Inheritance in foreign currency

#1
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?
 

Galts Gulch

Well-Known Member
#2
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. You can get any amount in your account, till the time it is USD ... :D:D
2. No will copy is required ... you have to just give a reason about the source of transfer ...
3. No idea about this as I'm an Indian Citizen, not sure of US laws ..

Regards