Transfer of large amount of gift money from India to US?
My mother has a lot of money in INR. By default she can send only $250K per financial year. We want her to gift me say $800K or even larger like $1.5M every year for the next 2-3 years. How can that be done?
- Should I open an NRO account in India and she transfers INR there and I somehow get that converted to USD? How?
- This is a gift, not medical or education purposes
- She doesn't have 4 relatives as such to whom she can first sent $250K each and they send it to me.
- We want to transfer this money while she is alive rather than wait for her to pass away when the problem will only complicate
Thanks for ideas and suggestions.