Real Estate Bubble In India

GCVARUMA

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Nadi said:
If one becomes a naturalized US citizen .. and goes back to India to work.
He gets paid in India in INR. Does he still have to do US taxes ?
It depends.. go through the following link.. http://www.irs.gov/taxtopics/tc854.html

but most of the time I dont think you would have to. UN or rest of the people can give you a better picture since I am not in the Tax area..
 

GreenCardVirus

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unitednations said:
Everyone likes to play hard and fast with the rules. I deal with a lot of companies and individuals.

Off-line I have been warning people that they need tio be real careful in how they send money back to india (especially companies who are laundering profits through corp to corp).

EVERY person I know of sends money back; either to support relatives or for investment purposes. I think it is odd when people say they are making great contributions with all the taxes they pay; job stimulation, etc. when they are generally sending all their savings and avoiding taxes by sending money to home country.

Your thinking I believe is very narrow.

Immigrants in USA, especially Indians, send the least amount of money as % back home when compared to any other immigrant in any other country. Most temporary workers pay for Social Security, Medicare, Unemployment Taxes but arent eligible for none -- isnt that contribution. Temp workers dont fall back on the society for things like welfare, unemployment benefits, emergency care while actually paying for it for others (as taxes). Most temp workers are unmarried, dont have kids. They pay for schooling of kids of other people. Most temp workers live in apartments while their taxes are used to compensate for tax deduction people take on mortgage interest. Most temp workerd only do standard deduction while others are deducting every thing they could conjure up.

To your earlier statement, Patriot Act intends to stop Terrorism. US would be more interested in money that goes to Pakistan than any other country in the world.
 

GreenCardVirus

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GCVARUMA said:
So is this applicable for H1-B holders or for GC holders and Citizens?

Now say for instance I buy a property in India with the money sent from here and move back to India. 10 years down the line I sell the property now who would I pay the capital gains taxes to?? Is it India or US?

Take it easy man, "offcially", they will not be much capital gains on the property you bought.

How on earth can you even link your $$ to the Rs your paid to buy real estate? I dont know anyone who buys real estate using bank check, every thing goes on in cash.
 

garam.chadi

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GCVARUMA said:
So is this applicable for H1-B holders or for GC holders and Citizens?

Now say for instance I buy a property in India with the money sent from here and move back to India. 10 years down the line I sell the property now who would I pay the capital gains taxes to?? Is it India or US?

The United States is unlike most other countries in that its citizens are subject to U.S. tax on their worldwide income no matter where in the world they reside. U.S. citizens therefore cannot avoid U.S. taxes either by emigrating or by transferring assets abroad. According to Forbes magazine some nationals choose to give up their United States citizenship rather than be subject to the U.S. tax system.

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so if u give up US citizenship -- U are no longer needed to pay US taxes -- so U are an non-immigrant .. why taxes then?

why does poor countries like India do not have such laws in place -- there citizens have to pay taxes no matter where they are ...

India can pump the extra bucks say on environment protection and increase the life span of planet earth ....
 

AAA_USA

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GreenCardVirus

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unitednations said:
First rule of thumb; firgure out what you want to do; next rule; figure out legalities; third; if it isn't legal then use the "how would they know I did this".

"how would they know I did this" is not a good approach.

Let me ask you one thing, here in US, how may waiters or how may barbers or how many parking lot attendents or how many hotel workers actually pay tax on the money they earn in Tips in the form of cash?

Frankly, in a transaction where "Cash" is used, any expectation of tax filing on "all" the money involved would borders on stupidity. We all know that.
 

mariner555

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unitednations said:
Not very narrow at all.

people on h-1b can get unemployment benefits and people do take them.

many don't have medical insurance - if they can't pay for it then state will pick up the tab (know one person whose kid had leukemia; final bill was going to be in $400,000 range, couple of other people i know had bills approaching the $40,000 range which state picked up).

Regarding patriot act - this is very simple thinking. Who were the first people to be charged under terrorism laws; i believe it was the washington dc snipers.

The legal history in this country suggests that laws were made for certain purposes but then the powers of those laws were used to get after other things (racateering; money laundering, etc.). This is why civil liberties union is a watchdog because they are quite aware that these laws are used for other things.

Regarding property taxes, social security; you need to do a little bit more research. Many people pay through property taxes but don't send their kids to public shools; or don't have kids. Average American will be paying many more years worth of these things before they start to take the benefit of it.

I am not slamming people on h-1b ( i was also on it); however, everyone needs to keep these things in perspective
UN,
I respect yr opinions on immigration issues ..but here you seem to be wrong. just because you or some one knows a certain person who got some benefits doesnt mean everyone is getting/taking that. most people who lose jobs on H-1 start digging their savings and make plans to go back or look for job..
though you can get unemployment benefits many people dont take it since they are out of status.
 

KMax

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How the heck can an H1-B claim unemployment benefits? Please do let us know...I might have to do this in the near future! :eek:
 

sfmars

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KMax said:
How the heck can an H1-B claim unemployment benefits? Please do let us know...I might have to do this in the near future! :eek:

Since you have paid taxes. Legally worked for the US employer, you can go to EDD and apply for unemployment. I was told that some H1B people got it.
But you need to be laid off by employer if you quit your employer on the voluneer basis you will not get EDD (unemployment benefit).

But it may cause problem for green card process, and theoretically EDD can inform INS and INS will enforce you to leave the country.
 

