I transferred money to my parents as Gift 3 years back, now they will be helping me with some money here in USA. My parents are in India and want to send me some amount here in USA.

Is that fine, any tax implications, Amount will be less than 25K.

Also we do not have any certificate from bank, it was just normal transfer when I sent amounts US to India.

Can you please also suggest what are the reporting requirements.


2 Answers 2


From India Tax Point of view, your parents can Gift you the money. There is no tax due to this in India for your parents or for you. Transferring the funds out of India is also possible.

Under the Liberalized Remittance Scheme by RBI, one can transfer upto 200,000 USD. Please check with your Bank for the exact paperwork.

Typically PAN and a CA certificate mentioning the relevant clauses and certifying the purpose is required.

Bank may have some more paperwork on its own.


There might be some US tax implications depending on the amount of gift. See more here: http://en.wikipedia.org/wiki/Gift_tax_in_the_United_States

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