Parents moving to US

K

kilukily

Registered Users (C)
Hi

I am in the process of starting to apply for a Green Card for my parents and this web-site and Forum has been of great help so far. I have another question related to the actual move for my parents after getting a Green Card

What are the Indian and US laws regarding moving to US in terms of money. I mean what I want to know is how can my parents move their money to US after they get the Green Card

Can we still keep some property there in India? If yes how would my parents be able to sell it after becoming an NRI and bring that money back here to US.

What are the Tax implications both here in US and India?

Any suggestions or advice that you can provide will be very helpful

Regards
AG
 
As GC holders, they will be subject to US tax on worldwide income, although there are various treaties and exemptions that may eliminate most or all of their US taxation, if the income is also taxed in India.

If they sell property when they have a GC, they would be subject to US capital gains tax on the gain (unless tax treaties/exemptions cancel out the US tax liability). So it may be better to sell before obtaining the GC.
 
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