Money transfer from India to USA
We have a house here in India worth Rs. 2 Crores. We want to sell it and take money with us.  Selling the house in India will attract Capital Gains Tax. Essentially the price at which you sell the property less of the property was purchased [or deemed value when inherited by you]. The difference is Capital Gains. You have to pay tax on this gains. This is currently at 10% without Indexation and 20% with Indexation.  Please note if you hold these funds for more than an year, you would additionally be liable for Wealth tax at 1% above Rs 50 lacs. 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.   Assuming you are still Indian citizen when to gift the funds; From Indian tax point of you there is no tax to you. As you daughter is US citizen, there is no gift tax to her. There is no limit in India or US. So you can effectively gift the entire amount without any taxes. If you transfer this after you become a US Resident [for tax purposes], then there is a limit of USD 14,000/- per year per recipient. Effective you can gift your daughter and son-in-law 14,000/- ea and your husband can do the same. Net 14,000 * 4 USD per year. Beyond this you either pay tax or declare this and deduct it from life time estate quota. Again there is no tax for your daughter. What are the routes to take money from India to US   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. The best way is via Bank to Bank transfer. A CA Certificate is required to certify that taxes have been paid on this funds being transferred. Under the liberalized remittance scheme in India, there is a limit of USD 1 Million per year for moving funds outside of India. So you can move around Rs 6-7 Crore a year. The liabilities are the same regardless of the route, besides tax evasion schemes such as handing the money to her as cash. Taxes will run up to half of the amount. The best routes are: Western union, moneygram, and similar services- about 2k You are allowed to gift 14k tax free. You can increase this amount by sending to multiple trusted people. See here. https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/INF12127.html The gifter pay taxes, the giftee does not- unless the gifter fails to pay.  Let me know which route you prefer. If you do a bank transfer then you will have to work that out with your bank. If you chose to do a wire transfer, yes. Yes, if it's no more than about $2000.
"He wants to send me money, as a gift. Do you know this friend? It could easily be a scam. What I don't know is that how much money can he send and what are the taxes that would be applicable in this case? There is no limit; you have to pay taxes as per your tax brackets. This will be added as ""income from other sources"". I'll probably be using that money to invest in stock market. If the idea is you will make profits from stock market and pay this back, you need to follow the Foreign Exchange Management Act. There are restrictions on transfer of funds outside of India." "how many of those Indians were immigrants as opposed to born in the USA?  there are tough restrictions for anyone to move from India to USA - only college graduated, high earning people can go to USA to work.  the other groups might have born there and that's why they bring down the ""college-educated"" statistics." "Usually services like Western Union or MoneyGram only give the recipient the money, not the information about who and when sent it. But you can verify with them directly.  However, for legal/tax reasons, your friend might have to declare that it was a gift, and where it came from. So depending on the country of the destination you might not be able to completely ""hide"" from the recipient, even if the transfer service technically allows that. In any case, when you transfer the money out from the US you'll have to provide your personal identification and information. Since the USA PATRIOT Act, it is impossible to transact ""anonymously"" (not sure if it ever was possible in the US, actually)." There is no limit on how much money you can bring into the USA, in Cash or through electronic transfer. You only need to be able to proof or convincingly show that you earned it legally and paid all potential US taxes that you had to pay. If you chose to bring it in cash, you need to tell customs when arriving (and again, be prepared to proof the legal sources). Wire transfer, cash in the suitcase, whatever you like. There is no tax for bringing the money, and the tax for making that money supposedly is already paid. Once the money is in the US, and earns more money, you will owe taxes on the gain (not on the capital itself, just on the amounts it increases by) I hope you understand that if you live in the US, and you have money anywhere in the world, you might need to report it to the IRS; and if your money makes interest anywhere in the world (including of course in India), you might be are required to pay US taxes on the gains. That is independent of your question; but if you don't do it, you are cheating the IRS, and they will ask this when you bring the money back. Although I have not tried, you can check out the Western Union Money Transfers. http://www.westernunion.com/WUCOMWEB/staticMid.do?method=load&pagename=serviceToBank I wouldn't send it to India in the first place because their financial system is a bit sketchy, I would look into countries like Germany to send the money to you if you're looking to avoid high taxes with a very stable financial system MoneyGram said that the person sending money should also be an Indian. There shouldn't be any such restriction. Can you check again what exactly the issue was? Is there another way so I can get money without any problem. You can try Bank Transfers or alternative remittance like Western Union "One option would be to physically ship the money from Israel to the US. I quickly ran the numbers for shipping different amounts of $100 bills (One pound equals 454 bills) using a popular shipping company. Here are the results:  The ""sweet"" spot is $100,000.  That would only cost you $76 to ship which is just 0.08% of the amount being transferred. Of course, the shipping company's website says international shipments of money are prohibited.  Their website, however, let me categorize the shipment as ""money"".  Strange."