What is the limit on gift amount, that I can send to family in India ?

The limit of sending gift amount to India is USD14,000 per person per year for the year 2014. So for example, you sent $14,000 to person A and sent $16,000 to person B, then you will liaible to pay taxes o the extra $2000 that you gifted to person B.
Each year, the amount a person gives other people over the annual exclusion accumulates until it reaches the lifetime gift tax exclusion. Currently, a taxpayer does not pay gift tax until they have given away over $5.25 million in their lifetime.

Refer to: http://www.irs.gov/pub/irs-pdf/p559.pdf#page=24

Most Viewed Answers

There is absolutely no limit of sending money to India, provided you pay the required taxes. No limit on daily and monthly transaction. only money sending have limit for sending amount for indivi…

The legal limit to carry cash currency in US Dollars from India to USA is USD 3000 per person per trip. However, you can carry up to US $10,000 in form of currency notes, Travelers check, etc. wi…

Import: Currency Regulations in India Local Currency (INR) - Any person resident in India, who had gone out of India on a temporary visit, may bring into India at the time of his return from…

Related Articles

House Property and NRI Account in India- Does FATCA Apply?

As a Non Resident Indian and under the Income tax law of India, the NRI is not taxable in India for any of his income which he earns outside…

FATCA MOU with India – A Boon or Burden?

Foreign Account Tax Compliance Act (FATCA) is a US legislation aimed at combating tax evasion. Under this legislation, you will have to decl…

Banking Services for NRI’s: Introduction

When one moves out of India, the first thing they do is to open a bank account in India for themselves as Non Residents. Rightly so, they ca…

Go Mobile

Get the Best Exchange Rates, Important Remittance Information and
Special Promotion Alerts on the go! Download Our Mobile App on your Smartphone or Smartwatch.

google play apple app store