sridhar (ex sales manager) 21 October 2011
my m.in.law is 85yrs and would like to sell the house and distribute the money to her 2 sons and two daughters.one is in u s a.money will be equally distributed.will it attract wealth tax.how can we transfer money to u s a.is there any documents to be submitted to any authorities to fulfill legal procedure
Adv. K.S.A.Narasimha Rao (legalquestadvisor@gmail.com ) 21 October 2011
Dear Sridhar,
Your mother-in-law is at liberty to sell her property and the proceeds received by her is required to declare the same in her income tax returns and after deduction of tax, she can transfer the such amount by way of Gift either by way of money transfer from her Account to her sons' account. If it is very huge amount, then Bank officials will suggest to appraoch RBI for necessary clearances.
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