Bringing money from India- experts help

[yemdoing]

40 minutes ago, Thantrik said:

depends on whether in bank or as cash.. bank aithe you can talk to manager to do wire kani vadu oka fixed deposit expect chesthadu like 25 lacs so that motivates him to work, cash unte big process mundu deposit like small amounts into multiple accounts and NEFT cheyali town banks aithe easy but hyd antha mata vinaru unless ur an account holder for yrs.. this process works max for an amount of 200k beyond ante chala kastam

but all money has to be white no... black unte ?

[Thantrik]

2 minutes ago, yemdoing said:

but all money has to be white no... black unte ?

black white determine chesedi bank manager vadi support unte will deposit which will be white kakapothe daniki relationship and oka fixed expect chestharu

[yemdoing]

42 minutes ago, Thantrik said:

black white determine chesedi bank manager vadi support unte will deposit which will be white kakapothe daniki relationship and oka fixed expect chestharu

really ? sure they can use some loop holes. IT notices vasthey they will just throw us under the bus. vadiki kavalasina fixed deposit vacchesindi. 

[Konebhar6]

Friend sold a property in India. Lets say he bought it for 2 lakhs long back. He sold it for 1cr.30 lakhs. All 1cr, 30 lakhs deposited into his NRO A/C. He gave the sale deed details to the tax preparer and he calculated the tax. His purchase cost is adjusted for inflation (Looks like its called Indexing) so it came around 28 lakhs. So the tax calculation came around 25% it seems (on 1 cr 2 lakhs). He showed the proof of Income tax paid to ICICI Bank and did funds transfer from his NRO to US Bank Account. 

Once he got money here, He gave all details to tax attorney here. They add (1 cr 30 lakhs - 2 lakhs) converted to $$ and add it to income here. What ever is the Income tax calculated, they deduce the tax paid in India already (25 lakhs converted to $$).  

The process looks complicated, but he did with out any hassles. Just keep documentation until everything done. 

Overall the total tax paid on profit came to around 30-35% it seems but all legal money.

[prince143]

6 hours ago, ChillDude said:

They are allowed to send $17K/account gift per year without any tax implications. Assuming u have 2 kids, open 2 bank accounts on their name.

In 2023 Nov -

$17000 ×4 accounts = $68,000

In 2024 Jan - 

$17000 ×4 accounts = $68,000

You got your $130K back

So its 2 accounts on my name and spouse and remaining accounts in children name?

[meandhrakurradu]

7 hours ago, ChillDude said:

They are allowed to send $17K/account gift per year without any tax implications. Assuming u have 2 kids, open 2 bank accounts on their name.

In 2023 Nov -

$17000 ×4 accounts = $68,000

In 2024 Jan - 

$17000 ×4 accounts = $68,000

You got your $130K back

India to usa remit limit?
Us lo account to account transfer ki limit untada? Never heard of this. 

[ChillDude]

1 hour ago, prince143 said:

So its 2 accounts on my name and spouse and remaining accounts in children name?

Correct. naa friends itlaney tecchukunnaru

[ChillDude]

2 hours ago, meandhrakurradu said:

India to usa remit limit?
Us lo account to account transfer ki limit untada? Never heard of this. 

India lo vaala relatives ki cash icchi, ikkada dollars teesukuntunnadu. ikkadi limit $17k/account gift per year without tax implications

[AirTag]

11 hours ago, prince143 said:

I’m planning to bring certain amount from india. Taking help of relatives by paying them in india and they will transfer in usa.

amount will be around 130k. Would it raise any flags  if that amount is transferred to my account here?  I’m planning some investment based on that amount.

 

No problem 

[spicyfish]

crypto emaina workout ayye chance undemo just oka thought. theory lo should work. 

Practical i am not sure. you might just pay some income tax once you convert that crypto whenever it is ..after a year or immediately. 

db experts evaraina chesi untaru emo

 

 

[prince143]

5 hours ago, prince143 said:

 

[prince143]

3 hours ago, ChillDude said:

Correct. naa friends itlaney tecchukunnaru

Issue is we don’t have kids yet.

What if I get half amount(68k) as gift since we have two accounts like you said and get remaining as whole? Would the second half be considered taxble income next year when I file taxes? If so how much would that be?
 

 

[Konebhar6]

2 hours ago, spicyfish said:

crypto emaina workout ayye chance undemo just oka thought. theory lo should work. 

Practical i am not sure. you might just pay some income tax once you convert that crypto whenever it is ..after a year or immediately. 

db experts evaraina chesi untaru emo

 

 

Regulations are not established properly around Crypto. It might work but you may end up paying 30% tax. 

A friend bought some crypto in some exchange. Lets say he bought for 10K. He was consolidating his assets so he closed that account and moved to CoinBase. Its value at that time was 7k. If its a normal stock transfer, cost basis info is also transferred. But crypto exchanges do not transfer it. So it showed Cost basis as "0" and that it was a gift (even though it was between his accounts). 7k was added as income and he paid tax as per his "Tax Bracket"

[Konebhar6]

Bottom line, if its a property sold in India, get it in proper means if money is huge. Else get in smaller quantities from your friends/family who need INR in India. Take $ from them in USA. Again Smaller amounts. Do not get under IRS radar.

[Maggavale]

Ee thread la ekado Kumar uncle gadi replies kodtunnai. Sakka ga bhale english lo clear ga replies okkodu, good going .