Transfer rupees to USA

[ngeorge]

My parents are thinking of selling their flat and coming to the US to live with us and wanted to know what is the process to transfer the rupees into US. Some of my main questions are 1) Is it better to convert it into dollars in India 2) Are their any tax implications here in the US? 3) what is the best/cheapest method to transfer the money eg wire, check and is there a limit you can transfer?. Thanks

[JoeF]

My parents are thinking of selling their flat and coming to the US to live with us and wanted to know what is the process to transfer the rupees into US. Some of my main questions are 1) Is it better to convert it into dollars in India 2) Are their any tax implications here in the US? 3) what is the best/cheapest method to transfer the money eg wire, check and is there a limit you can transfer?. Thanks

 

What is your status?

Your parents can not just live in the US as they please. They would have to have Greencards.

[jairichi]

My parents are thinking of selling their flat and coming to the US to live with us and wanted to know what is the process to transfer the rupees into US. Some of my main questions are 1) Is it better to convert it into dollars in India 2) Are their any tax implications here in the US? 3) what is the best/cheapest method to transfer the money eg wire, check and is there a limit you can transfer?. Thanks

Rupee is controlled currency. You have to convert it to dollars, pounds or euros and transfer.

[pontevecchio]

They will convert the Rupees into USD and have it transferred once they have a bank Account here assuming they will be coming as Permanent Residents and if so have a CPA advise you.

[t75]

Consult an international tax professional  (India and US combined) to determine the best plan of action.

[ngeorge]

Thanks you guys for the responses. My parents are visiting on a visitors visa ant not staying here permanently.

[ngeorge]

What is your status?

Your parents can not just live in the US as they please. They would have to have Greencards.

You seem more concerned about my status rather than helping me out. My parents are visiting on a visitors visa as an fyi. I think i would rather have you answer peoples questions than questioning statuses.

[omshiv]

You seem more concerned about my status rather than helping me out. My parents are visiting on a visitors visa as an fyi. I think i would rather have you answer peoples questions than questioning statuses.

 

You need to provide full information before critizing someone...the reason we want to know if you are a Citizen or what? the way you wrote that your parents are selling their property and living with us gives the impression that they would be living here permanently....dont give half information.

[JoeF]

You seem more concerned about my status rather than helping me out. My parents are visiting on a visitors visa as an fyi. I think i would rather have you answer peoples questions than questioning statuses.

 

You only provided half the information needed to answer your question.

Your parents can NOT come to the US and live here as visitors.

Visitors have to have a home abroad that they will return to.

Your parents can of course sell their house, but if they want to live here, they would get denied entry as visitors.

[ngeorge]

You only provided half the information needed to answer your question.

Your parents can NOT come to the US and live here as visitors.

Visitors have to have a home abroad that they will return to.

Your parents can of course sell their house, but if they want to live here, they would get denied entry as visitors.

Thanks for your response. While i agree that i didnt put out enough information regarding parents visitation which is not the main topic, i would really to know what are your thoughts on my core questions. 

[ngeorge]

You need to provide full information before critizing someone...the reason we want to know if you are a Citizen or what? the way you wrote that your parents are selling their property and living with us gives the impression that they would be living here permanently....dont give half information.

I  didnt intent to criticize anyone, but maybe you are right that information in not clear enough regarding selling property which by the way is not my main concern. I would appreciate it if you also rather have any information on my core questions.

[JoeF]

You need to provide full information before critizing someone...the reason we want to know if you are a Citizen or what? the way you wrote that your parents are selling their property and living with us gives the impression that they would be living here permanently....dont give half information.

 

That is exactly why I am asking the questions I am asking.

During my graduate degree education, I learned to find the weak spots in somebody's argumentation. My adviser taught me. He easily found the weak spots in my research papers, where I glossed over things, which forced me to rethink and rewrite the papers, which made them much better.

It was a great education, and helped me to identify weak spots everywhere, in posts like the one from the OP, or in every little piece of news that isn't well thought out or has an agenda...

