Apr 9, 2012, 01:37 PM
I sent my parents about $60,000 in India. All the money was transferred to my father's account (not joint account). Part of the money ($12000) was used to purchase some property. I am wondering how much should I declare as a gift. Should I declare the entire $60000 as a gift or the 48000 (60k-12k). How much exemption can I take (I would like to split it with my wife)? 13000*2 = 26000 or can I consider my mom as a recipient since my parents live together and consider 2*13000*2=52000. I would appreciate your response.