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-   -   Gift Money from India for downpayment (https://www.askmehelpdesk.com/showthread.php?t=257837)

  • Sep 7, 2008, 03:49 PM
    OneSBGuy
    Gift Money from India for downpayment
    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
  • Sep 7, 2008, 04:16 PM
    MukatA
    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
  • Sep 10, 2008, 08:02 PM
    OneSBGuy
    Will I have any tax implications? Will I have to pay taxes on this money?
  • Sep 10, 2008, 11:31 PM
    MukatA
    No. No.
  • Sep 11, 2008, 10:56 AM
    AtlantaTaxExpert
    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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