Bringing Indian Inheritance into US

Question

Apr 5, 2007, 10:16 AM

nataraja

New Member

Join Date: Apr 2007

Posts: 1

Bringing Indian Inheritance into US

I inherited a share of my grandfathers property in India which was sold by mutual consent of the owners very recently. I intend transferring the proceeds to the US after paying Capital Gains Tax in India.

How will this accrual of funds be viewed by the tax authorities in the US. I am a US born US citizen.

How can I minimise my exposure to US taxes and can I claim relief against the 23% Capital Gains tax to be paid in India.

How does the dual taxation agreement between India and the US benefit me ?

Answers

Apr 16, 2007, 12:05 PM	#2

AtlantaTaxExpert Senior Tax Expert Join Date: Feb 2005 Location: Atlanta, Georgia Posts: 13,322	Since it is an inheritance, it is NOT subject to U.S. taxes. Depending on the amount of money transferred, it MAY draw the attention of the IRS, who will ask you to explain it. If you have the appropriate documents to explain the origins of the money transferred, you should have no problem.

Similar Sponsors

Thread Tools

Show Printable Version

Email this Page

Similar Threads

Bringing a lawsuit
(3 replies)

Bringing customers to my Hair Salon
(2 replies)

Bringing Wire into Unfinished Garage
(2 replies)

law regarding bringing kids from India
(5 replies)

Bringing a new puppy home
(3 replies)

Search this Thread

Advanced Search

Bookmarks



At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to: Get free answers from experts in any of our 300+ topics. Accept money for answers that you provide. Communicate privately with other members (PM). See fewer ads. Sign Up!