New answers tagged gift-tax
1
Best consult a CA. If the amount is less than Rs 50,000 it's not an issue. Any thing more the best way would have been to have a loan agreement. It can be done post facto as well.
2
Gift tax is paid by the gift-giver, not the person receiving the gift. So you will not pay tax on the gift for sure.
The question might be if your brother would have to pay gift tax, as he probably would expect you to pony up for it. However, there are tax-free gift limits for siblings, so he should be fine:
The first $14,000 of the $50,000 gift would be ...
2
This is not a normal transaction and the lender will be paying close attention to the money.
They will insist, as all lenders do, on an appraisal; but don't expect any leeway. If the comps for the house sold for $200K, then expect them to hold fast to that number. They are concerned because the decision to buy by you is the belief that you are getting a $...
2
Sending as gifts
I found a clear statement that you do in fact owe gift tax for gifts made to foreign people (foreign from the perspective of the United States government). There is a $15,000 gift tax exclusion per person per year in 2019. That would be per parent, so you could send $30,000.
If you are married, you and your spouse could each send that ...
Top 50 recent answers are included
