You can send up to $10,000 to India without reporting to IRS. However, under the Bank Secrecy Act, your bank will provide information on certain transactions over US$10,000 to IRS and report them as "suspicious transactions" to the US Government. Certain money transfer companies will require additional documentations to increase your daily or monthly transfer limit as well. At certain instances, they do directly report to the IRS about our transfer made more than $10,000 in a month.
Note: The information presented here is generic and may not be accurate. Please consult your CPA, tax expert or tax attorney for specific tax advice and inquiries.Visit IRS Website for US tax information.
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