Parents Sending Money From India To Us For Kids/grandkids

Discussion in 'General Discussions' started by Trustcarelove, Jun 12, 2023.

  1. Jun 12, 2023 #1
    Trustcarelove

    Trustcarelove Silver IL'ite

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    Dear All,
    I would like to take help of any law background people or from anyone in the US or India who has done this before. My dad in Chennai wanted me to gift me a land back in India., Since we have settled here and no interest in having any investment in India, he wanted to send that money to us here so that We can use it for kids education or other necessities. So, basically this will be a gift. In the US, it is very clear that we have to report that as a gift and has to fill form 3520. Could anyone shed me some light what is the process in India, how much they can send at a time ( transferring from their account to ours), how much tax and what kind of legal issues they will have to face. Thank you for your time.
     
    Trustcarelove, Jun 12, 2023
    Trustcarelove, Jun 12, 2023
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  2. Jun 12, 2023 #2
    lavani

    lavani Platinum IL'ite

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    the bank has a forex facility . he can do. try to do before july 1. there is some 20% tax. ask your relative to contact a ca there. they would need that.
     
    lavani, Jun 12, 2023
    lavani, Jun 12, 2023
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  3. Jun 13, 2023 #3
    Trustcarelove

    Trustcarelove Silver IL'ite

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    Thank you. Does this 20% tax applicable to Gift too? is there any amount limit like only above a certain amount or something..
     
    Trustcarelove, Jun 13, 2023
    Trustcarelove, Jun 13, 2023
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  4. Jun 13, 2023 #4
    DDream

    DDream Finest Post Winner

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    DDream, Jun 13, 2023
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  5. Jun 15, 2023 #5
    HariLakhera

    HariLakhera Finest Post Winner

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    The best option is to consult the bank. However, there is no gift tax in India. The gift is taxable in the hands of the receiver for the earnings from it.
     
    HariLakhera, Jun 15, 2023
    HariLakhera, Jun 15, 2023
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  6. Jun 24, 2023 #6
    Trustcarelove

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    thank you all so much. We consulted the local bank in India and got the process. As Lavani said, Until June 30th, It is tax free upto 700000 but from July 1st, looks like 20%
     
    Trustcarelove, Jun 24, 2023
    Trustcarelove, Jun 24, 2023
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  7. Jun 24, 2023 #7
    lavani

    lavani Platinum IL'ite

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    yes my dh hates it. we sold a house. paid the taxes.

    we did not even make 20% percent profit.

    if you can. have your relatives pay you 7k multiple accounts or your spouse and then you can pay them in india.
     
    lavani, Jun 24, 2023
    lavani, Jun 24, 2023
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  8. Jun 24, 2023 #8
    gamma50g

    gamma50g Gold IL'ite

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    @Trustcarelove if you transfer it within India itself, a gift from father to daughter would be tax free. However, if you choose to remit it here, its a lot of hassles apart from the 20% tax!!
     
    gamma50g, Jun 24, 2023
    gamma50g, Jun 24, 2023
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