Bringing money from India- experts help

[vithanda_vadhi]

4 hours ago, ChillDude said:

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

Even after $17k/year, there is no tax but it counts towards your life time gift. As of this year 12 million can be gifted without tax. It changes with inflation.

[vithanda_vadhi]

11 hours ago, yemdoing said:

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

Indian IT department kuda chala advanced vundi. Aadhar vachaka chala easy ga link chesthunnaru transactions ki. Even in US banks won't care about black money it is tax agency who cares about it.

[vithanda_vadhi]

12 hours ago, yemdoing said:

gold bars tecchukunte... indian customs and usa customs yem adagara ? it's literally smugling. Unless you have all white money and that gold is bought with white.

but india lo land ammithey only 20% will be on paper. 

India lo black money tho gold easy ga dorakadamu ledu..more than 2 lacks transaction white lo ne aduguthunnaru..does anyone know loopholes in recent past?

[vithanda_vadhi]

8 hours ago, prince143 said:

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

I don't think it is true. It is not per accout. Accounts emi vundo bro free ga ennina open cheyochu..it is 17k/person. After that meeku emi tax vundadu. Meeku iche vallu pay cheyyali or declare cheyyali towards lifetime limit. Generally lifetime limit ki declare chestharu..

Mee relative wife and husband each can transfer 17k to both of you. That way you can get 68. Rest they can declare. 

You can read this article 

https://www.carboncollective.co/sustainable-investing/gift-tax-limit

[yemdoing]

24 minutes ago, vithanda_vadhi said:

India lo black money tho gold easy ga dorakadamu ledu..more than 2 lacks transaction white lo ne aduguthunnaru..does anyone know loopholes in recent past?

where do you buy jewelry? corporate shop or small local shop ? Small shop aythey easy ga istharu. ~6 lakhs biscuit mida oka 1000 rupees extra anthey 

[prince143]

14 hours ago, vithanda_vadhi said:

I don't think it is true. It is not per accout. Accounts emi vundo bro free ga ennina open cheyochu..it is 17k/person. After that meeku emi tax vundadu. Meeku iche vallu pay cheyyali or declare cheyyali towards lifetime limit. Generally lifetime limit ki declare chestharu..

Mee relative wife and husband each can transfer 17k to both of you. That way you can get 68. Rest they can declare. 

You can read this article 

https://www.carboncollective.co/sustainable-investing/gift-tax-limit

Vallu rest of the amount ni declare cheste vallu kattali kada tax? That will eventually be me.

Lets say I bring 68k using gift tax method, I still have 62,000. If they declare that it will be 26% tax i.e. I will be losing 16k.

Anyway we can avoid this?

@ChillDude @vithanda_vadhi

 

 

 

[Matrix_Reloaded]

On 10/9/2023 at 8:22 AM, 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.

 

Did you explore this?

According to the Liberalized Remittance Scheme (LRS) for money transfers overseas, there is an annual cap of 250,000 USD or its equivalent on international fund transfers by any resident individual in a financial year.

[meandhrakurradu]

18 hours ago, ChillDude said:

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

Enti ikkada account ki money transfer cheste intha process unda? Lot of folks friends, relatives ki money pampi, teskuntaru. Ivanni ela track chestam bro. Are u sure? 

[prince143]

5 hours ago, Matrix_Reloaded said:

Did you explore this?

According to the Liberalized Remittance Scheme (LRS) for money transfers overseas, there is an annual cap of 250,000 USD or its equivalent on international fund transfers by any resident individual in a financial year.

I think you still have to pay taxes in India for this

[prince143]

On 10/9/2023 at 11:11 AM, 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

Adding more to your point. According to the article below

I and my spouse can receive up to 34k per person per year from a couple(the couple's limit is 34k). That will be 68k for 2023 and 68k for 2024.  Do you think this is correct based on below info?

 

Source : https://www.kiplinger.com/taxes/gift-tax-exclusion

So, for example, if you're married and have two married children and four grandchildren, you and your spouse can give up to $34,000 in 2023 to each of your kids, their spouses, and all the grandchildren without even having to file a gift tax return or pay any tax. That's $272,000 in tax-free gifts! Just remember that the $17,000 (or $34,000) limit is an annual limit, so you have to make your gifts before December 31, 2023 (gift checks must also be deposited by that date).

 

 

[vithanda_vadhi]

12 hours ago, prince143 said:

Vallu rest of the amount ni declare cheste vallu kattali kada tax? That will eventually be me.

Lets say I bring 68k using gift tax method, I still have 62,000. If they declare that it will be 26% tax i.e. I will be losing 16k.

Anyway we can avoid this?

@ChillDude @vithanda_vadhi

 

 

 

Ledu bro. They don't have to pay. Meeru aa article madyalo ne chadavadamu apesaru anukunta  next section "What if you exceed the annual gifting limits?" lo explanation vundi..Copying from àbove source you have shared. 

 

If you give more than $17,000 to anyone in 2023, and no exemption applies, then you'll have to file a federal gift tax return (IRS Form 709). However, that doesn't necessarily mean you'll owe any tax. There's also a lifetime gift tax exclusion that can shield your gifts from tax – and it's a rather high limit, so most people never end up having to pay any gift tax at all.

All they have to do is fill a form saying 62k is counted towards their lifetime exclusion. They will have to pay tax once their life time gift exceeds 12 million. Check for lifetime gift exclusion.

 

[vithanda_vadhi]

On 10/10/2023 at 1:20 AM, yemdoing said:

where do you buy jewelry? corporate shop or small local shop ? Small shop aythey easy ga istharu. ~6 lakhs biscuit mida oka 1000 rupees extra anthey 

Thanks for the info. Small shops lo ne..GST bill mandatory edo edo chepthunnaru..still know few shops..but options are getting limited.

[ChillDude]

18 hours ago, prince143 said:

Vallu rest of the amount ni declare cheste vallu kattali kada tax? That will eventually be me.

Lets say I bring 68k using gift tax method, I still have 62,000. If they declare that it will be 26% tax i.e. I will be losing 16k.

Anyway we can avoid this?

@ChillDude @vithanda_vadhi

 

 

 

Take 68K in Nov 2023 and 62K in Jan 2024. They are 2 different years.

 

Other option is, As @vithanda_vadhi mentioned they can file lifetime gift exclusion with IRS. But 1st option is easier

[yemdoing]

6 hours ago, vithanda_vadhi said:

Thanks for the info. Small shops lo ne..GST bill mandatory edo edo chepthunnaru..still know few shops..but options are getting limited.

Small shops lo GST ledu bongu ledu.