Hi,
My brother is building a house in India and I would like to help him with the construction of the house. I am an NRI living in USA and I have couple of questions.
- Is there a limit on the amount that can be gifted from US?
* It's not clear to me if US gift tax or Indian gift tax or both laws are applicable when I remit the money. As per US gift tax law ( https://en.wikipedia.org/wiki/Gift_tax_in_the_United_States ) only $13000 per person per year can be gifted
- Is it better to provide this amount as loan? In this case is this amount repatriable?
* My brother is certainly planning repay the amount at SOME POINT. This might or might not happen
Thanks in advance.
CAclubindia
