RJ-8 Posted July 27, 2017 Report Share Posted July 27, 2017 Hi, My parents in India need some 20 Lac rupees since my father is buying a property in India in my mother's name. But he is currently short of some money, which I plan to transfer from the US. However, this is a temporary need and he would be returning this amount over the next 3-4 years since me & my husband also plan to buy a house in future in the US. In that case, how do we take the current process so that we don't need to pay the 35% tax again when my dad returns this amount since this amount we are sending is already taxed here. I plan to send this amount through a gift deed as that would exempt this amount from any tax, but since my father would be returning this amount in future should this be a loan? Also, last thing - this would be around $32K should I send 3 gift deeds separately of $14K each so we don't pay tax - 1 to my mother, 1 father, and 1 sister? Any guidance on this would be greatly greatly appreciated, my father is in urgent need of this money. Thanks so much in advance!!! Link to comment
pontevecchio Posted July 27, 2017 Report Share Posted July 27, 2017 Open a joint account with your DAD and deposit the money in that account in an Indian Bank. Link to comment
cap-gap Posted August 27, 2017 Report Share Posted August 27, 2017 For all practicality, and having seen the money disputes in otherwise harmonious indian families.. I'd say draft a loan letter and send the money as a loan. Receiving loaned money is not taxable but gift money might be....especially in USA Link to comment
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