Properties In India

[Gaali_Gottam_Govinda]

1 hour ago, argadorn said:

End of the day they think it’s their property lol 

 

Waste fellows ki village lo name and self esteem ekkuva... so chillar false prestige issues untayi....... just abt d!ck size contest. nee caste or family ki entha undi naa family/caste ki entha undi ani comparisons...... If one of your ancestral family member was involved in Local ZPTC and village president elections..... impact inka ekkuva untadi if its big family.    

[SaradaChinnodu]

1 hour ago, Konebhar6 said:

A lot of people say they will go back but practically most people don't, esp those whose kids are in Middle/High School and beyond. As for me, I do not even know where some of our ancestral properties (4-5 acres of land spread in multiple nearby places). Every trip to India, I think of prioritizing them, but wont have enough time. 

What's your plan for properties? Keep or sell? It becomes very difficult for kids to handle them down the lane esp if you have multiple properties. If sold, how to get money back here?

What are you doing with rental income or any other income you have from there? 

such a good problem to have.....atu 7 its 7 no properties...so I'm chill..

My suggestion is to have one property (if at all, repu epudaina you happen to go back) that can yield rental. Be it commercial space or a residential. 

Rest all sell off. Get over money here and invest in paid off rental properties. 

1) If you are selling white, you have to show proof to income tax dept before any global banks can even initiate transfer. So taxes and conversion rates tho katestharu...but cleanest way to avoid any future headaches.

2)If you are dealing with cash type transaction, you parents can wire upto 20K usd (subject to correction) as gift. See if this can be an option on your wife side too.

3) LRS scheme ani edho undhi...see if you can inquire about it. NRI money clinic ani YouTube channel undhi...look it up , have seen some videos in the past clearly explaining the process and tips to bring over money from India.

 

NOTE: Please do not let your kids deal with property liquidation etc. India is not for beginners esp desi kids from US. Maryada Ramanna cinema live lo choopistharu...

[kevinUsa]

50 minutes ago, Sucker said:

Agricultural lands vunna vallu better sell them buy something like Kompa at least in Hyd lanti place lo. Many ki ye polam yekkada vundho idea vundadhu inka after parents relatives will take advantage for sure no one claiming ani. Many polam ki papers kuda vundavu. Careful ayya Amma alane antaru land ammodhu bokka ani explain them and buy something places like hyd at least 

Em talking me.planning on constructing apartment and renting them...

[ManchamKodi]

2 hours ago, Konebhar6 said:

My personal preference is to consolidate properties (Sell) and be left with just 1 nice Villa in a gated community.

I have to convince my parents to sell ancestral lands and buy 2-3 acres at just 1 place with less than half the money on sold properties. 

me money unna valla kastallu maku enduku anna

no house no job no gf no tension. you have everything and worried about saving properties, money 

[Konebhar6]

51 minutes ago, SaradaChinnodu said:

such a good problem to have.....atu 7 its 7 no properties...so I'm chill..

My suggestion is to have one property (if at all, repu epudaina you happen to go back) that can yield rental. Be it commercial space or a residential. 

Rest all sell off. Get over money here and invest in paid off rental properties. 

1) If you are selling white, you have to show proof to income tax dept before any global banks can even initiate transfer. So taxes and conversion rates tho katestharu...but cleanest way to avoid any future headaches.

2)If you are dealing with cash type transaction, you parents can wire upto 20K usd (subject to correction) as gift. See if this can be an option on your wife side too.

3) LRS scheme ani edho undhi...see if you can inquire about it. NRI money clinic ani YouTube channel undhi...look it up , have seen some videos in the past clearly explaining the process and tips to bring over money from India.

 

NOTE: Please do not let your kids deal with property liquidation etc. India is not for beginners esp desi kids from US. Maryada Ramanna cinema live lo choopistharu...

Good points. Esp 2. I will explore more on it. My gujju friend should be able to provide more info.

