What is the limit on the amount of funds that I could transfer to my parents' joint account (held by my mom & dad) without incurring gift tax? I see the limits posted as $14000 per recipient, however, does this hold good for a joint account too? My Status: US Resident (for tax purposes).

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    "Send" them individual checks together with letters saying "Dear Mom/Dad, I wish to gift you the sum of ...." Where they choose to deposit the "checks" is up to them. If you are sending the money via a wire transfer/money-to-india service, etc., the letter could ask each one of them which account they want the money to go to, and if each gives the same account number, keep those responses with your paperwork too. Mar 28, 2015 at 19:52
  • From India tax point of view, there is no tax liability to you or your parents on this transaction.
    – Dheer
    Mar 29, 2015 at 4:13
  • @DilipSarwate why is it not an answer?
    – littleadv
    Mar 29, 2015 at 5:38
  • @littleadv It is not an answer because I have not studied US gift tax law re gifts to foreign recipients nor Indian tax law regarding gifts received from abroad. Thus I have no answers to the questions "What is the limit on the amount of funds..." and "does this hold good for a joint account too?" I was addressing only the mechanics of how the OP could transfer the money to his parents' joint account. Mar 29, 2015 at 13:07
  • @DilipSarwate Thanks for your response. For 2014, I have made the transaction to a joint account and I hear that if both the individuals file separate tax returns (in India), it could be treated as two recipients. In my case, it will be a scenario of single recipient.
    – prando
    Mar 29, 2015 at 17:30


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