according IRS what is the Dollar can you transfer to India in 1 year?

My Parents retired in India and they transfer all there money from US to india throw ICICI Bank. How much can they transfer per year? or is there IRS law that you can transfer only so much amount? if there is one please point me to rite direction. any help will be greatly appropriated.
they are long time permanent resident. And they thave tranfer money in 3 yeas not all at the same time.

,,What tax rules apply to a US Citizen working in India for 6 months while being on US payroll? ,Taxation On Salary Earnt Abroad? ,Taxation of Import of services in India and levy of Service Tax ,I didn’t file a tax return last year. Can I do it this year? ,In India, what is the last date for filing of income tax returns this year for individuals ? ,

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Comments (2)

 

  1. the tax lady says:
    May 28, 2010 at 2:53 am

    There is no limit.

    The issue is whether they are long time permanent residents and are trying to expatriate.

  2. hrblockerrolquinn says:
    May 28, 2010 at 3:42 am

    Dear dodo: You need not to be concerned with the IRS but with the Indian/US government regulations. ICIC Bank should be able to advise you on any regulations. If you make transfers of $10,000 or more the banking rules require them to fill out a CTR which is sent to the Treasury Dept. to monitor illegal activity as well as possible terrorism.

    This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent

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