[Konebhar6]

2 hours ago, Sucker said:

Revantham Anna lepi 10ngatanika

U mean Hydra ..  I will check with every authority before buying. 

[Konebhar6]

1 hour ago, sarfaroshi2 said:

My father will sell it, nenu registration time ki veltha….mana valla ekkada ithadi India lo kantri buyers ni deal cheyadam 🙏

Good for you. 

My dad manchodu. Adi problem. Easy ga mosam chestaru. Also getting old. I have to deal it myself. 

[zamoora_rules]

Has anyone explored the option of contributing to a 529 plan? If the property is in the parents' names, suggest that they sell it and gift it to the grandkids(limit is approx 250K). There are many factors to consider depending on the grandkids' situations, but this could be one way to save on taxes. Correct?

[Spartan]

1 minute ago, zamoora_rules said:

Has anyone explored the option of contributing to a 529 plan? If the property is in the parents' names, suggest that they sell it and gift it to the grandkids(limit is approx 250K). There are many factors to consider depending on the grandkids' situations, but this could be one way to save on taxes. Correct?

yes they can even pay for college fee also from India.

[Sucker]

39 minutes ago, Konebhar6 said:

U mean Hydra ..  I will check with every authority before buying. 

Ippudu Kattina vallu kuda permission theeskone kattaru 

[argadorn]

1 hour ago, Sucker said:

Agricultural lands vunna vallu better sell them buy something like Kompa at least in Hyd lanti place lo. Many ki ye polam yekkada vundho idea vundadhu inka after parents relatives will take advantage for sure no one claiming ani. Many polam ki papers kuda vundavu. Careful ayya Amma alane antaru land ammodhu bokka ani explain them and buy something places like hyd at least 

I sold all the small numbers of acres and bought multiple one bit with 13 acres or so  poyina okasaray pothayi untay okasarey untayi ani … good enti antay we bought land in different village not in my village lekuntay adhi lepestharu already 4 acres someone doing farming with out saying us lol

[argadorn]

5 minutes ago, Sucker said:

Ippudu Katrina vallu kuda permission theeskone kattaru 

I have a family accountant who will look directly in to govt accounts and will confirm whether land has any litigations need to get accountants like that to look litigations but money baga theskuntadu and time kuda 

[Galactus]

4 hours ago, Konebhar6 said:

My personal preference is to consolidate properties (Sell) and be left with just 1 nice Villa in a gated community.

I have to convince my parents to sell ancestral lands and buy 2-3 acres at just 1 place with less than half the money on sold properties. 

bro, aa 1 villa kooda waste if you have GC or Citizen

its just a hassle avutundi

unless someone has to go back, maintaining properties in next gen will be a nightmare after parents 

relatives ni nammithe assam ye

[viky]

1 hour ago, Spartan said:

yes they can even pay for college fee also from India.

@Spartan please elaborate on this

[Spartan]

17 minutes ago, viky said:

@Spartan please elaborate on this

@viky

https://www.raymondjames.com/nicholsonfs/pdfs/college/grandparents helping grandchildren.pdf

 

Pay tuition directly to the college
Under federal law, tuition payments made directly to a college aren't considered taxable gifts, no matter how large the payment. So grandparents don't have to worry about the $16,000 annual federal gift tax exclusion.

But payments can only be made for tuition; room and board, books, fees, equipment, and other similar expenses don't qualify. Aside from the obvious tax advantage, paying tuition directly to the college ensures that your money will be used for the education purpose you intended, plus it removes the money from your estate. And you are still free to give your grandchild a separate tax-free gift each year, up to the $16,000 limit ($32,000 for joint gifts).

However, colleges will often reduce a student's institutional financial aid by the amount of the grandparent's payment. So before sending a check, ask the college how it will affect your grandchild'seligibility for college-based aid. If your contribution will adversely affect your grandchild's aid package, particularly the scholarship or grant portion, consider gifting the money to your grandchild after graduation to help him or her pay off student loans.