- How did you fund the property? Did you register it in your name? Did you set up an NRE/NRO account in India? Did you create a General power of attorney? And finally, did you declare this account and property to IRS during tax filing?
Legal requirements 1. You are required to set up NRE/NRO account within 183 days after you leave India if you want to transfer money to your accounts 2. You can create a GPA 3. You are required to report the foreign accounts worth over 10k to IRS
Simple... Transfer all money to domestic account (may be one of 2 accounts) and register the house in the name of power of attorney that u are planning (your parents) Don’t worry about tax. You won’t get caught in India even if you declare. I have seen many did the same way..
You should not register the house on your parents name. From US gift tax laws perspective, you can only give up to 16k or so every year as gift to someone (even your parents). If you register on your parents' name and give more than this limit, then you have to make sure that you deduct the extra amount from your life time inheritance limit. Otherwise, you will incur hefty gift tax.
Wells Fargo... You are shamelessly boasting how you evaded tax laws both in India and US. Why don't frauds like you just......
On L1B, and "yes" to all your questions.
I didn't had NRE/NRO account when I bought the house. I transferred money directly using Xoom & remitly to builders account. I got my NRE account afterwards and pay EMI using it. I got GPO in my friend's name who executed everything.
Bad advice. It is RBIs mandatory requirement that one shouldn't have a regular savings account 6 months after one leaves the country. Clearly compliance isn't our forte but giving a wrong advice is even worse.
Yes , use NRE account for disbursements of payments , have a power of attorney .. and yes declare the NRE account in IRS returns ... need to file the FBAR tax return every year if at any point in time the account had more than $10k