I am a US citizen and have lived in America my entire life. My wife is an Indian citizen is in the US on a Greencard (K1/fiancee visa) for the last few years.
Before marriage, when she was in India, her parents and she bought real estate property under a joint name. It has come time for us to take over the payments. There is roughly $212,000 left to pay. The property is still being built so how much we need to give will depend on the speed of construction/development.
For now we have to send $10,000 (USD) and will probably need to send numerous more payments of this size over the next few years.
She has a job here and any money we transfer will be from her account to her parent's Indian bank account.
I have a few questions:
- Are there any US or Indian tax implications of us sending this amount of money on a recurring basis? I have read/heard we can send it as a gift with no issues?
- As my wife is still an Indian citizen can she take a home loan out in India and she transfers money to a bank account there to pay the loan every month.