If someone sends money from India to USA, is it taxable?

No, the money transferred to US from India is not taxable. But, if it exceeds US $100,000 for any current year, you must report it to the IRS by filing Form 3520. This is just an informational form with no taxes payable. However, if the money is in form of gift, gift taxes in the US may be applicable.

Discuss with your tax advisor or consult a CPA or tax attorney for any tax related questions.

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 Websitefor US tax information.

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