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I am on H1b visa in USA and thinking about buying property in India.
Suppose I alraedy bought some property in India, now in future if i sell the property in India, then how can i get that money back to USA? if future I am planning to buy home here in USA. I am buying property in india for investment purpose. What is the best way to get money back to USA, Please suggest.
India allows partial convertibility of Rupee on account of "Capital". India is moving toward full convertibility in few years.
An India can repatriate funds out of India to a limit of 50,000 USD per year [Needs confirmation] ...
Consult a professional CA to advice you better.
India and the United States have a tax treaty agreement whereby double taxation is avoided. However check with your accountant in the US who should be able to guide you further in this regard.
It is now easier to transfer money out of India. As long as the source of the money is legal and can be verified. So if you decide to sell a property, get payments by way of documented bank transactions like cheques and avoid cash deals. Once taxes are paid money can usually be transferred out.
