My daughter is a US Citizen. We (parents)are also planning to permanently settle in US. We will go their as Permanent Resident,as per US Law. We have a house here in India worth Rs.2 Crores. We want to sell it and take money with us. We have ordinary savings Bank account here in India. My US Citizen Daughter is a Income Tax payer. Now your advises are required as under:
- What are the routes to take money from India to US and our tax liabilities
- Can I gift this whole amount to my US Citizen Daughter or what is the maximum limit of Gift amount.
What will be the tax liability on me and on my Daughter in case of Gift
Whether I have to show it in my Income Tax Return or in my Daughter's Tax Return. What US Income Tax Laws says.
What will be the procedure to send money as Gift to my Daughter.
Will the money will go directly from my Bank Act.to my Daughter's Bank Account.
Will there will be wire transfer from bank to bank
Can I send money through other money sender Certified Companies also.
Please advise. If there is something more on the subject to make me understand, please advise. Thanks,