Real Estate India, Residential Commercial Real Estate Properties India

Question asked by Mr Rizvi from New York, USA: Please can you help me with the following, I have a rental property in India and I have been told that US TAx Laws allow me to deduct my foreign income upto some $80,000 per year. Can you tell me what form I need to use and if I need to do something on the Indian end? An experienced and Practising CPA from USA - Mr. Udai B Singh Answers: Answer from a Practising CPA in USA (Mr. Udai B Singh): Law is this>>> Foreign earned income upto $86k (or so) is tax free provided the person lived in foreign country and earned his livelihood while working there for at least 330 days. Refer Form 2555 for more details. Rest all income is taxed. Also, if the person does not qualify based on number of days presence in foreign country, income is again taxed in full, however, taxes paid on that income in foreign country could be claimed on US taxes on Form 1116. Thanks. Regards, UB http://www.atoneplace.com For more information, kindly visit at R...

Question asked by Divya k c from BangaloreUS: Respected Mam, My name is Divya k c, I'm basically from Kerala and I'm currently living in Bangalore. I am currently in need of a Legal consultation and support from a Real Estate expert lawyer in India who could help us with our current situation. Myself Divya k c, my Husband Sinoj Nair who too lives here in Bangalore have bought an Appartment in Bangalore, from the Multi Group Builders. The size of the land is 1350 sqft approximately .After registering the appartment to our individual names in late 2007 ,we singed a construction agreement with the promoter to build and deliver the house to us. We have financed the appartment through housing loans. The builder is now close to handing over the possession of the properties and there is one issue at this point. 1) There has been around 3-4 Lakhs that's been collected by the promoter for each of these properties towards Sales & Service Taxes. This community development at the c...