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This question already has an answer here:

My son is a US Citizen and he will be entering into College on coming September 2019. We (parents)are green card holder & lives in US.
We have a house here in India. We want to sell it and bring the money to USA for our Son college education expenses. We have NRI and NRO Bank accounts in India. We (parents) are an Income Tax payer. Now your advises are required as under:

  1. What are the routes to take money from India to US and our tax liabilities
  2. Can we gift this whole amount to my US Citizen son or what is the maximum limit of Gift amount.
  3. What will be the tax liability on us and on my son in case of Gift
  4. Whether we have to show it in our USA Income Tax Return or in my son Tax Return when he start to file on 2019?. What US Income Tax Laws says.
  5. What will be the procedure to send money as Gift to my son.
  6. Will the money will go directly from our india Bank Act.to our USA Bank Account (or) to my son bank account.
  7. Will there will be wire transfer from bank to bank.
  8. Can we send money through other money sender Certified Companies also. Please advise. If there is something more on the subject to make us understand, please advise. Thanks,

marked as duplicate by Dheer india Dec 26 '18 at 0:42

This question has been asked before and already has an answer. If those answers do not fully address your question, please ask a new question.

  • As you are US tax residents, you will have to take exemption on life time exclusion as indicated by spring – Dheer Dec 26 '18 at 0:44
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A bank wire from the bank account in India to the bank account in the U.S. would work best.

The funds received as a gift can be accounted as an estate transfer to the U.S. citizen and only be subject to estate taxes. The estate taxes begin after $5.6 million is received.

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