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THE LIBRARY · PROTECTMoney for Indians in the US shelf

Money for Indians in the US

For Indian households in the US: money in both countries, taxes on both sides, and the move back to India.

Three books, read in order: the foundations, then the strategies, then a deep dive. Each chapter works its numbers out with the calculators and cites its sources.

Volumes3
Chapters24
Reading time1.7 h
Calculators5
READ IN THIS ORDERFoundations → Strategies → Deep dive
01
VOL 1 · FOUNDATIONSTwo-Country Money8 chapters · 51 min
  1. 01Two Tax Systems, One Household
  2. 02NRE, NRO and FCNR Accounts
  3. 03Reporting Your Indian Accounts to the IRS
  4. 04Sending Money Across the Border
  5. 05The Treaty and the Foreign Tax Credit
  6. 06Indian Funds and Shares for a US Taxpayer
  7. 07The Paperwork: PAN, SSN, KYC and Residency Certificates
  8. 08A Two-Country Money Map
02
VOL 2 · STRATEGIESTaxes on Both Sides8 chapters · 51 min
  1. 01Filing in the US With Indian Income
  2. 02Filing in India as an NRI
  3. 03Deposits Compared After Both Countries' Tax
  4. 04Indian Property: Buying, Renting and Selling
  5. 05Inheritance and Gifts
  6. 06Supporting Parents
  7. 07The Rupee and Currency Risk
  8. 08Retirement Accounts on Each Side
03BEING UPDATED
VOL 3 · DEEP DIVEMoving Back8 chapters
  1. 01Can We Afford to Move Back?
  2. 02The RNOR Window
  3. 03The 401(k) and IRAs When You Leave
  4. 04Roth Accounts and the HSA When You Leave
  5. 05Indian Mutual Funds: Sell Before or After the Move
  6. 06The House and Other US Assets
  7. 07Social Security, Medicare and Health Cover
  8. 08The First Two Years Back
Being updated to the Library standard: numbers computed, sources cited.
CALCULATORS FOR THIS SHELF
RNOR timeline when moving back to India →When I move back to India, how long am I RNOR, and what should I do before it ends?NRE, NRO, FCNR or a US account after US tax →NRE, NRO, FCNR or a US account: what do I actually keep after US tax?Keep money in India or bring it to the US →The rupee keeps falling: do I keep my money in India or bring it here, and when do I convert?Selling property in India: tax in both countries →Selling property in India: what tax do I pay in each country, and what do I keep?Supporting parents in India →My parents depend on me. How much can I send and still stay on track?
TERMS ON THIS SHELF
Liberalised Remittance Scheme (LRS)TCS (tax collected at source, India)PAN (Permanent Account Number)KYC (know your customer, India)Forms 145 and 146 (formerly 15CA and 15CB)Tax residency certificate (TRC) and Form 41Residence under FEMAPPF, EPF and NPSPPF (Public Provident Fund)NPS (National Pension System)ITR (Indian income tax return)AIS (Annual Information Statement)Indian tax year (financial year, assessment year)