Moving back and selling apartment in India
Hi,
I have been holding an apartment in Hyderabad for the past 7–8 years. It was a brand-new property when I bought it, and I recently sold it for a decent profit.
Initially, I had invested some money in mutual funds, but the market doesn’t seem to be doing that well right now. I’m considering bringing around ₹50–60 lakhs back to the U.S. I can see that both ICICI and HDFC have options to transfer the money to U.S. bank accounts.
I understand that I may lose some money due to exchange rates, taxes, or other charges, but I feel that once the money is transferred to the U.S., I may not have many opportunities to invest additional money here in the future.
My main goal is to set this money aside for my two kids, who are currently 8 and 7 years old. Hopefully, this money can benefit them when they start college. At this point, I don’t know whether they will attend college in the U.S. or India, so I’d like to keep the money flexible.
Do you think this is a good approach? I’d really appreciate your thoughts.
Thanks!