foreign account in India

[POCAHONTAS]

client sold home and transferred the gain to an account in India, in 2011. I know that we have to file FinCEN Form 114 if the amount is over $10,000, but is there some kind of a form the Indian authorities have to issue to my client or do I need to just get the info from my client for the form to file FinCEn form 411. Does any one know what to do.

Thank you

[ATSMAN]

Is this client a Green card holder or a US Citizen?

Ask them if they transferred the money to a NRI account in india. If yes, they can obtain from the Bank in India all the details you need. That is how most Indians transfer money from USA to India (the legal way). Others use undocumented money remitters without any paper trail. Go to NYC or NJ and you will see these guys who transfer money to third world countries.

[joanmcq]

Your client will have to file the FBARS, and possibly the 8938 to report the foreign account.

[POCAHONTAS]

Thank you Atsman and joan