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It is perfectly legal for people to invest in property in US. In fact US is having an open economy and they would welcome anyone interested for buying a property in US. In India people who can afford and have interest in buying property in US are doing so on their own as getting a loan for that is very difficult. The problem in managing a loan is that neither Indian banks nor US bank will be interested in giving a loan to a person who is buying property across the countries. However a positive point in this respect is that by buying property in US one can later on apply for citizenship also as the process becomes easier for those who own private property there.
So if a person can manage buying a property in US on his own then he can do it. There are some issues regarding taxes in US which are to be understood clearly by the people before taking a decision to acquire property in US. The main point is that in US if a person buys a property and then if there is a gain on that property in the coming times then there would be a tax on that gain.
One has also to note that if one is considered to be a non-resident alien, then one would not need to file one's tax return in the US but if one is employed there and has some income from that property either as rental or otherwise then one would have to pay tax there itself.
Another important point in this regard is that a person can hold property in his name in US but when he dies then the successor has to pay estate duty which is very high and is about 40% of the market value of the property. So these complexities should be understood before going to buy property in US.
Knowledge is power.