Very helpful video. Just to add to the information on the capital gains tax in India. If you bought a property for 10 lacs, 10 years ago, you are allowed to adjust its value for the inflation. In your example you sell that for 50 lacs. So you will not pay tax on 40 lacs, but on a much smaller amount since that 10 lacs will be adjusted for inflation to 16-17 lacs, per the formula provided by the IT department.
Thank you Mandar sir for collecting all the information and summarizing the same in the video. It is indeed helpful! Agdi mojkyaa shabdat aani sopyaa bhashet 👍👌
Your summarized version made such a big topic into a simple one . Infact, you may have spent time on researching for us and made it easy to understand and as well as useful within 15 mins of narrative. Great job and thank you for all your time and effort . 👍
Hello Mandar, first of all, a big Thanks to you for all your videos. Those are excellent and clean on every topic you chose. Regarding selling a property in India - I am in talks regarding selling my properties in India and what I heard is below ( I am not sure if these rules are only for properties worth > 50 Lacs). 1. First, the buyer needs to get a TAN 2. CA will take your Indian IT return details of the last 4-5 years, property papers, and current buyer-seller agreement 3. CA will calculate and apply for a "Tax Certificate" 4. Buyer will deposit the TDS (as per the calculation on the Tax certificate) on seller's behalf and give the challan to the seller (that is me) Once the property is sold and money comes to the NRO account then only CA would create Form 15 CA/CB which will be required to repatriate the money.
If you are not Green Card holder and have resident account in India (first part of your video), you can transfer money directly from your account as online foreign transaction. I did it from SBI and HDFC Bank also offer the same. They did not asked any documentation and it was most cost effective as well.
Subscription added with bell icon. I have liked all your videos from the beginnings. Thanks for your very clear useful descriptions for the people in timely need.
Hi Mandhar your video is very helpful and thanks. My question is. : after getting capital gains from sold out OF 2:23 Self house. in india, i got presume. Nearly 2 crores And being self. On Greenard , how to transfer my money after paying IT etc. To US please guide. Thanks madhu
hi Mandar what a timing! i just completed my property transfer from india just wanted to mention another way though. so the best way is to transfer money from NRO to NRE first. this transaction doesn’t mandate 15ca 15cb and was a surprising good revealation done to me by very popular leading bank in India. once the money is in NRE simply wire it to usa. my experience is just 1 day old and just a day a go i completed this transaction thank you 🙏 for bringing up some good topics like these
CA plays important role nonetheless in advance tax filing for long term capital gains tax in india although the tax is 20% the actual tax is much low in amount because the property is valuatted at the current rate. ca can apply tax bracket correctly and save lakhs of rupees 😌
@@MandarKasture Hi Mandar, the formalitities were simple and expected like 1. I had to upload the sale deed (to prove the source of funds) and 2. sign the the typical FINCEN agreement that this is a legitimate source of funds of money and the repatriated money will be solely used for family maintenance and not anything else like gambling, investing in crypto. The FINCEN agreement also asked that i am complying with the limits. That's pretty much. The bank transeferred fund to NRE in 6 hours and once in NRE the wire got executed in 4 hours so overall the money was with me in USA within 12 hours overall.
Regarding your comment on the long term capital gain of 40 lacs, I think it would good to explain to viewer about indexing of the flat that cost 10lacs in 90s. So capital gain tax on 40 lacs would be correct but new value of the property minus sale value. Most of the time people makes losses and not aware of that.😅
Good information, but not full information. As my unnderstanding goes, this limit of one million dollars not applicable when the assets sold is fully acquired by remittance from abroad or by paying out of NRE or NRFC accounts. If you through CA prove that you had acquired the assets by overseas remittance or by debit to NRE account, the sale proceeds after payment of capital gain taxes can be remitted back without any limit. Also one can freely remit back from NRE or FCNR account without any limit. If one got balance in NRO account say by sale of inherited property, property acquired when he was resident, sale proceeds of shares or mutual funds acquired when he was resident etc. can be remitted under one million scheme.
I have been watching you videos from long time and really amazed by content you chose and put. This is the information was looking from long time. Thanks for sharing this . It is really helpful
Is there anyway to establish basis for how much was spent building a house. Giving some hypothetical information here. My dad would have spent about 40 lacs building a house 20 years back. He is no more and the bank accounts used in these accounts have been closed long back. How do I prove that this amount was spent in building the home to claim deduction from paying tax if I sell the property? There may be a way to get a current appraisal done, to come up with building cost now, but how do we determine the cost incurred 20 years back to prove to any government department as that seems to have a major impact on tax payable.
