Tax Gurus,
I searched lot of threads. but didn't get clear answer for the following :
1. . My wife and I have PPF a/c. I had opened these 12 years back. I came to US 8 years back. My understanding is that US tax is not payable on it, till I withdraw the money. Can you please confirm.
2. I have EPF a/c in India which I never closed, even though I have been working for US firm for last 8 years. My understanding is that US tax is not payable on it, till I withdraw the money. Can you please confirm.
US Tax on PPF and EPF a/c
US Tax on PPF and EPF a/c
Mezz;390164Tax Gurus,
I searched lot of threads. but didn't get clear answer for the following :
1. . My wife and I have PPF a/c. I had opened these 12 years back. I came to US 8 years back. My understanding is that US tax is not payable on it, till I withdraw the money. Can you please confirm.
2. I have EPF a/c in India which I never closed, even though I have been working for US firm for last 8 years. My understanding is that US tax is not payable on it, till I withdraw the money. Can you please confirm.
Tax is payable on both yearly.
US Tax on PPF and EPF a/c
Can't this be treated as Blocked Income and interest paid at end of 15 years for PPF ???
US Tax on PPF and EPF a/c
Mezz;390217Can't this be treated as Blocked Income and interest paid at end of 15 years for PPF ???
Almost certainly not. You can start withdrawing after 5 years. I doubt you could even defer income over the first five years, for that matter.