Got a job offer at Ahmedabad worth INR 15 lac, seeking advice to move back?
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Quote:
Originally posted by web2000
Quote:
Originally posted by Maharaj
Quote:
Originally posted by febpreet
Go back only if you have a loads of money and already a house in India. Then only you can look to have a sufficient savings with your proposed 15 Lakhs employment.
I second this ... Considering the fact that Real Estate is not cheap in India - 15lacs is not enough. Look at the Mortgage Rate, its not 4% that we pay here.
Social Expenses will also rise by expanding Social Life in India ...
What about property tax? In Canada u never own a house even after u paid off ur mortgage. U always keep paying significantly for keeping the house and it never ends.
India too has a property tax that one needs to pay annually, just like we do over here in Canada.
What's next? You are not the owner of the property here in Canada even if you have paid up your mortgage due to the hydro, cable, and natural gas expenses? Come on, you can do better than this.
Quote:
Originally posted by dimple2001
Quote:
Originally posted by web2000
What about property tax? In Canada u never own a house even after u paid off ur mortgage. U always keep paying significantly for keeping the house and it never ends.
Aren't there property taxes on RE properties in India? I thought there were.....
I remember that in 90's when we were giving our house on rent we were paying house tax which was almost negligible. Other than that there was no property tax on owning house in India. I believe that it is still same today. Even if not then it will be very less. Unlike in Canada where the property tax is close to 1% (May be more) of the property value. Do you think that the person having a house of worth Rs 1 crore paying 1 lac per year as property tax?
Quote:
Originally posted by web2000
Do you think that the person having a house of worth Rs 1 crore paying 1 lac per year as property tax?
Check newer property - not old.
My Point is ... if you have house in metro then 15 lac is (barely) enough, but if you have to buy a house in Indian market right now (which is as HOT as ever) then I think 15lac is not enough.
India presents its own set of expenses, which is unique to say the least. I know couple of Families who moved back. They both had good job here n moved keeping social n family life in mind. They are happy, with what they wanted to begin with - but that social life has some cost associated with it. Don't over look that.
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Mumbai Maazi Ladki ...
Posts: 2873
Location: Western Hemisphere
Posted on: 06-12-10 16:01:03
Location: Western Hemisphere
Posted on: 06-12-10 16:01:03
Quote:
Originally posted by web2000
I remember that in 90's when we were giving our house on rent we were paying house tax which was almost negligible. Other than that there was no property tax on owning house in India. I believe that it is still same today. Even if not then it will be very less. Unlike in Canada where the property tax is close to 1% (May be more) of the property value. Do you think that the person having a house of worth Rs 1 crore paying 1 lac per year as property tax?
When my parents built their house, the property tax/house tax etc was/is on an annual basis. The amount was determined based on how much each in the totem pole of the Govt had to be bribed. So, there was a negotiation on the street. Finally, the poor underling, exasperated, gave my dad the entire story of how the tax money works and he gave the titles of all those above him who had to be bribed and how much his cut was. We really felt sorry for this guy because he was the one to bust his balls to make the others rich.
Now, mind you, the list went all the way upto the Chief Engineer (or equivalent title) of the city who apparently reports to the top guy of the city. Then we understood why my uncle (who was Chief Engr of Madras) was rich. So, yes, the rich probably will not be paying the required amount since everything is negotiated through finer details.
Anyway, it really doesn't matter how these things work as I am not there to fret about it. I was more curious.
On the other hand, I am a council member for my son's public school's "parent-teacher council and I can see how my property taxes are being put to use by reviewing their budget and the challenges. Not to mention, the OPP loves our neighborhood since we fund them pretty good
We have great patrols and school time vigilance when few of the bozos like to fly by when kids are crossing. -----------------------------------------------------------------
Dimple2001
Quote:
Originally posted by Maharaj
Quote:
Originally posted by web2000
Do you think that the person having a house of worth Rs 1 crore paying 1 lac per year as property tax?
Check newer property - not old.
My Point is ... if you have house in metro then 15 lac is (barely) enough, but if you have to buy a house in Indian market right now (which is as HOT as ever) then I think 15lac is not enough.
India presents its own set of expenses, which is unique to say the least. I know couple of Families who moved back. They both had good job here n moved keeping social n family life in mind. They are happy, with what they wanted to begin with - but that social life has some cost associated with it. Don't over look that.
There is no property tax if it is ur primary residence and u r living there and is not rented out and no money is generated from it.
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There is no property tax if it is ur primary residence and u r living there and is not rented out and no money is generated from it.
Are you sure, as my parents are paying a property tax each year (and many in the neighborhood) in Delhi while it's their primary residence.
Anyhow, I think this topic has been digressed and slided to the Indian property tax discussion.
1. There is property tax to be paid and it has been recently hiked in many states.
2. 15 lakhs is not much these days in india and with that you will get the rotten and corrupt system free. you will have to bribe for each and every thing. The filth, pollution and exploitation shall be omnipresent.
3. Too much competition and pressure on children. Also education has become big business and it might be actually cheaper to study there rather than in some private college in India.
At mid-life we always feel that the grass is greener on other side - but generally that is not the case. To end this - advice which somebody gave - that you made the first mistake of coming here - do not make a second mistake of going back.
Consider your self lucky that you are in canada and have a nice job. If there is no other family compulsion please stick on..
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