Thanks Mandar. This is really helpful. Follow up question - Do we have to pay taxes in US for the money transferred from India through the channel that you described in this video.
That's very useful Mandar. I have been following your channel ever since my priority dates became current and even after receiving GC, I regularly follow your channel as I find very useful info. Anyway, I was already subscribed, so sent a "like" your way!!
Can you do a similar video on transferring something like a rent on a periodic basis (from NRO to account abroad of the same person). These are called current account transactions as opposed to capital gains transactions that you covered in this video. Thanks.
Good advice. But I would like to add that banks in India have a lot of red- tape even after you file Forms 15CA & CB. They make it so difficult for customers by demanding more and more documents that sometimes I feel why US government makes it so easy to to send remittances to India. Indian FE reserves are more than USA. Please Beware of Indian banks.
I have liked and subscribed this channel, since, it provides very useful and valuable information. Mandar deals with important issues for people in US and Canada with such ease, love it, thanks :) Recommend everyone to join and learn.
@@MandarKasture The max two property repatriation rule came into effect from When?. Also, if it is more than two properties, how can this be repatriated.
If you have questions and need my opinion contact me at www.patreon.com/wisdomtrends
Very helpful video. Just to add to the information on the capital gains tax in India. If you bought a property for 10 lacs, 10 years ago, you are allowed to adjust its value for the inflation. In your example you sell that for 50 lacs. So you will not pay tax on 40 lacs, but on a much smaller amount since that 10 lacs will be adjusted for inflation to 16-17 lacs, per the formula provided by the IT department.
Does this hold true with 2024 budget?
You touched upon a topic that many of us have been wondering. This was a good! Thank you.
Glad it was helpful!
Thank you Mandar sir for collecting all the information and summarizing the same in the video. It is indeed helpful!
Agdi mojkyaa shabdat aani sopyaa bhashet 👍👌
Your summarized version made such a big topic into a simple one . Infact, you may have spent time on researching for us and made it easy to understand and as well as useful within 15 mins of narrative. Great job and thank you for all your time and effort . 👍
Thanks for you kind words
Hello Mandar, first of all, a big Thanks to you for all your videos. Those are excellent and clean on every topic you chose.
Regarding selling a property in India - I am in talks regarding selling my properties in India and what I heard is below ( I am not sure if these rules are only for properties worth > 50 Lacs).
1. First, the buyer needs to get a TAN
2. CA will take your Indian IT return details of the last 4-5 years, property papers, and current buyer-seller agreement
3. CA will calculate and apply for a "Tax Certificate"
4. Buyer will deposit the TDS (as per the calculation on the Tax certificate) on seller's behalf and give the challan to the seller (that is me)
Once the property is sold and money comes to the NRO account then only CA would create Form 15 CA/CB which will be required to repatriate the money.
Thanks a lot Mandar, This is exactly what I was looking for.
Glad it was helpful
Awesome!!! Thank you for great info. I was desperate for this info to support from son’s education.
Quite resourceful this video. Need to keep legal things in mind while doing financial transactions. Thanks for sharing Mandar.
Glad it was helpful!
I really liked this one as I was looking to get these details. Thank you very much for the services.
This is extremely helpful. Thanks a ton!
You're very welcome!
Very informative and helpful video. Thank you!
Thanks a lot Mandar!!!
You have provided answers to all the questions that I had in my mind.
This is one of the most important topics that is explained in very simple way.
Thank you!
You're very welcome!
This was very Helpful !!
Liked and Subscribed !! Good Work.
Thank you
Thanks Mandar!. This is very useful. Liked and subscribed 👍
Awesome, thank you!
There are limits for filing Form 8938. More so people might have to file 114 which is Fbar.
One additional point Mandhar. Parents are allowed to transfer upto 7 Lakhs to their kids as Gift per Financial Year (April to March of next year)
Thank for sharing Logan
If you are not Green Card holder and have resident account in India (first part of your video), you can transfer money directly from your account as online foreign transaction. I did it from SBI and HDFC Bank also offer the same. They did not asked any documentation and it was most cost effective as well.
