US citizen has left a will in which he wants to give $25K to his relative in India. What is the legally most efficient way to achieve this transaction for both parties?
1. Can a Indian citizen receive 25k USD (about 15L INR) in his account? Are there any limits set by RBI? Will the bank initiate any inquiries?
2. I understand that inheritance does not attract any taxes in India. Is the copy of the will required? In case the family does not want to share the will, can a letter stating the purpose of transfer suffice?
3. Inheritance tax may be applicable in US. Can the sender split the amount to reduce tax liability?
1. Can a Indian citizen receive 25k USD (about 15L INR) in his account? Are there any limits set by RBI? Will the bank initiate any inquiries?
2. I understand that inheritance does not attract any taxes in India. Is the copy of the will required? In case the family does not want to share the will, can a letter stating the purpose of transfer suffice?
3. Inheritance tax may be applicable in US. Can the sender split the amount to reduce tax liability?