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Tax on money gifted from India to US
Posted: Thu Aug 17, 2017 8:41 pm
by SWATS
Is there any limit on the amount of money that can be sent by relatives from India as a gift to US by cheque or wire transfer? Would there be any tax involved on both sides?
Thanks.
Tax on money gifted from India to US
Posted: Fri Nov 10, 2017 8:00 pm
by cmdrsk
SWATS;661103Is there any limit on the amount of money that can be sent by relatives from India as a gift to US by cheque or wire transfer? Would there be any tax involved on both sides?
Thanks.
Anyone can share their expertise ?.
Tax on money gifted from India to US
Posted: Fri Nov 10, 2017 8:20 pm
by greyfri
SWATS;661103Is there any limit on the amount of money that can be sent by relatives from India as a gift to US by cheque or wire transfer? Would there be any tax involved on both sides?
Thanks.
No tax in the US if it's from non US persons, but it does need to be reported if > $100K.
In India, there is generally no tax on gifts from the following 'relatives' :
Your spouse
Your brother or sister
Brother or sister of your spouse
Brother or sister of either of your parents
Any of your lineal ascendants or descendants
Any lineal ascendant or descendant of your spouse
Spouse of the persons referred in above points