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.
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Money Transfer FAQ's
