PROTECT · VOLUME 2 OF 3 · STRATEGIESMoney for Indians in the US shelf
Taxes on Both Sides
The second book for an Indian household in the US. It follows the money through both tax systems: filing in the US with Indian income, filing in India as a non-resident, comparing deposits after both countries' tax, property, inheritance and gifts, supporting parents, the rupee, and retirement accounts on each side. Every US rule is taken from IRS and Treasury sources, and every Indian rule from the Income-tax Act, 2025, the Reserve Bank of India or the Income Tax Department, with the date it was read.
Chapters8
Reading time50 min
Worked examples17
Updated2026-10-02
What you will be able to do
- Say which of your Indian income goes on the US return, and how much of the Indian tax on it the foreign tax credit will count.
- Decide whether to file an Indian return, which form an NRI uses, and how to get excess tax deducted at source refunded.
- Compare NRE, NRO, FCNR and US deposits after both countries' tax and the rupee's fall, and name the assumption that decides the answer.
- Explain how Indian property, inheritance and gifts are taxed and reported in each country, and why a gift deed and a will differ for US purposes.
- Size the support you send to parents, and list where practitioners disagree about PPF, EPF, NPS and US retirement accounts across the border.
Contents
8 CHAPTERS · ABOUT 50 MIN- 01Filing in the US With Indian Income Where NRE and NRO interest, rent, dividends and gains from India go on the US return, what India taxes first, why only the treaty-rate part of tax on NRO interest is creditable, and how the foreign tax credit is claimed.7 min3 computed
- 02Filing in India as an NRI Who has to file an Indian return, which form an NRI uses, tax deducted at source and how to claim it back with a residency certificate, reading the annual information statement, and the deadlines under the 2025 Act.8 min
- 03Deposits Compared After Both Countries' Tax NRE, NRO and FCNR deposits beside a US savings account or Treasury bill after Indian tax, US tax and the rupee's fall, with the five assumptions that decide which one wins.6 min5 computed
- 04Indian Property: Buying, Renting and Selling What the RBI allows an NRI to buy, how rent is taxed in India and on Schedule E, the Indian and US tax on a sale, how exchange rates on each date create a US gain or loss, and bringing the proceeds home.6 min
- 05Inheritance and Gifts The US basis of inherited property and why a gift deed differs from a will, the Form 3520 report for large gifts from abroad, India's exemptions for gifts from relatives and inheritance, and the RBI rules for NRIs.7 min
- 06Supporting Parents Why parents in India are not US dependents, the gift rules for what you send, paying medical bills directly, India's exemption for money from a child, and what regular support costs your own savings.5 min2 computed
- 07The Rupee and Currency Risk What the rupee's record from 2005 to 2025 shows, how a fall changes the dollar value of an Indian deposit, and why the currency in which the money will be spent matters more than a forecast.5 min4 computed
- 08Retirement Accounts on Each Side How India treats US retirement accounts once you are resident, how the US treats PPF, EPF and NPS, where practitioners disagree on reporting, and the choices that depend on where you will retire.7 min3 computed
CALCULATORS USED IN THIS BOOK