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Property in India Questions- Posting again

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  • Property in India Questions- Posting again

    Hi,
    I became US citizen 3 years ago and have OCI card too. I am planning to buy a flat in India and have questions about it that I hope someone can answer as precisely as possible.
    1. Is there a checklist of documents and forms that I need to complete in India AND in the US?
    2. I have NRE account in Indian bank that has about 80% of the money that I need. Can I get rest from my parents in India? If yes, how do I report that these are from two different sources?
    3. I asked that question about different sources as I found online that being a US citizen I will need to fill up IPI-7 form & submit to the IRB. How would IRB know that part of money is mine and part of money is my parents especially if I sell property down the line? I don’t want to be taxed again or more.
    4. Is it better that I should just transfer more money to my NRE account and pay all money myself?
    5. Every year I file FBAR filing with IRS for my NRE account. Once I use that money to purchase flat, do I need to report to IRS that too? If yes, on what form?
    6. Do I need to file any form for IRS with taxes to report property in India? I will not rent it out. It will be completed in 2 years and till then I will just wait and even after than we have no plans to rent it to anyone.
    7. Do I need to have PAN number in India to buy property? I have Aadhar card only. I have to decide everything in 7-10 days and don't want to lose this flat so do not know what all will take time to apply.

    Please answer as precisely as possible. Thanks.
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