A cartoonist created a superb cartoon about it: http://star.psy.ohio-state.edu/coglab/Miracle.html

 

Of course, some people don't like the scrutiny. They get it, anyway.

Once they learn how to reflect about it, they will realize that it helped a lot.

[JoeF]

Thanks for your response. While i agree that i didnt put out enough information regarding parents visitation which is not the main topic, i would really to know what are your thoughts on my core questions.

Again,you need to rethink the whole thing.

You are asking about step 2 when step 1 it's already impossible.

Where will your parents live after they sold their house? They can't live in the US, they may not even be able to enter as visitors, since they wouldn't have a home in their home country to return to, which is required for visitors.

Forget all that money transfer stuff, and realize that this whole thing is not possible.

As far as getting money to the US, any transaction of $10K and more has to be reported. That would already be a red flag for visitors.

The bottom line: This whole thing is not going to work, even if you don't like to hear it.

[chakrakr]

For benefit of OP and others,  I will list what I learnt about transferring money from India to US .

 

For most transfer,  you need a certificate from a CA  (Form 15CB)  and then complete form 15CA.  Submit these ,  along with HE account details of US Bank where the money need to be transferred  and other necessary papers to a bank .   The bank will then transfer the money directly.    The limit (by GOI)  is $1 Million per year

 

The process  is a little different when a blood relative is transferring less than $25,000  .  In that case,  no CA Certificate is required.

[t75]

 

My parents are thinking of selling their flat and coming to the US to live with us a...

 

This certainly is not indicative of a visitor. There are many overstays from India.

[rational_me]

Guys,

 

Read the OP's question properly. OP seems to understand or not worry about immigration implications. 

You are not CBP or USCIS agents and certainly have no definitive authority on who can or cannot come to the US. The $10K reporting requirement is when personally bringing in cash, bonds or equivalents.

 

My 2 cents on the OP's question.

1> Most banks here will not convert to dollars, so dollars have to be purchased within India.

2> There are no tax implications for your parents as they are not yet US residents and India has a tax treaty with the US. Since the money is being converted to dollars, they will most likely have to declare said proceeds and pay taxes in India. If they gift you the money for a business or a home, you are liable for the taxes in the US.

3> The limits depend on what scheme and method you wish to employ and also how they intend to use the proceeds when in the US.

 

Lastly, I would certainly consult with tax professionals in the US and India.

[JoeF]

Guys,

 

Read the OP's question properly. OP seems to understand or not worry about immigration implications. 

You are not CBP or USCIS agents and certainly have no definitive authority on who can or cannot come to the US. The $10K reporting requirement is when personally bringing in cash, bonds or equivalents.

 

My 2 cents on the OP's question.

1> Most banks here will not convert to dollars, so dollars have to be purchased within India.

2> There are no tax implications for your parents as they are not yet US residents and India has a tax treaty with the US. Since the money is being converted to dollars, they will most likely have to declare said proceeds and pay taxes in India. If they gift you the money for a business or a home, you are liable for the taxes in the US.

3> The limits depend on what scheme and method you wish to employ and also how they intend to use the proceeds when in the US.

 

Lastly, I would certainly consult with tax professionals in the US and India.

 

The OP does NOT seem to understand the immigration implications.

His parents want to live in the US on a visitor visa, which is simply NOT allowed.

So, step 1 is already impossible.

Step 2 doesn't matter anymore, because step 1 is where the issue is.

[rational_me]

The OP does NOT seem to understand the immigration implications.

His parents want to live in the US on a visitor visa, which is simply NOT allowed.

So, step 1 is already impossible.

Step 2 doesn't matter anymore, because step 1 is where the issue is.

 

Like I said, you or I do not get to decide Step1 and that was not his question. You already informed him that step1 might be a problem. So relax. For all you know they can be selling a $10 million home and moving permanently to the US. OP is not worried about Step1. Period. Stop being nosy and reply to questions asked if you want to help. Not sure where you are tripping on this logic.