Thanks for the information!!!
Great work, thanks for the information! Liked and subscribed😊
Subscription added with bell icon. I have liked all your videos from the beginnings. Thanks for your very clear useful descriptions for the people in timely need.
Thank you
Very informative and useful video. Thanks Mandar!!
Excellent info, Thanks!!!
Hi Mandhar your video is very helpful and thanks. My question is. : after getting capital gains from sold out OF 2:23
Self house. in india, i got presume. Nearly 2 crores
And being self. On Greenard , how to transfer my money after paying IT etc. To US please guide. Thanks madhu
Thank you for providing this information..thank you very much!! Subscribed, liked and commented 😀
Awesome, thank you!
Hello Mandar,
Have liked and subscribed.
Awesome videos anyway which I've been watching over a year.
Thank you very much!
Thank you!
Thank you Mandar for sharing this!
Subscribed and liked. Thanks for all the very useful information!
Thanks for the precise and clear, to the point explanation. ✌
Hope it helps
I was waiting for this topic, thanks
Most welcome 😊
hi Mandar what a timing! i just completed my property transfer from india just wanted to mention another way though. so the best way is to transfer money from NRO to NRE first. this transaction doesn’t mandate 15ca 15cb and was a surprising good revealation done to me by very popular leading bank in India. once the money is in NRE simply wire it to usa.
my experience is just 1 day old and just a day a go i completed this transaction
thank you 🙏 for bringing up some good topics like these
CA plays important role nonetheless in advance tax filing for long term capital gains tax in india although the tax is 20% the actual tax is much low in amount because the property is valuatted at the current rate. ca can apply tax bracket correctly and save lakhs of rupees 😌
That's great to know Abhijeet and thanks for sharing. Was there any formalities to fulfill transferring from NRO to NRE?
@@MandarKasture Hi Mandar, the formalitities were simple and expected like 1. I had to upload the sale deed (to prove the source of funds) and 2. sign the the typical FINCEN agreement that this is a legitimate source of funds of money and the repatriated money will be solely used for family maintenance and not anything else like gambling, investing in crypto. The FINCEN agreement also asked that i am complying with the limits. That's pretty much. The bank transeferred fund to NRE in 6 hours and once in NRE the wire got executed in 4 hours so overall the money was with me in USA within 12 hours overall.
Do you pay taxes in US for that amount?
@@AbhijeetBhagat Thanks so much for sharing your experience, quick question when you say FINCEN are you referring FBAR or Form 8300 using FinCEN's?
Thanks Mandhar. I really like your video’s. Liked and subscribed to your channel…
Had many questions about this topic. Thanks for clarifying them
Glad it helped
Thanks for the informative video! 👍🏻
Glad it was helpful!
Very useful Video Mandar. Thank you
Subscribed and liked. Thanks for all the very useful information you share through this channel.
Thanks for the information. Liked and Subscribed
Thanks for the sub!
This is useful info. Thanks for this video.
Glad it was helpful!
Thank you Mandar for informative video. Liked video and already a subscriber.
Subscribed and the video is good. Much needed topic after many got their green card last year
Hi Mandar… great stuff!!!
Liked and Subscribed. most awaiting topic.
This was very insightful. Thank you
Thank you
Regarding your comment on the long term capital gain of 40 lacs, I think it would good to explain to viewer about indexing of the flat that cost 10lacs in 90s. So capital gain tax on 40 lacs would be correct but new value of the property minus sale value. Most of the time people makes losses and not aware of that.😅
Good information, but not full information. As my unnderstanding goes, this limit of one million dollars not applicable when the assets sold is fully acquired by remittance from abroad or by paying out of NRE or NRFC accounts. If you through CA prove that you had acquired the assets by overseas remittance or by debit to NRE account, the sale proceeds after payment of capital gain taxes can be remitted back without any limit. Also one can freely remit back from NRE or FCNR account without any limit. If one got balance in NRO account say by sale of inherited property, property acquired when he was resident, sale proceeds of shares or mutual funds acquired when he was resident etc. can be remitted under one million scheme.
I have been watching you videos from long time and really amazed by content you chose and put. This is the information was looking from long time. Thanks for sharing this . It is really helpful
Thank you for the information 👍
Glad it helps
All kinds of BS laws in India. From US to India we can just use apps like xoom or remitly but sending money from India to the US is not easy at all.
