i saw multiple questions dealing with the topic. But they were bit old and i would like to ensure that there hasnt been any rule changes
My parents are Indian citizens and they have bank account in India. I am an Indian citizen too. But i have been in USA for last 12 years and planning to settle here. I am working in USA. I am on EAD right now . I am very close to getting my green card
My questions below
- I have NRE/NRO accounts in an Indian bank. My parents have normal accounts in that same bank. How could My parents transfer money to me ?
- I read that there is no annual cap to money transferred. Is that correct? is there any lifetime cap on money transferred
- My CPA told the money transferred by parents is not my income, i dont have to pay tax on it. is it correct?