Paytm charging 4% for transferring funds from Wallet to Bank

Sushubh

Administrator
[OP]
Oct 29, 2004
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and you are right. :(



so two parties would need to get involved :p one guy can transfer funds from cc to his friend and get it back to wallet and transferred to bank account? lol
 

mhsabir

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Oct 7, 2006
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So, this means, what can be done however, is, I can load the money from credit card. Transfer to you. You can take it to your bank & do me a NEFT/IMPS/UPI
 

amish

Star gazer
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Jul 3, 2006
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Mumbai
Transferring money to friend wud have tax implications! (atleast for KYC accounts)

Either u have to show it as loan or gift.

In case of loan it needs some agreement (in case IT department demands)

In case of gift - it shud be < 50000Rs (total money received from all friends in a year)

If > 50k then u have to pay tax on full amount based on ur slot (i.e. 10% to 30%)
 


mhsabir

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Oct 7, 2006
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Make it family then. But are you saying non-interest small hand loan needs agreement? Realistically speaking that would be impractical.
 

mhsabir

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Oct 7, 2006
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Again, it would be impractical, especially if the money is paid in installments or mixed mode. I guess it would be better to claim that amount as gifts to each other :D
 

Sushubh

Administrator
[OP]
Oct 29, 2004
413,717
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Gurugram
in any case, these small transactions are unlikely to be much cause of concern unless you are doing on a daily basis. especially considering the times these days. i have seen cases where people have taken deposits in paytm in exchange for cash because of the shortage around.

you can always blame the government that you had to do these weird transactions to make ends meet.