| Author | Message | ||
     Subzero Hero Username: Subzero Post Number: 10974 Registered: 04-2008 Posted From: 59.93.65.33 Rating: N/A |
long term capital gains ni ilaa calculate sestaru effective purchase price (E) = original purchase price * (some inflation index) capital gains amt = sale price - E income tax on the above transaction = 10% of capital gains amt One who wins without problem -- it is just "VICTORY" but one who wins with lot of troubles -- that is "HISTORY | ||
| Subzero Hero Username: Subzero Post Number: 10521 Registered: 04-2008 Posted From: 59.93.70.88 Rating: N/A |
http://www.indiaproperties.com/articles/taxation-legal/capit al_gain.aspx http://finance.indiamart.com/taxation/capitalgains.html http://ramadvice.wordpress.com/2011/01/20/capital-gains-hous e-property-for-beginners/ http://ramadvice.wordpress.com/2011/01/16/capital-gains-cost -inflation-index-for-income-tax-purpose/ google seyyunri. u get more links. I will talk to tax consultant today and post more details in the evening One who wins without problem -- it is just "VICTORY" but one who wins with lot of troubles -- that is "HISTORY | ||
| Entikaburlu Side Hero Username: Entikaburlu Post Number: 4404 Registered: 07-2011 Posted From: 67.247.83.224 Rating: N/A |
long term caps? I do not think so. can you please provide a link? all opinions expressed are mine and only mine. not to be attributed to the other IP address sharers, my employer, or any other human, animal, robot or alien. | ||
| Rajusk Hero Username: Rajusk Post Number: 16472 Registered: 02-2008 Posted From: 24.185.0.224 Rating: N/A |
Thankx for clarifying  | ||
| Calvin Junior Artist Username: Calvin Post Number: 72 Registered: 03-2008 Posted From: 66.129.224.36 Rating: N/A |
Thanks all for the suggestions.. My father inherited it before 1981.. Now, how do they calculate the market fair value and tax for it.. How much tax he may have to pay for it? Also, do the buyer usually register the land for exact sale value or is it based on fair market value decided by Govt as of that day? If they register the land for lesser amount than the exact sale value, is there a way to manage the money (mostly in banks or FDs, no other land investments) without being enquired? Thanks! | ||
| Subzero Hero Username: Subzero Post Number: 10517 Registered: 04-2008 Posted From: 59.93.71.173 Rating: N/A |
wrong. we have capital gains tax here One who wins without problem -- it is just "VICTORY" but one who wins with lot of troubles -- that is "HISTORY | ||
| Rajusk Hero Username: Rajusk Post Number: 16471 Registered: 02-2008 Posted From: 208.54.87.138 Rating: N/A |
naaku telisi if you are assessed to pay taxes, you have to pay, irrespective of legal status | ||
| Entikaburlu Side Hero Username: Entikaburlu Post Number: 4378 Registered: 07-2011 Posted From: 67.247.83.224 Rating: N/A |
H1 pays taxes on US income only. Residents and citizens pay on world wide income. atleast that is the folklore. all opinions expressed are mine and only mine. not to be attributed to the other IP address sharers, my employer, or any other human, animal, robot or alien. | ||
| New_user Hero Username: New_user Post Number: 17653 Registered: 02-2008 Posted From: 173.19.28.76 Rating: N/A |
RajuSK "US tax laws are same for H1/Green Card/Citizen" Not true. If you are a GC/Citizen, you ve to pay tax on worldwide income. Of course, many people doesn't know, neither follow. Idupula Paya capital ga, Pulivendula country ni declare chesthene, Jagan ki nyayam jaruguthundi. - Next series of brainwash for fans. | ||
| Rajusk Hero Username: Rajusk Post Number: 16470 Registered: 02-2008 Posted From: 208.54.87.209 Rating: N/A |
India has long term Capital gains tax. After 3rd year your rate is different. US tax laws are same for H1/Green Card/Citizen | ||
| Entikaburlu Side Hero Username: Entikaburlu Post Number: 4366 Registered: 07-2011 Posted From: 67.247.83.224 Rating: N/A |
First you need to open an NRE account. That is the socket layer. next is transport layer: You can put dollars into it in usa or rupees into it in india and take it out as dollars in usa. next is packet layer: you can put rupees into from income generated on ancestral property, rental property or cap gains on the investments made suing the money drawn from the NRE accts. this needs documentation, proof, and RBI permission. length process. did not do this myself. it's best to leave the indian income in india itself in view of the hassles above. just declare the income in usa and pay tax. all opinions expressed are mine and only mine. not to be attributed to the other IP address sharers, my employer, or any other human, animal, robot or alien. | ||
