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    somu_banerjee's Avatar
    somu_banerjee Posts: 14, Reputation: 1
    New Member
     
    #1

    Jul 13, 2012, 05:15 PM
    Money received in foreign country in foreign bank account
    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.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #2

    Jul 13, 2012, 05:51 PM
    1 & 3) No, these items are not taxable.

    2) No, there are no restrictions.
    somu_banerjee's Avatar
    somu_banerjee Posts: 14, Reputation: 1
    New Member
     
    #3

    Jul 14, 2012, 01:10 PM
    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?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #4

    Jul 14, 2012, 04:02 PM
    No change; still not taxable.

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