{ "media_type": "text", "post_content": "I have to send over 30k$ to my NRE account for my wedding. I have already sent 6k$. I know if you send above 10k to India then you are taxed. Please let me know if anyone else had an experiencing with transferring large sum to India.", "post_id": "62f51cf056ff5f0025f89499", "reply_count": 14, "vote_count": 0, "bowl_id": "58f8108c753e990016608a0b", "bowl_name": "Desi Consultants", "feed_type": "bowl" }

I have to send over 30k$ to my NRE account for my wedding. I have already sent 6k$. I know if you send above 10k to India then you are taxed. Please let me know if anyone else had an experiencing with transferring large sum to India.

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I send 10L INR every year to invest in ULIPS, and have never (in the last 5 years) had any questions come my way.

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My comment was relating to US on PFIC rules and yearly reporting on Form 8621. I have no idea on Indian tax rules.

You are taxed on interest. Not principal. So the interest you earn on 30k will be taxed at 30%.

What if it’s used before it generates any internet? Also, would it be taxed here on India?

Use Remitly and break down the transfers into smaller amounts over a period of time if possible. I didn’t have to pay taxes and I transferrrd over 10,000 usd

That’s still fine

Send it to parents’s other kins’ accounts.

Got it, thanks. Did they have to pay income tax in India?

There is no US tax on after tax principal amount you send. If it stays in bank and earns interest in india, that will be taxable in the US.

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