Citizenship and assets back home

itsanils

New Member
Hi All
Does any of you have answers for these ?
1) As per law, what kind of investments/properties can you own and not own in India?
2) if you have inherited property, what are the tax implications on rents or sale of these assets?
3) if you already have purchased property on your name, how does it taxes here in US and in India?
 
Hi All
Does any of you have answers for these ?
1) As per law, what kind of investments/properties can you own and not own in India?
2) if you have inherited property, what are the tax implications on rents or sale of these assets?
3) if you already have purchased property on your name, how does it taxes here in US and in India?

What law are you taking about? US or Indian law?
Under US law you can own whatever you want as long as monetary and similar assets over $10k are declared on your FBAR return, and any income is declared on your return to the IRS. You don’t pay US tax just for owning property, but rental income needs to be declared and you may be liable for capital gains tax on sales. No idea what the Indian tax requirements are. If there is a tax treaty, for most things you shouldn’t be paying more tax, but you still have an obligation to declare to the IRS.

I’m slightly concerned that you’ve posted this under “citzienship”, because a green card holder has the same tax obligations to the IRS as a citizen, so all this stuff should have been getting dealt with anyway.
 
What law are you taking about? US or Indian law?
Under US law you can own whatever you want as long as monetary and similar assets over $10k are declared on your FBAR return, and any income is declared on your return to the IRS. You don’t pay US tax just for owning property, but rental income needs to be declared and you may be liable for capital gains tax on sales. No idea what the Indian tax requirements are. If there is a tax treaty, for most things you shouldn’t be paying more tax, but you still have an obligation to declare to the IRS.

I’m slightly concerned that you’ve posted this under “citzienship”, because a green card holder has the same tax obligations to the IRS as a citizen, so all this stuff should have been getting dealt with anyway.

Not sure what is so concerning. I want to check if these things will be different on an indian passport vs an American passport. I am looking for the tax implications as that will differ being on green card (indian passport) vs an american one. Ofcourse I will have obligations for IRS. But what about in India. I will research more on indian tax treaties.
 
Not sure what is so concerning. I want to check if these things will be different on an indian passport vs an American passport. I am looking for the tax implications as that will differ being on green card (indian passport) vs an american one. Ofcourse I will have obligations for IRS. But what about in India. I will research more on indian tax treaties.

No difference between green card and citizenship re IRS tax, no matter what passport you hold while you have a green card. What I’m saying is that whatever you have been doing since you had a green card should be the same as what you will do after naturalization, from an IRS perspective. They don’t care what passport you hold. They just care that you are a US resident for tax purposes. That’s why I don’t understand why you’re only asking now - as you posted this under “citizenship” I assume you have already had a green card for a few years.

Suggest you find a forum in India re Indian tax.
 
Top