r2i forum

I'm a USC & would like to transfer money to my parent's account in India. What are the tax implications for the parent? Will they have to report that to Income Tax department?

I also understand that the transfer is considered as a gift. So is it correct that there is a limit of $13,000 on the amount that can be transferred to a single person every year?

Thanks

There \re no tax implications to parents as long as they are not usa residents. Indian tax rules permit unlimited transfer between close family members.

$13000 may be a limit for a usa tax payer.