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:
- What are the routes to take money from India to US and our tax liabilities
- Can we gift this whole amount to my US Citizen son or what is the maximum limit of Gift amount.
- What will be the tax liability on us and on my son in case of Gift
- 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.
- What will be the procedure to send money as Gift to my son.
- Will the money will go directly from our india Bank Act.to our USA Bank Account (or) to my son bank account.
- Will there will be wire transfer from bank to bank.
- 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,