QUESTION DETAIL
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1. If I receive money from my father as a gift in India in my Indian Bank Account, will it be considered as income and does it need to be reported to IRS as a taxable income? The amount is less than $30,000 USD.
2. Sometimes I send money to my parents account in India as a gift (I do not have signature ownership in those accounts). Is there a restriction in the amount of money I can send every year?
3. I recieved a personal loan in my bank account in India. Will it be treated as income by IRS?