Transfering money from india to the US?
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what are the legalities involved. I inherited a property that I will be selling. .I'd like to know if I could transfer the whole amount.. do I pay taxes on it.. what is the transfer limit per month..
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Answer:
1. In India there is no tax on inheritances but you must pay capital gains tax on the profit from the sale. Read about inheritances: http://mytaxes.in/index.php?topic=19.0 About capital gains: http://mytaxes.in/index.php?topic=30.0 2. For transferring money you should contact your bank. There are no restrictions. 3. U.S. also does not have tax on inheritances. Read: http://taxipay.blogspot.com/2008/02/tax-on-inheritances.html
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