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    panm's Avatar
    panm Posts: 1, Reputation: 1
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    #1

    Sep 6, 2014, 02:20 PM
    Gift Tax If I gift my father about 50K
    [FONT=Calibri, sans-serif]What will be the gift tax to me, if I gift my father [/FONT]about 50k in India. My Father is in India and an Indian Citizen.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Sep 6, 2014, 05:53 PM
    Just to be clear, you're talking about a gift of 50K rupees, or about $830 USD, right? My understanding is that gifts between blood relatives in India are not taxable.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #3

    Sep 6, 2014, 07:48 PM
    If it is $50,000 USD, you would have to file a U.S. gift tax return, but no gift tax would be due by applying part of the Unified Credit to offset the tax.

    This advice assumes you are a U.S. Citizen or green card holder.
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