@pk @Opus 17
thank you both for additional information and insight.
To test a hypothetical scenario, let’s say I am talking about a few lump-sum irregular transfers of >= 8-10k each in a year to my mother, which goes beyond annual limit for gifts. Let’s say total is 30k. I am not sure if that will fall under the gray area between gift and cultural norms for family maintenance, but let’s consider that it is a gift.
To avoid the annual limit, consider I gift my mother 17k, then gift my father remaining 13k. Later my father gifts 13k to my mother.
Is there a rule in place which still would mandate reporting additional 13k on form 709? Pls consider that this 13k is already in Indian currency and gifts within family in India doesn’t have any limit (i.e. unlimited value of gift within family without any tax)
