ss@ptsfb.UUCP (Vasan Srinivasan) (08/15/85)
I am a permanent resident for the last eight years in
California. I am planning to go back to India and settle down
in Madras. Need some advice on some of the issues.
(1) Can I keep the money in USA or India?
(2) Is it worth to take a car from here? What are the
advantages/disadvantages?
(3) What are the various items can I take for my personal
use? (I mean, would like to stay away from customs
officers harassment.)
(4) What should I do, later on if I decide to come back to
USA?
(5) Is it good to buy or rent a house in India?
(6) What are the tax consequences (India/USA)?
*** REPLACE THIS LINE WITH YOUR MESSAGE ***sivan@aero.ARPA (Sivan Mahadevan ) (08/16/85)
In article <213@ptsfb.UUCP> ss@ptsfb.UUCP (Vasan Srinivasan) writes: >I am a permanent resident for the last eight years in >California. I am planning to go back to India and settle down >in Madras. Need some advice on some of the issues. > > (4) What should I do, later on if I decide to come back to > USA? I'm not sure about the details of what should be done to be able to come back to this country, but I believe that green card holders need to come back to some US state or territory at least once in two years to keep the green card valid. But one does not have to come back to mainland USA to keep the green card active, Guam should be sufficient. Does anyone know about similar details for US citizens? > > (5) Is it good to buy or rent a house in India? > In my opinion, real estate in urban India is probably the best legal investment one can make. Sure prices in the US real estate market have had their glory days (late 70's and early 80's in Southern California, and present day prices in NYC area, for example) but the increases are nothing compared to what one can make in cities in India. Thus, my advice is to buy a house in India. Infact, if one owns real estate in this country and wants to go back to India permanently, then he should sell the property here and buy several houses/land in urban India. You can't go wrong with such investments. In the case of Madras (as Mr. Srinivasan inquires) persons coming from abroad can definitely afford to buy homes in the central and cool (weather) localities of say Mylapore and Abhiramapuram whereas the locals in Madras are forced to purchase homes in the outlying areas of the city because of financial reasons. Thus, by buying a home, you can pick the best areas to live in Indian cities. ******************************************************************************* * * * Sivan Mahadevan * * * * Computer Science Laboratory, The Aerospace Corporation, Los Angeles * * ARPA: sivan@aero2 or sivan@aerospace UUCP: sivan@aero.uucp * * BELL: 213-648-6677 * * US MAIL: MS M1-102, P.O. Box 92957, Los Angeles, Ca. 90009 * * * *******************************************************************************