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Opinions on selling property in India (Being a US Resident)


Opinions on selling property in India (Being a US Resident)

Last updated: November 11 2011
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  • Opinions on selling property in India (Being a US Resident)

    Hello....I am a green card holder in US. I have a single story house in ghaziabad which I want to sell. I also want to either keep a floor in my house or a flat any place else. Few questions -

    1. I think I have 2 options - One to sell it whole & get another flat some where else. Or sell it partially &keep one floor with me. I think if i do partial sale registry will still remain in my name & it will get transfered once builder re-constructs all floors and give us one floor. I believe in partial sale I can show my CA that something was sold for which he can be able to tell me taxes etc. What are advantages of doing either ?. Does it take like 2+ months for the whole process or what can reduce the total time & my stay in India ?

    2. I have heared of couple of options regarding money transfer to US. My aim is to get the money quickly with less tax cuts. I know there is white/black & then things like hawala. If its all white I can just do wire transfer

    3. What are the tas implications after selling it complete or partial. I think I still have to pay like 20 % on white. But do I have to pay taxes again in US too (doesn't matter if i plan to buy another house in US in 6 months or later)

    4. Is there a rule that you can't sell a property within 3 yrs of purchase in India ?. I mean if I do partial sale & buy a flat from the same build some place else, I won't be able to sell it off before 3 yrs....Thanks
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