Dollar amount sent to India

[to_be_lucky]

Is there any limit to the sum of Dollars that we can send to India ?
We were sending around $500 everymonth to our parents in India. Do we have a limit on the amount we can send per year. Do we have to include this amount in tax returns? Also are there any risks involved ?

I would appreciate if any one chan share their thoughts on this or point me to any similar thread or link.

 

[gc_man]

No issues

As per my knowledge, there is aboloustely no limits/issues involved in sending money to India. The only thing your parents need to worry about is their tax part in India.

 

[TheRealCanadian]

As per my knowledge, there is aboloustely no limits/issues involved in sending money to India.

There are limits - over $10,000/year per person becomes subject to an estate tax limitation. Until you are sending $20,000 a year there is nothing to worry about. As the previous poster correctly pointed out, Indian taxes are another matter, but generally gifts are non-taxable. How India treats them I do not know.

 

[RAK67]

Is there any limit to the sum of Dollars that we can send to India ?
Do we have to include this amount in tax returns?
.

Yes, after all its your income.

 

[to_be_lucky]

Thank You

Thanks friends for all the valuable information. I was aware of the tax issues that our parents might have in INDIA but was not sure about the limit that can be sent over to them.

Since the amount is approx $500 per month, the max would be $6000 per annum.

Friends.........Thanks for all your valuable input.