What will happen to my H1B Visa?

I am a H1B visa holder and my visa validity started in Oct, 2013 and is valid right now till Sep, 2016. I am in USA and have used 12 months of my H1B. But due to some urgent personal issues, I have to go back to India. I have 2 options in front of me -

  1. Join a new company. I have couple of offers but both of them do not have any business in USA and hence they are not interested in filing my H1b petition

  2. Join a school there

What happens to my H1b in both the scenarios? Will I be eligible for H1b Cap exempt later on? If yes, then till when?

Its your choice, in most cases you are cap exempt for 6 years, as long as you have maintained status, ie been employed, paystubs etc. If you leave the country and you are out of a job your status remains unaffected.

Another option for you is to ask your current company for short-term/long-term disability, sabbatical etc, and come back on the same job.