Tax on money gifted from India to US

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SWATS
Posts: 7
Joined: Wed Dec 22, 2010 12:47 am

Tax on money gifted from India to US

Post 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.
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cmdrsk
Posts: 98
Joined: Mon Apr 07, 2008 10:14 am

Tax on money gifted from India to US

Post 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 ?.
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greyfri
Posts: 901
Joined: Thu May 05, 2011 8:28 pm

Tax on money gifted from India to US

Post 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
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