Tax on money transferred from US to India
Posted: Fri Jun 03, 2011 11:33 am
Hello
I am an Indian citizen who has R2Ied and am now transferring all my money from my US bank account to my regular India bank account using ICICI service.
Are there any tax issues related to this I need to be aware of?
I have already paid tax on the money earned in the US, so I assume I would not be double taxed by paying more because I transferred that money to India. Can someone please clarify?
Also, do I need to submit any form to IRS for transferring my money out of US?
Thanks!
I am an Indian citizen who has R2Ied and am now transferring all my money from my US bank account to my regular India bank account using ICICI service.
Are there any tax issues related to this I need to be aware of?
I have already paid tax on the money earned in the US, so I assume I would not be double taxed by paying more because I transferred that money to India. Can someone please clarify?
Also, do I need to submit any form to IRS for transferring my money out of US?
Thanks!