Any Tax benefits for buying home in Loan

[MegaPowerRockstar]

Hi..
need some info..

If we buy home or apartment in India through loan from Indian banks.
Can we get tax exemption/benefit in USA with that loan in India ?

[papampasivadu]

LTT

[Piracy Raja]

India lo house konte USA lo kooda tax benefit vastadaa???

[MegaPowerRockstar]

Just now, Piracy Raja said:

India lo house konte USA lo kooda tax benefit vastadaa???

adhe qs.. malle nuvu adhee qs adegethee ella ?

[Hitman]

1 minute ago, Piracy Raja said:

India lo house konte USA lo kooda tax benefit vastadaa???

Good Question - India lo house koni rent vaste ikkada tax ayite kattali .. alantappudu interest ki tax benefit ravali kadaaa...

[chicchara]

6 minutes ago, MegaPowerRockstar said:

adhe qs.. malle nuvu adhee qs adegethee ella ?

aa Q ela adagaali anipinchindi ani athani bhaavana..

nee swalabdhi kosam illu kaditey...ikkada tax endhuku exempt chestharu?

akkada emaina non profit ki org ki istey emaina try cheyochu emo kaani...not for building houses bro

[LordOfMud]

38 minutes ago, MegaPowerRockstar said:

Hi..
need some info..

If we buy home or apartment in India through loan from Indian banks.
Can we get tax exemption/benefit in USA with that loan in India ?

Reported.......

U own a property in India & u r not paying tax here (USA) & not filing in tax return......reported....

[Maryadaramanna]

48 minutes ago, MegaPowerRockstar said:

Hi..
need some info..

If we buy home or apartment in India through loan from Indian banks.
Can we get tax exemption/benefit in USA with that loan in India ?

Yes, you can claim the exemption for Interest (not the entire EMI)

[MegaPowerRockstar]

36 minutes ago, chicchara said:

aa Q ela adagaali anipinchindi ani athani bhaavana..

nee swalabdhi kosam illu kaditey...ikkada tax endhuku exempt chestharu?

akkada emaina non profit ki org ki istey emaina try cheyochu emo kaani...not for building houses bro

indian bank accounts lo money unte.. ikkada mention chesthunamu kada... and if that goes beyond, nuuvu tax kataleee kada... 

[phatposts]

India lo house loan ki katte interest in tax deductible in the US if you are paying the monthly EMI by sending USD from here. 

Nee loan deductions NRE account nunchi pettukuni, all of the money is being sent from US aithe you are eligible. 
IRS gives an avg dollar amount for conversion at the year end. Get a statement for your loan account and it shows clearly the amount for principal paid and interest paid. Talk to an accountant who understands this. 

I have been doing for 3 years (1 year ammend chesa after filing). No issues for me. 

[MegaPowerRockstar]

4 minutes ago, phatposts said:

India lo house loan ki katte interest in tax deductible in the US if you are paying the monthly EMI by sending USD from here. 

Nee loan deductions NRE account nunchi pettukuni, all of the money is being sent from US aithe you are eligible. 
IRS gives an avg dollar amount for conversion at the year end. Get a statement for your loan account and it shows clearly the amount for principal paid and interest paid. Talk to an accountant who understands this. 

I have been doing for 3 years (1 year ammend chesa after filing). No issues for me. 

awesome... plan is something similar.. can you gve numbers, just for idea.. how much u paid yearly in india and how much you got exempted ?

I have NRE account, planning to pay EMI from that account..
So when we file taxes, we need to get loan statement for that year and provide it to tax agents here and they should take care of it right..

[Quickgun_murugan]

1 hour ago, MegaPowerRockstar said:

Hi..
need some info..

If we buy home or apartment in India through loan from Indian banks.
Can we get tax exemption/benefit in USA with that loan in India ?

IRS ki report chesi.. akkada ochey income ki tax kadithey..or USD lo pay chestey aa property ki.. you can file in tax returns... process is not straight forward but doable

[phatposts]

39 minutes ago, MegaPowerRockstar said:

awesome... plan is something similar.. can you gve numbers, just for idea.. how much u paid yearly in india and how much you got exempted ?

I have NRE account, planning to pay EMI from that account..
So when we file taxes, we need to get loan statement for that year and provide it to tax agents here and they should take care of it right..

Numbers will be applicable to your case. The premise is:

1. Calculate how much interest you paid for the year and convert to USD

2. Deduct that number form your taxable income for that year. 

3. Depending on your tax bracket your savings could be anywhere from 18-30+% based on your AGI.

[tokkalogola]

ela sampadistaru man intha money.. akkda oka illu ikkada oka illu .. how man how,,