Hi,

1. If I receive money from my father as a gift in Indian in my Indian Bank Account,will it be considered as income and does it need to be reported to IRS as a taxable income?The amount is less than 30k USD.


2. Sometimes I send money to my parents account in India(I do not have signature ownership in those accounts).Is there a restriction in the amount of money I can send every year?

3. I received a personal loan in my bank account in India.Will it be treated as income by IRS?


Please let me know your thoughts.

1 & 3) No, these items are not taxable.

2) No, there are no restrictions.

Hi,

One quick clarification.The money which my father gives me as a gift is through a check.He draws a check and deposits with my foreign bank.Hope that does not change anything?

No change; still not taxable.