Taxes on Paypal - how much?

India
September 22, 2008 8:22am CST
Hi friends.. does anyone had transferred money to their bank after receiving payment from mylot or any other sites? if you had transferred, please tell the amount of value, on how much they took charges for tax?
3 responses
@limcyjain (3519)
• India
22 Sep 08
No there are no taxes levied on transfer of money from paypal to one's bank account. The only thing they need is the isfc code of the bank and the account number where you want to transfer the funds. If you are from india and are tranferring funds whose value is more than Rs 7000 then no charges are deducted. If the funds transfered are less then a charge of Rs 50 is levied. The only drawback i noticed whas that when i called for payment the ruppee was trading at 46.85 to a dollar but the conversion was made at a little over 45. The funds were credited on the third day in my account. Also i would like to add that there is no need to verify the account to transfer fund if the amount transfered is within limits.
• India
23 Sep 08
Really its a great answer from you.. thank you.. i hope your answer will help also others
@vicky30 (4771)
• India
3 Oct 08
Without verification,can i transfer money to my bank account?
• India
22 Sep 08
I am very new to mylot, as of now, i have not accumulate my earnings upto the level of minimum payout. So, i don't have any personnal experience about to get the money from myLot, This is my first online website, to work on it. But When i went through the senior peoples discussions and the responses, i came to know that, -- Paypal will not charge anything as Tax or something for keeping your money with the paypal account. -- Infact, they will provide you interest for your amount kept in the account for a stipulated period. -- If you need to transfer your money to your bank account means, first you have to add your bank account details to the paypal account, they you can give the request for withdrawal of money from paypal account. -- If you are with the US (or some of the specified country), you will not be charged anything for transfer of money from paypal to your (Savings) Bank account. -- If you are in India, you will be charged Rs.50/- as the service charges the same will be charged as the service charges by your bankers for coverting the Doller into indian Rupee. This is the news which i understand from our senior peoples discussions and the responses. Have a good day.
• India
22 Sep 08
Wow... that is really great of your answer.. giving much clear statement. your answer is much useful for me. I thank you very much for providing this
• United States
22 Sep 08
I transfer money to my bank account from paypal all the time and they've never charged me anything to do it.
• India
22 Sep 08
even i thought that paypal will not charge any taxes. but before some mins i saw a comment from mylotter.that made me little scary. anyway, thanks for your answer miller... cheers.