Transfer of funds from parents abroad

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1or2beers
Member since: Jun 07

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Posted on: 04-01-16 00:34:29

Thank You FH for the detailed explanation. I am planning on using this money for down payment. what are the tax implications for them when money is transferred abroad do they need to fill any specific forms in the bank where they are transferring money.

Full House
Member since: Oct 12

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Posted on: 04-01-16 01:50:48

There are NO tax implications to the Parents on the Indian side. (Also) They are allowed to send up to a $250,000 US dollars. So, if you are at the receiving end, enjoy the windfall. But please check with the Bankers to see if it has gone down a little.! Lately I am not keeping in touch with the Reserve Bank of India Website. It was 125000 before. So, please double check. This is per person, even a Minor can send a similar amount.

There are specific forms that need filling for the Liberalized Export of money. FORM A2 from the Bank.

This was about 8 months ago... good till end of MARCH 2016. : http://www.simplifiedlaws.com/liberalised-remittance-money-transfer-out-of-india/

FH

http://nriinformation.com/nri_guide/index_htm_files/Declaration_Form_A2.pdf

1or2beers
Member since: Jun 07

Posts: 3
Location:
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Posted on: 05-01-16 12:41:49

Thank You once again

Contributors: 1or2beers(3) AKC(2) vivek901(2) Full House(2) dsd(1)

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Transfer of funds from parents abroad

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