How to bring money back to USA from India.

restarting · Post by **restarting** » Mon May 23, 2016 5:26 am

I had some money that I transferred to India over last 10 years( > $50K)
The money is in savings account in India.

Any suggestions on how do I bring it back to US ?
What are the tax implications? I already paid tax on the money in US before sending it to India.

So far I understand that I can redesignate my savings account to NRE account and then just withdraw money here in US.
Is that the best option? Anything else I should be aware of on this?

Thanks for reading this post and for your valuable time.

Desi · Post by **Desi** » Mon May 23, 2016 5:34 am

restarting;631500I had some money that I transferred to India over last 10 years( > $50K)
The money is in savings account in India.

Any suggestions on how do I bring it back to US ?
What are the tax implications? I already paid tax on the money in US before sending it to India.

So far I understand that I can redesignate my savings account to NRE account and then just withdraw money here in US.
Is that the best option? Anything else I should be aware of on this?

Thanks for reading this post and for your valuable time.

As a US resident, you cannot keep money in a savings account per Indian laws, so right there you have violated Indian laws.

I had earned $70K in a deal. I paid $20K taxes and then the remainder $50K is the amount on which of course the taxes of $20K were paid. I then put $50K in a bank account and I earned interest. The interest I earn is taxable in USA, no matter where I earn that interest. If I have not reported my account to USA and have not reported interest I earned every year, then that could be potentially tax evasion.

No, you cannot designate a savings account as NRE. You may be able to designate as NRO, but practically, you just will have to open a new account as NRO and transfer the money there. After that, the money from NRO will have to go to NRE and the process requires certification that taxes have been paid and then NRE money can be transferred to USA.

I think you need professional help. If you search for name Rajesh Dhruva in this forum - he is one of the professionals, who will be able to help.

vasu123 · Post by **vasu123** » Mon May 23, 2016 8:49 am

You can request bank to convert resident savings account to NRO account, tgen open NRE account. You can transfer money from NRO to NRE account (not sure what paper work is involved to transfer from NRO to NRE account), then from NRE account you can transfer to usa bank account in online without any paper work.

if you don't want above option, then you can transfer the money from indian savings account to your parents or near relatives account and ask them to gift you through wire transfer. they can go to bank in india and ask in bank about wire transfer from india to usa.

experts in this forum can give best suggestions, so wait for sometime.

okonomi · Post by **okonomi** » Mon May 23, 2016 2:18 pm

vasu123;631512.......
experts in this forum can give best suggestions, so wait for sometime.

I would recommend moving the cash to some wothwhile cause. A member of this forum is working to create bathrooms for girl-children in schools. 50K would be a nice sum to create such a lot of opportunities for girls to get educated in the nation. And besides, getting rid of the money, that was not really needed, would solve a huge amount of legal hassles with two governments. And we are not even counting those good-deed-points that are credited for a good reincarnation.

GutsyGibbon · Post by **GutsyGibbon** » Mon May 23, 2016 9:30 pm

okonomi;631528I would recommend moving the cash to some wothwhile cause. A member of this forum is working to create bathrooms for girl-children in schools. 50K would be a nice sum to create such a lot of opportunities for girls to get educated in the nation. And besides, getting rid of the money, that was not really needed, would solve a huge amount of legal hassles with two governments. And we are not even counting those good-deed-points that are credited for a good reincarnation.

In Kannada there is a saying "namdadre duddu, beryavrdadre kadale puri". Its money when its ours, its puffed rice when its others. Sorry to see such a worthless tangential post about suggesting charity with someone else's savings/money. As I understand, OP is not asking for recommendations on charities for what he saved over 10 years.

desi4ever · Post by **desi4ever** » Mon May 23, 2016 9:58 pm

[QUOTE]In Kannada there is a saying "namdadre duddu, beryavrdadre kadale puri". Yup there is another saying "yaara appana mane gantu hoythu ?" . This was usually asked to college freshmen to translate and the response was like "Whose father what goes?". Anyways Oko's posts usually are tangential in nature and should be treated as "for entertainment only".