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Gift Money from India for downpayment

Asked Sep 7, 2008, 03:49 PM — 4 Answers
My father wants to give me a gift of more than $100,000 towards the downpayment of the house. The money is tax-paid in India. He is willing to provide documentation for the same.

Will I have to file form 3520 for the same.

Will I have any tax implications for the same? I.e. Will I have to pay any taxes on this money?

Thanks

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4 Answers
MukatA's Avatar
MukatA Posts: 7,105, Reputation: 963
Tax Expert
  
#2

Sep 7, 2008, 04:16 PM


For you (the receiver of the gift), the only requirement is to file Form 3520 if gift amount exceeds $100,000.
If your father is not a U.S. Person, then there is no tax or filing requirement in the U.S.
If your father is a U.S. Citizen or resident, then he must file gift tax return.
Read Your U.S. Tax Return: The U.S. Gift Tax
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OneSBGuy's Avatar
OneSBGuy Posts: 2, Reputation: 1
New Member
  
#3

Sep 10, 2008, 08:02 PM
Will I have any tax implications? Will I have to pay taxes on this money?
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MukatA's Avatar
MukatA Posts: 7,105, Reputation: 963
Tax Expert
  
#4

Sep 10, 2008, 11:31 PM


No. No.
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AtlantaTaxExpert's Avatar
AtlantaTaxExpert Posts: 19,866, Reputation: 3723
Senior Tax Expert
  
#5

Sep 11, 2008, 10:56 AM


MukatA is correct in regards to U.S. Taxes.

There MAY be taxes due from the India side. However, I cannot comment further as my expertise on Indian taxes is limited.
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