What rules and regulations to follow when remitting money from the US to India?
Super excited about sending home my first paycheck. I want to make sure I do it right in terms of paying taxes (if any) and abiding by the rules and regulations on limits of transfer and reporting. I'm on OPT in the US.
a) I intend to send money to an account jointly held with my father in India. Can I do this or do I need to remit to another account like an NRE/NRO account?
b) Is there a limit on the amount I can transfer per year? Is there a limit I can transfer per person?
c) Where and when do I need to report such transfers? My income in the US is taxed by my employer and the money I'm sending is after-tax payment.