Transfering money from india to the US?

Question

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..

Answer 1

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-...