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Old 08-23-2011, 03:35 AM
raajgill12 raajgill12 is offline
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Join Date: Aug 2011
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raajgill12 is infamous around these parts raajgill12 is infamous around these parts
Default Transfer money to parents from US to India - Max Limit

hi

i want to transfer $400,000 to india to my dad to his account.
  • Is there a Max limit I can send without having any IRS implication
  • Do I need to report this transaction to the IRS
  • Should I transfer it in smaller chunks. If yes, then what amount in each chunk
  • Do my parents have to pay tax on the money that I send them although I have already paid tax on it in US

Please let me know if you want more details
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