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NRI Taxation and Tax Planning
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NRI Questions and Answers
- Question - 1: Is mortgage interest on a foreign home loan India deductible? How do I add deduction in US taxes with interest paid in Indian Rupees?
- Question - 2: I have taken a 401K loan for buying my Primary Home and have been repaying the loan with interest, Can I show the interest that I have been paying back in my Tax filing?
- Question - 3: How to report interest on Indian NRE account-The account pays interest only once in 3 years. So for each year in between do I have to report interest accrued?
- Question - 4: I have interest income earned at NRI account at Indian bank. would I have to show in income tax filing in USA? if so how? How do I report foreign bank account details (india)?
- Question - 5: Do I report interests on my Indian NRI bank deposits (FD) in my 1040? Tax on this income is already withheld at Source (TDS). How do I claim tax credit for this in (my US returns)?
- Question – 6: How do I report my mutual fund income in India. Do I ask for quarterly statements for investment? Do they issue specific form in India similar to 1099-Div in USA? Dividend reinvestment is considered as Dividend income in USA?
- Question - 7: Does NRI have to pay tax in India if they are USA resident?
- Question - 8: Do I have to pay taxes in India if I am an NRI?
- Question - 9: Is it a must for NRIs to pay advance tax?
- Question - 10:What are the deductions allowed for NRI?
- Question - 11:What are the deductions not allowed for NRI
- Question - 12: How do I ensure I am not taxed twice for the same income?
- Question – 16: Earlier I used ITN number to file my return, now I have SSN number, Should I take any action?
- Question – 17: I’m an NRI and don’t have an Aadhaar. Is it true that my PAN will be blocked if I’m not able to provide Aadhaar by 30th April?
- Question - 18: What is the process for NRI enrollment for Aadhaar card?
- Question - 19: What is the process for Aadhaar enrollment for children of NRIs?
- Question - 20: I have real estate properties in my name in India. What do I need to report?
- Question - 21: When you need to file form I8938?
- Question - 22: What are NRI income taxable in India?
- Question - 23: Is the rental income outside of US is taxable?
- Question - 24: What are differences between NRO, NRE and FCNR?
