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I_say Junior Artist Username: I_say Post Number: 210 Registered: 01-2019 Posted From: 204.11.129.240 Rating: N/A |
If you declare yourself as a tax resident of USA, then you’ll need to file taxes here on your worldwide income. Since your income is generated in India, you’ll need to file taxes there as a non resident as well. However, there is a treaty between India and USA to avoid double taxation. You can claim tax credit in USA for the taxes you’ve paid in India. At the end, you’ll end up paying taxes at the highest rate between the two, which will most likely be your US tax rate, unless you’ve other income in India. Ok, idantha going by the most conservative route. If you consider your parent as a property manager with all rent going to them as their fee, you can deduct your expenses from the net income which will basically be everything in this case. For your parents, it’ll be below taxable income unless they’ve other income sources. | ||
Baatasari Side Hero Username: Baatasari Post Number: 4514 Registered: 10-2018 Posted From: 71.187.246.172 Rating: N/A |
this is my - limited knowledge on this topic - u get others to confirm.. US front you need to declare ur asset ( the property itself ) the income you get, is probably unaccounted ( cos goes from X to Y ) India front its rather easy eggottedaniki i think.. property is in ur name rent goes to Y - i think it wud be taken as "gift" income for Y, daniki vere slabs undali.. 5lacs ( slightly more for senior citz ) slab is for regular income brahma satyam jagan-mithyä jivo brahmaiva näparah | ||
Musafir Side Hero Username: Musafir Post Number: 3286 Registered: 10-2018 Posted From: 75.57.123.194 Rating: N/A |
You could if you want to. But aa income US ki report avvadu (assuming they are domestic bank accounts). Your parents may need to pay local income taxes if the local income is over 5 lakhs per annum. Probably. Praying for something implies that, despite God's omniscience, he doesn't already know what you want. | ||
Bingo Junior Artist Username: Bingo Post Number: 688 Registered: 11-2012 Posted From: 73.35.96.176 Rating: N/A |
India lo earning ki US tax filing suggestions kavali.. recent ga oka commercial property teeskunnam which pays around 20k/month rent. Money direct ga maa parents savings account lo depot avtundi.. ea income nenu US tax filings lo report cheyala? emaina issues untaya property naa name mida undi income on it parents ki velte.. |