Money from homeland

[Pundit Arjun]

Hi Guys,

My parents and in-laws want to gift us some money. Our plan is to use it towards the downpayment for a home.

We are not US citizens but are on EAD/AP.

I have the following questions :

a) How much money can we bring in person (while coming back from Homeland) ? Is the limit per person or for the whole travelling group itself ? I am exploring this option as it saves some bank commission.

b) What are the other options ?

Thanks for the details.

-Pundit

[geterdone]

The best way I would recommend is wire transfer. The bank(s) will take care of all the paper work, especially on the US side. There will be a fee associated with it, but I assume the amount being transfered is going to be substantial that the fee will be negligible. It is much better than carrying money with you. Ask the bank in India and they should be able to tell you. Once you set it up, it should be very easy. Your money should arrive in 1 day.

[Pundit Arjun]

The best way I would recommend is wire transfer. The bank(s) will take care of all the paper work, especially on the US side. There will be a fee associated with it, but I assume the amount being transfered is going to be substantial that the fee will be negligible. It is much better than carrying money with you. Ask the bank in India and they should be able to tell you. Once you set it up, it should be very easy. Your money should arrive in 1 day.

Thanks geterdone. I will talk to ICICI or State bank once I land in India.

Are there any special instructions to follow while filing my 2012 tax returns or will turbotax take care of this as well ?

[geterdone]

As far as I know you do not have to pay any tax on this. The bank(s) should take care of this. You can talk to a tax consultant if you want.

I am not an expert or legal advisor but from what I have understood if the money is from a savings account in India you have already paid the tax on that amount, so if you transfer that amount there should not be any additional tax. Now if this money is from some buisness transaction and if you have not paid the tax, you will have to pay that first (I guess in India) and then do the transfer.