I am US citizen and want to send around $45k to my parents in India. Is there any kind of tax I or my parents need to pay? If not then how can they show that it is gifted amount from their daughter in US? Can I transfer directly from my US saving account to their Axis bank in India?
Can I transfer directly from my US saving account to their Axis bank in India?
Yes you can.
any kind of tax my parents need to pay?
No. From you parents point of view, its a Gift from their daughter and would come under the provisions of Gift Tax [and Not Income Tax]. Gifts from specified relatives [Daughter /sons /parent /siblings] is tax free. It would make sense to keep some paper work around this, for example a simple letter stating that this is a Gift, specify the amount, the date of transfer, the amount actually credited, details of the credit [Bank Statement]. If there is a scrutiny by income tax, it would ease things.
any kind of tax I need to pay?
In India NO. In US I am assuming your have already paid tax hence no tax.