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I am on H1B visa for 5+ years now. I wanted to send money to my parents in India which is about $50,000. Am I subjected to taxes in USA? My parents are citizens of India.

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I'm not certain about international transfers, but that amount is large enough that it could be subject to gift tax.

https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Frequently-Asked-Questions-on-Gift-Taxes

Note that the threshold for this tax is "per person, per person". For example, if you gave your father $12,5k, and gave your mother $12.5k, and your wife gave them each the same amounts, each of those gifts is small enough to be within the $14,000 exclusion and you and your wife would owe no gift tax. If you aren't married, you might want to spread this gift over two years to stay under that threshold.

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