Selling real estate in India - Parents immigrating via GC

ms_vicky

ms_vicky

New Member
Hello all,
My parents are in the process of getting their GC from India (I am a US Citizen). They have a few real estate properties, all in their name, back in India.

Now, if they sell all the properties, what is the best way to transfer the money to USA?

They want to 'fund' their complete retirement and stay in USA without depending on me.
Any help is appreciated!
 
Just be sure to understand the USA tax implications for them if they activate LPR status and then sell the properties. USA wants tax or worldwide income or investments. They should also understand that and FBAR requirements if any money is to stay abroad.

For moving money, google forex brokers. Always best to do that if you have large amounts to move.
 
Thanks @Britsimon ...
If I understand this correctly..
  • If they DO NOT have their GC yet, and they sell the property, are there no tax implications if they move the proceeds via forex brokers?
  • If the ALREADY have their GC and sell the property, USA will tax the proceeds?
Another "India" specific question:
Do the authorities in India (RBI?) have a 'limit' on how much CASH people can bring over to USA? Let's say that parents have approx $100,000 in cash (various bank accounts, etc). If they withdraw everything there, does the Indian govt allow everything to be moved abroad, if parents can show proof that they are getting out of India for good?
 
ms_vicky said:
Thanks @Britsimon ...
If I understand this correctly..
  • If they DO NOT have their GC yet, and they sell the property, are there no tax implications if they move the proceeds via forex brokers?
  • If the ALREADY have their GC and sell the property, USA will tax the proceeds?
Another "India" specific question:
Do the authorities in India (RBI?) have a 'limit' on how much CASH people can bring over to USA? Let's say that parents have approx $100,000 in cash (various bank accounts, etc). If they withdraw everything there, does the Indian govt allow everything to be moved abroad, if parents can show proof that they are getting out of India for good?
Click to expand...

The tax scenario is a bit more complex than that, but activating The GC starts the tax implications. There is a choice on how to account for tax in the first year of residency, and profits can be made based on currency fluctuations. Bottom line - simplify prior to getting the GC and also see an accountant.

No idea on Indian specifics.
 
Same question, I just became a US Citizenship ;) and want to bring my parents from Mexico, Should I transfer their state (proceeds from selling their home) PRIOR to start their GC process?

Currently they have a US investment brokerage account coded as Non-Resident (W8), my concern is that if I transfer their money after they get their GC, the funds will be subject to taxation?

Should they just fund their US account while they are still Non-Residents? Problem is they want to move ASAP but their house is Mexico is not sold yet so not sure how long I can wait to sponsor them, situation is Mexico is pretty bad and they are approaching mid 70s and alone.

Thanks,
 
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