Tax implications for receiving gift from sibling in India

[johnkgan]

Hi there, I would very much appreciate your advice regarding below:

My brother in India wants to send me a gift of around 100k.
1) Is there any tax implication for me to receive this amount? Should I be declaring anything?
2) Is there a limit of the amount I can receive as a gift from my sibling who is in another country?
3) Would there be any tax implications or declarations for my brother in India?

Thank you so much!

[single2019]

Some of your questions are answered here:

https://www.irs.gov/businesses/gifts-fr ... ign-person

[johnkgan]

Thank you very much! I understand from that article that nothing needs to be done as long as the amount of gift from my sibling in another country is below $100,000. Appreciate your confirmation if I am understanding that right. Thanks again.

[HueyLD]

If the gift is more than $100k, you need need to file form 3520 as failure to file this form can result in significant penalty.

“A penalty applies if Form 3520 is not timely filed or if the information is incomplete or incorrect (see below for an exception if there is reasonable cause). Generally, the initial penalty is equal to the greater of $10,000 or the following (as applicable)…..”

https://www.irs.gov/pub/irs-pdf/f3520.pdf

https://www.irs.gov/instructions/i3520# ... 1000190324