision of imposing a 5 percent tax on all such money transfers. However, there is no mention of the minimum amount in it.
Now you will have to pay tax on sending money from America
This means that now even if you send less money from America, you will have to pay tax, if you are not an American citizen or have not got American citizenship. This tax will be deducted from where the money is transferred. It is worth noting that a large number of indians live in America.
India is also included in the list of top countries from where NRIs send the most money. According to a survey released by the reserve bank of india in march 2024, during the year 2023-24, indians living in America sent $ 32 billion from there to their family and relatives in their country.
About 45 lakh indians in America
According to an estimate by the Ministry of External Affairs, about 45 lakh indians are currently living in America. Of these, 32 lakh people are of indian origin..jpg)
click and follow Indiaherald WhatsApp channel