Hi,
I became US citizen 3 years ago and have OCI card too. I am planning to buy a flat in India and have questions about it that I hope someone can answer as precisely as possible.
1. Is there a checklist of documents and forms that I need to complete in India AND in the US?
2. I found online that being a US citizen I will need to fill up IPI-7 form & submit to the IRB, correct?
3. I have NRE account in Indian bank that has about 80% of the money that I need. Can I get rest from my parents in India? If yes, how do I report that these are from two different sources? That is how would IRB know that part of money is mine and part of money is my parents especially if I sell property down the line? I don’t want to be taxed again or more.
4. Is it better that I should just transfer more money to my NRE account and pay all money myself?
5. Every year I file FBAR filing with IRS for my NRE account. Once I use that money to purchase flat, do I need to report to IRS that too? If yes, on what form?
6. Do I need to file any form for IRS with taxes to report property in India? I will not rent it out. It will be completed in 2 years and till then I will just wait and even after than we have no plans to rent it to anyone.
7. Do I need to have PAN number in India to buy flat? I have Aadhar card only. I need to decide pretty fast & don't want to lose this flat but not sure what all documents & forms I need. I would appreciate any help that you could provide.
Thanks.
I became US citizen 3 years ago and have OCI card too. I am planning to buy a flat in India and have questions about it that I hope someone can answer as precisely as possible.
1. Is there a checklist of documents and forms that I need to complete in India AND in the US?
2. I found online that being a US citizen I will need to fill up IPI-7 form & submit to the IRB, correct?
3. I have NRE account in Indian bank that has about 80% of the money that I need. Can I get rest from my parents in India? If yes, how do I report that these are from two different sources? That is how would IRB know that part of money is mine and part of money is my parents especially if I sell property down the line? I don’t want to be taxed again or more.
4. Is it better that I should just transfer more money to my NRE account and pay all money myself?
5. Every year I file FBAR filing with IRS for my NRE account. Once I use that money to purchase flat, do I need to report to IRS that too? If yes, on what form?
6. Do I need to file any form for IRS with taxes to report property in India? I will not rent it out. It will be completed in 2 years and till then I will just wait and even after than we have no plans to rent it to anyone.
7. Do I need to have PAN number in India to buy flat? I have Aadhar card only. I need to decide pretty fast & don't want to lose this flat but not sure what all documents & forms I need. I would appreciate any help that you could provide.
Thanks.