Transfer of money from India to US for my son's education
I am currently an US Citizen. I am selling a plot of land that I own in India to an Indian resident.
From the proceeds
I would like to purchase an apartment in India for my parents use.
Would like to gift part the money (about INR 20 lakhs) towards my US born son's college education in the US.
I have an existing NRO savings account in India.
Please help me with your guidance on best ways to make these arrangements.
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In any case you need a CA. Please consult one.
I am selling a plot of land that I own in India.
This would be treated as capital gains event and you would owe taxes on the gains.
I would like to purchase an apartment in India for my parents use.
Yes you can. You maybe able to offset some gains on land sale against the apartment.
Would like to gift part the money (about INR 20 lakhs) towards my US born son's college education in the US.
As you are NRI; Under FEMA, you can transfer funds from your NRO account to US. A form 15CAB and 15CB need to be submitted to the bank to enable transer.
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