Sending money from USA to India (OPT Student)

[abhishekraun]

I am working on OPT. Could you please tell me what is the maximum amount of money I can send to India annually?
As far as I know I can only send $14k annually. Is that correct? How can I send more money? I plan to send $24,000 a year. What happens if I send an additional $10k annually? Will IRS find out about it?
Please advice.
Thanks in Advance!

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[DesiOPT-FaceBook-Admin]

Your message was posted as anonymous on Facebook wall- (Apr 28th)

[DesiOPT-FaceBook-Fan]

u can send it irs would not stop it .. and there some indian rules against limits ..

[DesiOPT-FaceBook-Fan]

As long as you paid the taxes right to IRS for the overall amount you get as pay, and if you're transferring money to India for family expenses or your own account, there will be no issue. If you're transferring to your NRI account to India, it will not be taxable also .. Hope this answer helps you.

[DesiOPT-FaceBook-Fan]

check the limits on IRS as well as RBI website!

[DesiOPT-FaceBook-Fan]

You can send 14K per 1 year per person. You can send any number of individuals upto 14K. If more than 14k/person/year - you need to file gift tax in USA. In india receiver pays tax on gift received unless they are close relatives as per RBI gift guidelines. In india gift above 50K rupees subject to gift tax unless close relatives.

[DesiOPT-FaceBook-Fan]

If you sending more than 10K to your own foreign account, make sure you report foreign accounts & any income generated on it in USA taxes. Reads IRS FBAR guidelines. Its very very serious tax compliance requirement. FBAR deadline is June 30 every year.

[DesiOPT-FaceBook-Fan]

If the amount goes above 14K for a particular receiver, then u have to pay gift tax.
To avoid it, you may split it between two or more individuals.
Search Gift tax + 14K.

[DesiOPT-FaceBook-Fan]

So based on some literature I read, its says that even if the amount exceeds $14K, you will just have to file a gift tax return form at the time of filing your taxes and then that excess amount will be deducted from your lifetime gift tax exemption which is $5.12 million. But I am not sure if this applies to OPT candidates. Any thoughts?

[ZZzzZZhanna]

Hi! I think this link may help you a lot:

http://blog.timedoctor.com/2015/02/18/whats-cheapest-way-send-money-india