Investing
This query is : Resolved
Ganesan Venkataraman
(Querist)
02 April 2018
A US citizen holding Origin of Indian citizen status, send funds to their parents in India ! After few years, if their parents decides to send back to their children , how this will be treated, in the angle of tax in U S! Will there be limitation at the time sending from India to US !Pl advise
K Srinivas, CMA CS
(Expert)
02 April 2018
As per my basic understanding, Money remitted from india to usa if in the nature of gift is not taxable. Limit is max 1,00,000 USD.
02 April 2018
Under the Liberalised Remittance Scheme resident individuals are allowed to freely remit up to $250,000 per financial year.
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