Help Required regd transfer of money

[ram2k35]

I'm buying a land in India and I want to transfer money from US to India. Please advice which bank account to go for? Because, after few years, I want to bring back all the money from India (from Rs to $$) to USA. There are several like Citibank NRO etc.

Also please suggest which bank is good?Citibank or ICICI. ?

[sanju_dba]

I'm buying a land in India and I want to transfer money from US to India. Please advice which bank account to go for? Because, after few years, I want to bring back all the money from India (from Rs to $$) to USA. There are several like Citibank NRO etc.

Also please suggest which bank is good?Citibank or ICICI. ?
my preference in asc order.
sbi
icici
citibank
I guess, per lifetime an NRI can get funds back to usa from max of 2 properties sale.

[dreamgc_real]

are there any restrictions on how much money is transferred and converted?
how are taxes handled in these situations?

[chi_shark]

I'm buying a land in India and I want to transfer money from US to India. Please advice which bank account to go for? Because, after few years, I want to bring back all the money from India (from Rs to $$) to USA. There are several like Citibank NRO etc.

Also please suggest which bank is good?Citibank or ICICI. ?

i am going to india in a few days, if you want you could load it up in a suitcase and i will bring it over for you... no fees... all in kinship...
:D

[thomachan72]

are there any restrictions on how much money is transferred and converted?
how are taxes handled in these situations?

No limits to how much you can transfer. Best option is wiring if carrying as checque or other means you will than have to inform IRS/Customs that the total was greater than 10K (if it is).
Taxes are as usual for any income generated. There is capital appreciation (short/long) as per the situation on selling the property.
Only money that is routed from the NRE can be repatriated. If it is in an NRO then you cant bring it back here unless you are showing specific requirements (health, education etc).

[sanju_dba]

I had chance to listen to a webinar by one of the financial advisors thru icici about a month back. Good insights and love to listen to it again if any one had a recording of it.
its by mr.shanbagh of wonderland consulting. I emailed them about a copy of synopsis but no reply yet.
Well i brought that up to press on the statement, "NRO" non-repatriable. Yes in generic way, but exceptionally when you get it certified by a CPA/CA , you can repatriate it.
Property sale is accounted as long term gains.
few other good things i learned ...
-> after NRI moves back to india , for 2 years he will enjoy the status of RNOR a tax favouring state. ( like your tax free earnings in USA will be tax free in india as well , no tax anywhere)
->when plan to move back to india do that after sept 28th of any calender year.( again tax benifits )
->earnings on on Mutual funds are tax exempted ?

[ram2k35]

So If I open a citibank NRO account, I can transfer money from India to USA (rs to $$) freely?

[dreamgc_real]

No limits to how much you can transfer. Best option is wiring if carrying as checque or other means you will than have to inform IRS/Customs that the total was greater than 10K (if it is).
Taxes are as usual for any income generated. There is capital appreciation (short/long) as per the situation on selling the property.
Only money that is routed from the NRE can be repatriated. If it is in an NRO then you cant bring it back here unless you are showing specific requirements (health, education etc).

Thank you. For me it was from the point of helping my family rather than buying property or investment purpose.......