@sulz , My mistake -- the form for gift reporting is indeed 709 as pointed out by @Carl . Also the question of gift was ONLY because you had mentioned about "FBAR comes into picture ......as it will fall under gift category" and I was covering all the bases. Answers/comments/clarifications to your response earlier are :
(a) Anytime you do an international transfer US banks generally will raise a SAR ( when the amounts are around $10,000 or more ). You don;t have to do anything about this and generally does not mean anything.
(b) Citizens/Resident/Resident for tax purposes are required to report all bank accounts over which he/she has signature authority ( either owned/operated or just signature authority but no financial interest ) if the total of all accounts crosses the $10,000 mark ( at anytime 15,000 or 10,000 on the last day of the year ) -- FBAR , This is the FinCen form 114 , on-line reporting through BSA efiling. The test period for this is the tax year ( in the USA Calendar year). Sometimes this creates some arithmetic issues especially when amounts are moved between multiple accounts , none of which individually meet the filing requirement. This is not a tax event but just a filing requirement and because foreign banks also share with the FinCen details of US account holders, it is safer to file these reports even when one has not crossed the US$10,000 mark. The penalties for willful dis-regard of the requirement is onerous. So strongly suggest you file this online by the reporting date of 15th of April.
(c) The FATCA requirement is for specified financial assets and because your bank account may hold more than the minimum ( with a tax home in the USA the amount is between 50,000 and 150,000 depending on whether you file as single / married Filing Separate or Married Filing Joint ). See the detail for form 8938-->
https://www.irs.gov/instructions/i8938. Since the wired amount may stay in the account for a little while ( and satisfy the "at anytime during the year" clause, it is safe to recognize and report the account on mform 8938, even though you would have reported the same information on FBAR form. Note that the Specified Financial Assets include essentially all liquid and semi-liquid assets but not real-estate.
(d) agree with your comments for points (4) and (5).
BTW --- please keep records of your purchase using US$ of the day for future. I say this, because if someday you sell the prop. and are still in the USA, you will have to report the capital gain/loss. USA does not index your basis ( acquisition cost plus cost of improvements) -- India does-- and therefore the computation of gain is very different .
Hope this clarifies everything for you. If you need more help , please feel welcome to add to this thread and I will come back and help.
Namaste ji
pk