GaramChai2go

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AAA_USA said:
Guys,

Could you post more of individual opinions about real estate in India please.....
My opinion is that it sucks right now...and I will wait.... if it wants to suck more ....let it be...
 

maybesomeday

Registered Users (C)
AAA_USA said:
The Reserve Bank of India is worried about a bubble in real estate that may burst. Property prices have doubled or tripled in the last two years, although rents have risen only slowly.

The slow rise of rents suggests that the demand of actual users is being met. In which case the frenzy in the market looks a speculative bubble.

http://money.cnn.com/magazines/fortune/fortune_archive/2006/07/10/8380919/index.htm

http://timesofindia.indiatimes.com/articleshow/1859800.cms

This is pretty much true from my experience. We've done real estate investing here and right about the time the rents no longer covered the mortgage payments the housing prices started to stall and now are diving. It's starting to get back near the levels that make sense because the rents have adjusted somewhat higher.
 

AAA_USA

Registered Users (C)
Chidabaram is one of the biggest liars this country has seen in a finance minister. Petrol prices have gone up, food prices have gone up, real estate prices have nearly tripled and our clueless finance minster says inflation is 4%.

http://shrikant.emergic.org/archives/2006/04/01/real-estate-bubble-a-curse/


Some blogging regarding bangalore real estate

Such is the purchasing power among the residents of Bangalore today ( or perhaps it is "non-resident" money power)

http://bangalore.metblogs.com/archives/2006/05/post_8.phtml
 
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AAA_USA

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NRIs fuel Nagpur`s property mkt

NRIs fuel Nagpur`s property mkt


Brokers say that huge tracts of agriculture land around the city have been purchased by parties who haven’t even seen the property.

http://www.business-standard.com/sm...m=0&subLeft=10&chklogin=N&autono=261657&tab=r


Please be informed that all may not be good in indian real estate market. As somebody pointed out, still there are some places where one would like to buy. You have probably seen yourself about how the speculation in real estate in US lead to a boom in the 2004/2005.

Please share your thoughts..........
 

tusharvk

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how much is this unemp benefit anyways? somebody is making 50K/year and if they get laid off, how much will be the unemp benefit? does it come from the state or federal govt?
sfmars said:
Since you have paid taxes. Legally worked for the US employer, you can go to EDD and apply for unemployment. I was told that some H1B people got it.
But you need to be laid off by employer if you quit your employer on the voluneer basis you will not get EDD (unemployment benefit).

But it may cause problem for green card process, and theoretically EDD can inform INS and INS will enforce you to leave the country.
 

sfmars

Registered Users (C)
tusharvk said:
how much is this unemp benefit anyways? somebody is making 50K/year and if they get laid off, how much will be the unemp benefit? does it come from the state or federal govt?

It depends on your salary for the last year. You may know in case you laid off EDD pays 80% but your original employer 20% of your unemployment compensation. That's why americans when they are laid off ask termination letter from the employer. You need to have proof that you were laid off but did not leave your employer on the volunteer basis.

I knew one guy in CA (he was not on H1B) when he was laid off and his salary was around 60K/year. When he applied to EDD they paid him 1000$ per month and gave food stamps for 500$ and basic med insurance.

My own impression that state pays this money, but I am not sure
 
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techy2468

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GaramChai2go said:
My opinion is that it sucks right now...and I will wait.... if it wants to suck more ....let it be...
I agree with you......but in bangalore i am co-investing with my parents ...to buy a 30X40 site.....just in case prices hit the moon for next couple of years........that site is anyways primarily for my parents house.....but in case i want to go back....i can always use the first floor....

and its not much expensive(rs. 12 lacs) since its a remote location (kanakapura road)........i dont care if the market tanks since my parents dont have a house right now.......and it will not matter if the market just goes to the moon......because we need it for our own house.....

but right now as investment......remember nasdaq in 2000.....everyone had the same opinion.....growth..growth...growth.....people in india think the same about property right now.......unlimited growth.....(mortgage payment almost 3 times rent as of now.....they think there is still room for growth??)
 

garam.chadi

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AAA_USA said:
NRIs fuel Nagpur`s property mkt


Brokers say that huge tracts of agriculture land around the city have been purchased by parties who haven’t even seen the property.

From what I know is NRI's cannot purchase agriculture land --- they do it in the stamp paper etc to do a workaround.. But then you do not have a clear title etc.
 

mariner555

Registered Users (C)
unitednations said:
Some times all of us start to generalize based on a few people who we know here and there. I am one of those people who try not to generalize and make a few isolated cases into the norm.

However, since this retrogression stuff happened; many of us have gotten away from talking about labor/140/485/ead/ap issues and have tracked onto other issues.

Many people in their arguments discuss the economic impact of what they are doing to the country.

However, we on h-1b and going for greencard are SOOOOOOOO small to the economy as a whole; it might not even be a speck. But people think that we are giving more to this society then we are taking and we are being severly harmed. I just don't see this when you start connecting all the dots together.

The number one thing that bothers me is "hypocricy".
UN,
I didnt want to extent the topic but it seems you are being hypocritical too ..you mentioned one/few cases (kid with cancer) and tried to include all immigrants. people are discussing other issues (including you) because of retro, there is nothing else to discuss. also the person who wrote about buying land in India didnt say anything wrong ..if you have paid yr taxes here then you can invest that money anywhere ..its yr money . if a person brings land then he needs to declare only when he sells that land ..
 

AAA_USA

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Guys,

Take it easy on UN. I didnot fully read all what was written. But he is one of the persons who is contributing so much to these forums. As always every person is entitled to his/her opinion.

Your thoughts about real estate in india......
 
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