Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Taxes (https://www.askmehelpdesk.com/forumdisplay.php?f=320)
-   -   Gift Tax If I gift my father about 50K (https://www.askmehelpdesk.com/showthread.php?t=800810)

  • Sep 6, 2014, 02:20 PM
    panm
    Gift Tax If I gift my father about 50K
    [FONT=Calibri, sans-serif]What will be the gift tax to me, if I gift my father [/FONT]about 50k in India. My Father is in India and an Indian Citizen.
  • Sep 6, 2014, 05:53 PM
    ebaines
    Just to be clear, you're talking about a gift of 50K rupees, or about $830 USD, right? My understanding is that gifts between blood relatives in India are not taxable.
  • Sep 6, 2014, 07:48 PM
    AtlantaTaxExpert
    If it is $50,000 USD, you would have to file a U.S. gift tax return, but no gift tax would be due by applying part of the Unified Credit to offset the tax.

    This advice assumes you are a U.S. Citizen or green card holder.

  • All times are GMT -7. The time now is 06:57 PM.