Hi ladies , I wanted to know , has anyone transferred money from india through any indian Bank account (not NRI )to here Dcu Bank account usa , how much is limit , do we need to give any reason for receiving, I have some savings in my mom's account , going through some relationship problem , need to get some money transferred , please let me know .
Might not be a good idea. You are likely to owe taxes on this. Please do some research on it. Better way is to create an NRE account and roll it over there.
I think if the amount is less than 100k there is no US tax. If it is more than 100k then you need to report it to IRS by filing Form 3520. Check the limit in IRS site or with your bank, tax consultant. Talk to your banks. Get a CA certificate to clarify that you have paid taxes for this transferring funds.
Not sure If it's DCU account. If it's considered gift. You can get upto 250k without US tax. But please get a CPA involved and ask questions and let the same CPA do your taxes next year. Goodluck.