Very useful info. Thank you!
Subscribed and liked!
Thank you 🙏
Subscribed and liked.Great topic 👌👌
Very helpful, I am facing the same problem. From Yangon Myanmar,
subscribed and liked the video! thanks for making such videos!
Excellent information. Thanks Mandar.
My pleasure
Liked and subscribed!! Also make a video on US to INDIA transfer options, limits, tax clauses etc
Sure will do
Well researched information as always. Thanks Mandar!
Subscribed and liked the video. Very helpful information.
I am in an exact situation as described and find this information very relevant. Thank you!!
Is there anyway to establish basis for how much was spent building a house. Giving some hypothetical information here. My dad would have spent about 40 lacs building a house 20 years back. He is no more and the bank accounts used in these accounts have been closed long back. How do I prove that this amount was spent in building the home to claim deduction from paying tax if I sell the property? There may be a way to get a current appraisal done, to come up with building cost now, but how do we determine the cost incurred 20 years back to prove to any government department as that seems to have a major impact on tax payable.
Very helpful. Thank you.
You're welcome!
Thanks Mandar. This is really helpful. Follow up question - Do we have to pay taxes in US for the money transferred from India through the channel that you described in this video.
F
F
F
F
Also i have subscribed your channel for immigration updates. In fact, i wait for your video which is coming after visa bulletin release. Thanks much
That's very useful Mandar. I have been following your channel ever since my priority dates became current and even after receiving GC, I regularly follow your channel as I find very useful info. Anyway, I was already subscribed, so sent a "like" your way!!
Thanks a lot
Very knowledgeable video
Just perfect
This information is awesome. Thank you so much
Indexation has to done as per income tax table before getting taxable income
Liked and subscribed. Very useful info
Thanks for very useful information
Welcome
thank you for all your time and effort .
Always welcome
Thanks Mandar. This is really helpful
Can you do a similar video on transferring something like a rent on a periodic basis (from NRO to account abroad of the same person). These are called current account transactions as opposed to capital gains transactions that you covered in this video. Thanks.
Liked and subscribed! Informative video as always!
Very useful information. Thanks.
You are welcome
Thanks for providing informative information on this topic.
Subscribed, liked and commented
Good info. Liked and subscribed!!
Very helpful & very well compiled Vedio I come across on this subject. Thank you Mandar sir
Subscribed and liked. Very informative 👏
Great! That was very helpful.
Thank you Mandar....it helps us a lot...
Can a friend or relative in India transfer money from their bank to my NRO account, and can I then transfer that (upto $25000) to the US?
Good advice. But I would like to add that banks in India have a lot of red- tape even after you file Forms 15CA & CB. They make it so difficult for customers by demanding more and more documents that sometimes I feel why US government makes it so easy to to send remittances to India. Indian FE reserves are more than USA. Please Beware of Indian banks.
Thanks again, Mandar
Always welcome
Your videos are very informative. I subscribed and liked your video
Liked and Subscribed! This is a very informative video. Thank you.
I have liked and subscribed this channel, since, it provides very useful and valuable information.
Mandar deals with important issues for people in US and Canada with such ease, love it, thanks :)
Recommend everyone to join and learn.
Saurabh Thanks for your kind words and welcome
@@MandarKasture Looking forward to more learning experiences with you, thanks for all that you are doing for everyone, much appreciated
Thanks for such a useful and informative video🙏
Thank you for your help..!!
Thank You for the good information! BTW I liked it .
Thanks for sharing this info.
Subscribed and liked. Very useful information.
Good information,please make the other video of fund transfer from US to india.
Sure will do
Very useful information, also subscribed & liked 👍 😀
I liked and subscribed this channel.Your videos are very helpful.
Thanks and welcome
Thanks Mandar!
My pleasure!
You have a Monalisa like mysterious smile on your face giving a feeling that you are not disclosing everything you might be knowing...
That's a hilarious comment. Let me know what you would like to know.
@@MandarKasture The max two property repatriation rule came into effect from When?.
Also, if it is more than two properties, how can this be repatriated.
Wonderful video. Process very well explained.
Many thanks!
Great video Mandar.
Thank you
Thanks for the nice and simple videos and info on immigration !! Sub n liked.
very helpful. can you also talk about how we bring provident fund money from india to US