I am planning to buy an apartment in Gurgaon and I wanted to discuss some questions before moving ahead with the process. If you could please help shed light on the below:
1. I am a green card holder in the US. What would be the tax repercussions of owning a property in India? I plan to take a loan via SBI NRE account and make EMI payments via the NRE account I hold.
2. In order to make monthly EMI payments, I plan to send $2000 into my SBI NRE account which already has some capital but I want to add more to it every month. What would be the tax repercussion, if any, of this?
3. Will showing this loan on my income tax filing in the US have any advantages- in the sense of giving me some benefits?
4. I want to have this apartment on a joint ownership between my parents and myself while being the person that takes the loan. Any issues with that both from a tax and future perspective?
5. If in about 3 years time, I am eligible for citizenship in the US and I decide to take the citizenship, then what would be the repercussions of owning properties in India? To add to that, I am a single child and have other inheritance in India. Will there be some adverse tax implications in the scenario of both a)owning but not selling and b) selling anything down the line.
6. Is there some benefit if my parents and I create a trust and own everything via that trust? Does that offer any tax benefits in India, US?
7. Can you provide any suggestions about the H.U.F as well? My parents have a H.U.F. Is it good for me to include everything in the H.U.F including my shares and other assets in the US?
Many thanks.
Best Regards
