Buying property in India : FBAR declaration.
I am on H1b visa in USA and thinking about buying property in India.
If I buy any property in india,do I need to report my property in USA income tax return, FBAR or anywhere else? Do i need to pay any tax in USA or India? I am living in a rented apartment here in USA. Please help me understand both cases where the property that I buy in India might be a residential home, land, commercial property
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You do not need to report property, but you need to report financial assets. Your bank accounts are reported on FBAR and form 8938, your partnership is reported on form 8865 (you mentioned planning to buy with your father - that is a partnership). Additional reporting may be required depending on the kinds of assets, formations or income you'll be having. If you have income derived from that property - it will be taxed in the US, unless a treaty allows excluding it (note that as a US tax resident, most of the Indo-US tax treaty doesn't apply to you).
littleadv has covered US taxes.
Buying a property in India there is no tax liability created.
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