| Padmasri Comedian Username: Padmasri Post Number: 1922 Registered: 10-2011 Posted From: 67.159.5.242 Rating: N/A |
ek, thanks.. india nunchi ikkadiki money move cheyataniki easiest way enti...what is the process...koncham detailed gaa explain cheyandi if pozibl legal way..not hawala | ||
| Entikaburlu Side Hero Username: Entikaburlu Post Number: 4360 Registered: 07-2011 Posted From: 67.247.83.224 Rating: N/A |
>> for egjampull if I send 5 lakhs from USA to india, buy a small piece of land with it...... >>Sell it after Von year for 10 lakhs..... >>Do I have to pay tax in india I think no, because India does not tax Long Term capital Gains. But I am not sure if this transaction qualifies or not. >>Second kochen,now can i bring back those 10 lakhs here in a legal way..if so do I have to pay tax in india or here or both You can bring the 10L back to USA, provided that you can show documentary proof that your 5L is remitted from abroad. Keep your fund transfer paperwork safe. But you have to pay long term capital gains tax on the 5L profit, in USA, if you are a H1 only if you bring it into USA. If you are a GC/Citizen, you have to pay long term cap gains tax even if you do not bring back to USA. US taxes their citizens and residents on world wide income. all opinions expressed are mine and only mine. not to be attributed to the other IP address sharers, my employer, or any other human, animal, robot or alien. | ||
| Basky_indya Megastar Username: Basky_indya Post Number: 29270 Registered: 10-2007 Posted From: 24.127.230.2 Rating: N/A |
below 3 is shortterm capital gain tax. no escape here have to pay tax. but if u sell aaafter 3 it goes into capital longterm gain tax. here escape is there, if you save that money in some govt listed investments/qeuity holdings/or buy another lands /investments in infrastructure etc kRUshITHO nAsthee dURbhikSHAM!! JP_ROCKS: ...der unte enchakka andarni giant wheel ekkistadu..girrr mani oogachu.. | ||
| Padmasri Comedian Username: Padmasri Post Number: 1914 Registered: 10-2011 Posted From: 174.253.149.200 Rating: N/A |
Basky thx..3 yes aithe 5 yrs Aithe entoo kooda cheppu | ||
| Basky_indya Megastar Username: Basky_indya Post Number: 29269 Registered: 10-2007 Posted From: 24.127.230.2 Rating: N/A |
1 yr falls under shortterm capital tax. ••••• have to pay for portion of it. but if really market value became 10lk for that area, then u pay zero. kRUshITHO nAsthee dURbhikSHAM!! JP_ROCKS: ...der unte enchakka andarni giant wheel ekkistadu..girrr mani oogachu.. | ||
| Basky_indya Megastar Username: Basky_indya Post Number: 29268 Registered: 10-2007 Posted From: 24.127.230.2 Rating: N/A |
calvin, if ur father inherited from ur gf after 1981, then he is having capital-gain if he is selling it. if hes has hold on more than 3 yrs, he is likely to fall under longterm capital tax. if inherited before 1981 then , fair market value is calculated . tax will be there, but not on entire sale. some portion of it. kRUshITHO nAsthee dURbhikSHAM!! JP_ROCKS: ...der unte enchakka andarni giant wheel ekkistadu..girrr mani oogachu.. | ||
| Padmasri Comedian Username: Padmasri Post Number: 1913 Registered: 10-2011 Posted From: 174.253.149.200 Rating: N/A |
Ek, for egjampull if I send 5 lakhs from USA to india, buy a small piece of land with it...... Sell it after Von year for 10 lakhs..... Do I have to pay tax in india Second kochen,now can i bring back those 10 lakhs here in a legal way..if so do I have to pay tax in india or here or both | ||
| Entikaburlu Side Hero Username: Entikaburlu Post Number: 4359 Registered: 07-2011 Posted From: 67.247.83.224 Rating: N/A |
india has no capital gains tax. but i do not know if your case falls into that. all opinions expressed are mine and only mine. not to be attributed to the other IP address sharers, my employer, or any other human, animal, robot or alien. | ||
| New_user Hero Username: New_user Post Number: 17643 Registered: 02-2008 Posted From: 173.19.28.76 Rating: N/A |
Emi tax kattakkarledu. Idupula Paya capital ga, Pulivendula country ni declare chesthene, Jagan ki nyayam jaruguthundi. - Next series of brainwash for fans. | ||
| Calvin Junior Artist Username: Calvin Post Number: 71 Registered: 03-2008 Posted From: 66.129.224.36 Rating: N/A |
My father is selling some land that is inherited from my grandpa. Does he have to pay tax on the sale amount?(about 1C) can he deposit the money in the bank without any problems.. Any suggestions on how to manage that money without issues.. Thanks! |
