<prompt> Human: Im planning to buy a house in the US. My parents have decided to gift me 3,000,000 INR 48,000. I have created a new savings account exclusively for this purpose. Can someone please tell me what are the formalities involved, and how my folks can send this money to me?EDITThanks to all whove responded. I spoke with the bank rep. It looks like there wont be any trouble involved.For posteritys sake, I am allowed to 100K without any tax-related issues - first-hand information from IRS! I simply need a note from my parents saying that its for ublahsphemer_ and it should be signed and dated, this is for the banks, not the government. Dont try discussing BTC with your bank rep. They seem to have no idea and conversations might drift towards Anonymous and a hacker called 4chan.Assistant: See if your parents bank can make a direct transfer to your bank. Usually there is some small fee applied.Human: Thanks..So Ive heard that this needs to be declared as a gift. Is there a form available somewhere for me to fill for such a declaration?  <response>: Your best move is to simply walk intocall your bank and discuss this with someone. 