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Old 10-27-2016, 03:39 PM
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Smile Investing in Indis from USA

I work USA and looking for a way to transfer money to India (more than 10K USD). If i open a NRE account and deposits USD in that account and I withdraw that money as INR in india and give that money to my Parents in cash, Do i need to declare in USA regarding this transaction.



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Old 10-27-2016, 07:29 PM
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Originally Posted by Mehar View Post
I work USA and looking for a way to transfer money to India (more than 10K USD). If i open a NRE account and deposits USD in that account and I withdraw that money as INR in india and give that money to my Parents in cash, Do i need to declare in USA regarding this transaction.
No; UNLESS you are a us resident for tax purposes, you do not need to report the wire transfer to the US treasury.Aslongas you are a US residnet for tax purposes then the wire transfer exceeding $10K will be automatically reported to US treasury.



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