If the gift is from a foreign person and the amount of the gift is over $100,000 then you are required to report the gift to the IRS using IRS Form 3520 - https://www.irs.gov/forms-pubs/about-form-3520
@varun-joe , assuming the recipient is US person ( citizen/ GreenCard / Resident for Tax purposes ), and if the amount received in a year is equal or greater than US$100,000 you need to file a form 3520.
There is NO TAX CONSEQUENCE.
Also note that the receiving bank will raise a SAR ( Suspicious Activity Report ) as a matter of course but usually these are closed internally. For large amounts ( in the range of Millions, see US Treasury pubs. on the subject and may even require permission ).
Is there more I can do for you ?
Namaste Varun ji
If the gift is from a foreign person and the amount of the gift is over $100,000 then you are required to report the gift to the IRS using IRS Form 3520 - https://www.irs.gov/forms-pubs/about-form-3520
@varun-joe , assuming the recipient is US person ( citizen/ GreenCard / Resident for Tax purposes ), and if the amount received in a year is equal or greater than US$100,000 you need to file a form 3520.
There is NO TAX CONSEQUENCE.
Also note that the receiving bank will raise a SAR ( Suspicious Activity Report ) as a matter of course but usually these are closed internally. For large amounts ( in the range of Millions, see US Treasury pubs. on the subject and may even require permission ).
Is there more I can do for you ?
Namaste Varun ji