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  #1 (permalink)  
Old 02-18-2016, 09:21 PM
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Default Funds from India

I read a related question on this forum but not the outcome, I hope someone advises me on this topic


My father passed away last year without a will and my mother is consolidating our properties and giving our share.
1) What are the options are there to get it to US?
2) How much will be taxable?
3) The buyer of the property has a daughter in US and the buyer has discussed to transfer certain percentage of the money to me in US.

Which is the safest and wise option to go for to get the funds to US? We are talking about somewhere around $300,000. That is the reason I want it to be clean according to books, as there will be a lot of black money in a property sale in India.

Has anyone got fund from India to set up a business or to buy a home? Please share your experience or your knowledge on how to proceed further. Thanks
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Old 02-26-2016, 10:55 AM
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Default Any idea?

Does anyone have any idea or experience with this?
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Old 02-26-2016, 11:16 AM
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Default

If you have a NRE account, you can repatriate the amount.

One of my friends has done this way. He asked a few friends to transfer the money to him here in US and he transferred the money back from his Indian account to their Indian account.

I know its a hassle. But one more way.

You can check with the bank.
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Old 02-26-2016, 02:31 PM
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Default Try Western Union Money Transfer

http://india.westernunion.com/WUCOMW...ename=HomePage
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Old 02-26-2016, 08:33 PM
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Default

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Originally Posted by spicy_guy View Post
If you have a NRE account, you can repatriate the amount.

One of my friends has done this way. He asked a few friends to transfer the money to him here in US and he transferred the money back from his Indian account to their Indian account.

I know its a hassle. But one more way.

You can check with the bank.
That's hawala.
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Old 03-01-2016, 12:45 PM
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Post

Here is an old article but still relevant for this discussion.

NRI's guide to selling property in India - Times of India
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Old 03-02-2016, 11:27 AM
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Quote:
Originally Posted by gten View Post
That's hawala.
I dont call it as Hawala, unless the money is directly exchanged hands in raw cash or some other means.

In both the countries, the money transfer is through the bank and post tax money.
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Old 04-01-2016, 01:29 PM
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Default

I think you can submit an Indian bank check to a US bank, it may take a month or so to clear and they will deduct some processing charges. Whatever you do, do it legally, its not worth cheating on your taxes whether in India or US. Now with new FINCEN treaty things are even more stricter. Also, check on India gift tax and any RBI guidelines. You can talk to a CPA in India.
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