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Bringing cash from India for down payment   Cash   02/25/2018 09:03 PM  

I am planning to buy a home here and was thinking of selling my house in India and transferring $50k from India to bank account here for down payment.
Do I have to pay tax on this money? Any additional problem anyone can think of? Has anyone tried this before? Please help.

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Re: Bringing cash from India for down payment   AB   02/25/2018 09:36 PM  

This is possible. You pay tax in India based on your profit/loss capital gain it is purely based on Indian tax rule. You can transfer the money to US if you can show the source and the intent. Intent is for buying property which is very well accepted!

I am transferring money this year. already sitting on a sale agreement in India

Good luck.

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Re: Re: Bringing cash from India for down payment   Cash   02/25/2018 09:38 PM  

Do you have to pay tax here also?

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Re: Re: Re: Bringing cash from India for down payment   Cash   02/25/2018 09:40 PM  

Will it be considered as an income for the particular year for tax purposes here?

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Re: Re: Re: Re: Bringing cash from India for down payment   AB   02/25/2018 09:55 PM  

No. It is not income; it is your taxed amount. Please clear the tax in india and keep those doucuments.

India tax is calculated based on
profit - (inflation + maint cost)

Irrespective of whether you bring that money or not, you are taxable in India.


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Re: Bringing cash from India for down payment   sk   02/26/2018 05:15 AM  

Use an accountant in India and they will help you to transfer the money legally

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