How to get exemption in US on Home Loan (Mortgage) from Nationalized Bank in India (EMI paid in Rupees)?
Sorry for asking the same question but the answer to my previous question is not clear.
I am an Indian National and working in US on H1B. I have a house (only one) in India and it is mortgaged to a Nationalized Bank in India.
I pay EMI-Equated Monthly Installment in Indian Rupees. I get an annual statement which clearly states the Interest and Principal paid in financial year.
I don’t have any Home Loan (Mortgage) here in US.
Loan amount in Indian Rupee is 25, 00,000 approx $ 55,500. I pay EMI INR 30,000 approx $ 670.
To pay this I do a wire transfer from Bank of America to Nationalized Bank in India.
How to convert EMI paid in INR to US $ for Home Loan (Mortgage) from Nationalized Bank in India and get tax exemption in US?
Will it be in part of Federal/State?