Tranferring money abroad

[ruchir.srivastav]

Hello,

I am aware that any money transferred to family or friends above $14000 is applicable towards gift tax.

I wanted to know if the same is applicable if the money is transferred to our own accounts abroad.

Thanks.

[DesiOPT-FaceBook-Admin]

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[ruchir.srivastav]

Hello, I see that it has been over 72 hours but I have yet not seen this post of your FB page. Please can you let me know when this will be updated.

[DesiOPT-FaceBook-Admin]

Your message was posted as anonymous on Facebook wall- (9th Aug)

[DesiOPT-FaceBook-Fan]

Sorry to hijack this thread but what if the indian account is a joint account between me and one of my parents? Should i still file gift tax if I transfer money to this account?

[DesiOPT-FaceBook-Fan]

There will be no tax if you transfer in between your accounts within US ! but only certain banks charge transfer fee !

[DesiOPT-FaceBook-Fan]

Can I know how you are transferring ?

[DesiOPT-FaceBook-Fan]

No Problem if its your own account but if its your parents account then you need to file gift tax if its even a $more than $13999. One more important thing is if its your account in India or any other country then you need to file FBAR reporting highest balance of the year 2014 of all your accounts ( LIC, DEMAT, SAVINGS, CHECKING, BOND, MUTUAL FUND etc etc )

[DesiOPT-FaceBook-Fan]

FBAR is only required in case you are a resident alien. If you are on F-1, you are a non-resident alien. If you are on H1B for more than 183 days during a calendar year, then you need to file it.
I am not sure, but I think there is no limit to transfer funds to your own account.

[DesiOPT-FaceBook-Fan]

Try and search for NRE accounts. They are offered through SBI and HDFC as per my knowledge. There might be other indian banks offering this type of accounts too. There is no tax to be paid on amount you send. The interest you earn also is non taxable.