Sending Money to India from US - any limits and other questions

vijayrc

Registered Users (C)
Hi,
Just wondering on a particular topic to see if anyone has some answers to this.
I'm thinking of buying a property in India and with interest rates 10% in HDFC and the $1=50USD, I'm of the opininion to use my savings to buy the house [23lakhs]. I have to pay 3.75lakh first followed by 2lakh in 10 installments roughly. I have couple of concerns here
[1] I'm doing an initial transfer of $7500 for the 3.75lakh [Would this be seen as some abnormal acitivity to be flagged by IRS]
[2] I'll be sending $3300/month for 10-12 months [Would this regular sending of money be seen as some abnormal activity to be flagged by IRS]
If any of you have some light, please shed or if you have done in the past like this, that would give me some comfort in doing this.
My other option is to go for a loan in India with that 10% interest and pay it over a period of 7 years.
Any advice/direction is appreciated.
thanks.
 
IRS has nothing to do with it, its the department of treasury (IRS is only one of its agencies) which is dealing with money laundering and terrorism funding operations. Your transfers might or might not be reported (below the $10K threshold its per the bank's discretion), but if the money is genuinely yours and you can show how you got it (salary, savings, etc) - nothing you should be worrying about. If the money is the proceeds from your crack distribution operations with some from the illegal firearms sales - you might want to consult an attorney.
 
Hi,
Just wondering on a particular topic to see if anyone has some answers to this.
I'm thinking of buying a property in India and with interest rates 10% in HDFC and the $1=50USD, I'm of the opininion to use my savings to buy the house [23lakhs]. I have to pay 3.75lakh first followed by 2lakh in 10 installments roughly. I have couple of concerns here
[1] I'm doing an initial transfer of $7500 for the 3.75lakh [Would this be seen as some abnormal acitivity to be flagged by IRS]
[2] I'll be sending $3300/month for 10-12 months [Would this regular sending of money be seen as some abnormal activity to be flagged by IRS]
If any of you have some light, please shed or if you have done in the past like this, that would give me some comfort in doing this.
My other option is to go for a loan in India with that 10% interest and pay it over a period of 7 years.
Any advice/direction is appreciated.
thanks.

I think, it is fine as long as you have income pay-stubs which deduct taxes from your paycheck every times when you get salary from work. If you are going to send money which is more than what you earned legally and save enough, then they may come after you. For me, I don't have any problems and sending $4500/month as long as I earn more than that.
 
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