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Anonymous User
Anyone do macro counting? How do you like it?
Rising Star
I have accepted Infosys Offer Letter . If I am not joining Infy and joins another company, then is there anything like Infosys remembers it and will not consider in its Future Opportunities saying "You previously Didnt join our Organisation after accepting Offer Letter , So we are not considering your profile ahead " (Something like blacklist).
Has anybody accepted Infy Offer Letter and Have not joined ...and later got another Offer from Infy after say 6 months or 1 year and then Joined Infy ?
CDG 180s aging nicely
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Rising Star
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A few things:
1. If you are a US Citizen, you owe tax on worldwide income. No exceptions.
2. TDS is not tax. It is just withholding. You need to file a tax return in India, adjust the withholding amount and then you either get a refund or pay additional tax, as your case may be.
3. You can and should declare the tax you paid in India, and then claim a credit for that in your federal return. IRS will deduct the tax paid to the Indian government from your overall tax dues.
Income generating real estate is the same. Let’s say you own 3 apartments, you will need to list rental income for each, each month, the maintenance expenses incurred and so on. It is a pain.
If you own undeveloped land that you sell after holding for a few years, you will need to declare the capital gains.
All in all, whatever you do, Uncle Sam will want his cut.
There is a way to minimize the paperwork state side, but it involves setting up a trust in India, have the trust own the real estate and mark you as the beneficiary. But then you will need to maintain paperwork in India. Plus it is hard to find good lawyers that can set that up for you. Unless you are talking millions in property value, it may not be worth it.
I do not consider gold an investment. It is an asset for sure. But as an investment it doesn’t yield much compared to other investments.
Also dont forget reporting all your accounts in FBAR irrespective of income earned in them
Rising Star
What’s the question OP?
My questions are more broad. For the interest earned, I paid 10% TDS on Indian side and a total of 34% (24% fed tax, 4% NIIT, 6%,state tax) on the US side. That’s like 45% tax! Am I missing something?