Sharing success with family after 485 approval

The only relative I have is my considerably older brother in
India, who is unwilling to move to the USA either temporarily
or permanently, given his age and health. My green card process
took eight long years with three employers, a period akin to
slave labor. Expecting major legal problems, I had saved up
almost all my salary all these years to hire labor
and immigration attorneys, which thankfully I never
needed.

Looking back now after the green card approval, I find that I
have accumulated a reasonably tidy sum of money. When translated
to Indian rupees, this money becomes obscenely rich. I never
cared for money, I cared for parents, which I never had (I was
raised by my brother from birth). Now my brother probably has only
a few more years to live because of smoking-induced cancer which
has spread to various parts of his body.

The question to the group is: how do I share my wealth with my
brother in India? I would like to transfer almost all my money
to him, so he can live in comfort and happiness for the rest of
his life. Anyone who has tried to send such huge sums of money to
India knows that the Indian income tax people take away most of the
money. So guess I need to amend my question: how do I send all
my money to my brother while *legally* keeping the Indian income
tax people out of the picture? Note that after converting to
rupees, my brother will be getting several millions of rupees.
So what\'s the best way to do it and do it legally?

Thank you very much and God bless y\'all,
Anonymous
 
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Dear,

Since you lived here for long time, most of the answers I
want to tell are and must be same things that you also aware of.
Only thing is, India recently ( last tax Year I think) abolished
Gift Tax. I do not know the details. Consult a tax advisor.
There are some online guys too.
-Thx
 
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The thing that I am thinking of is that you can give him a credit card. Then, you still own the money and he can spend it.
 
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You can open an NRE account in Indian Rupees and give your brother POWER OF ATTORNEY. This way he can operate your account and your money remains repatriable also, in case you want to withdraw that money (I know you wont want to do so).

This type of accounts are non taxable even on the interest accumulated.

Good to know that you care for your brother.
 
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You can send any amount of money to your brother as a gift. Since this is foreign Money (US$), there is no income tax on it in India
 
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I would like to call a Time-outt
Boss, have you ever asked yourself if you are doing the right thing by sending your dying brother a ton of money. If unscrupulous people find out that he has a lot of money you are making things worse for him. Send him just enough to take good care of his health and to have a comfortable living. Go to India on a trip and maybe hire a person to take care of him. Lastly stay with him as much as possible. No amount of money can buy you what he has given you. (raised you sinceJrr birth). If you really care for him go and stay with him and take care of him. In this way he will get happiness that is priceless.
 
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Give all the money to me and I will give it to him!!!! Just kidding.

I honor your good intensions to your brother. But I strongly agree with the previous poster. What a dieing person much more needs is love, care and not a boatload of money.

Good luck.
 
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US SLAVE,

Yes. There is no gift tax. However, uncle Sams are same all
over the world. I remember a new provision in Indian tax law
that says, the person who receives the Gift has to pay Income tax
on that year. Better he consults a tax advisor. Or read lot of
artciles on www.economictimes.com, NRI sections.
 
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I have a NRE account in INDIA and transfer money regularly to that
I have given my brother and DAD power of attorney
Theycan use the money but i have to pay no tax on it
The account owner is me and so i do not pay tax as i am a NRE
My folks in INdia do not pay taxes but get to use the money
 
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