I have been transferring money from my personal US savings account to my personal Indian savings bank account throughout 2014 and the total exceeds $10,000. Will these transactions have to be reported for US tax / gift tax ? Is there a tax issue that I should be concerned about?

Any transactions made over US $10,000 must be reported to IRS. In most cases, your money transfer service provider may report it directly to IRS. The provider do have the information, you may have submitted before in order to increase your daily or monthly transfer limit. 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.

If you are sending money overseas as a gift, the limit of sending gift amount to India is USD14,000 each year. However, you can send amount above it but it is required to report it to IRS, and a gift tax is applied on the entire amount.

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.