I am on an H1-B visa.
I transfer money back to India via SBI. The money is being invested by parents in an FD.
What are the tax implications:
1) for me in the US and in India - if I invest it (say in an FD account) in my name?
2) for me and my parents if they invest the money (say in an FD account).
How do I intimate the IRS/Indian Govt?
Tax implications of money transfer to India
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TheLittleBird
- Posts: 10
- Joined: Mon Jun 06, 2011 8:00 pm
Tax implications of money transfer to India
I do not know about IRS(usa), but Indian Govt. does not need any intimation.
If the FD is in your name, they will deduct tax at source and then if any refund is due, you will have to file an Income Tax return in India, otherwise you do not get it back.
If the money is invested in parent's name, then they have to file an income tax return if their total income (including other sources) is over the taxable limit or if they want to claim any refund due from TDS. You do not come into picture.
If the FD is in your name, they will deduct tax at source and then if any refund is due, you will have to file an Income Tax return in India, otherwise you do not get it back.
If the money is invested in parent's name, then they have to file an income tax return if their total income (including other sources) is over the taxable limit or if they want to claim any refund due from TDS. You do not come into picture.
Tax implications of money transfer to India
TheLittleBird;396697
What are the tax implications:
1) for me in the US and in India - if I invest it (say in an FD account) in my name?
How do I intimate the IRS/Indian Govt?
If the total value of the FDs in your name is more than USD10,000 you need to file Form TD F 90-22.1 with the Treasury
Here is the link to the form