My husband (on a H-1B visa for 5+ years) and I (on an F1 visa for 2 years) live in the Bay Area. We are planning on buying a house and, as we all know, houses are way too expensive here. My question:
How much money can we receive in the form of gift tax from our parents in India? I read online that there is a limit of $100k which will not be taxed in the USA. Does this mean 100k per head if my husband and I receive gifts from our respective parents?