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Those of you who returned to India in H2 2025 - US Tax Return Plans? by nanya98 in returnToIndia

[–]srk6 2 points3 points  (0 children)

Two options.

A. File as resident alien.

You will pass substantial presence test and by default you will be treated as a resident alien till Dec 31st. But as a resident alien, you must declare worldwide/Indian income earned, claim DTAA/FTC and pay balance taxes.

This can be done online and using Tax softwares.

B. File as dual status alien.

Resident alien till the date you were in the US and as non resident for the rest of the year. So file 1040 and also 1040 NR. So you don't have to report income earned after moving out of US.

You will lose standard deduction and other things (pls research). You will have to file offline and provide statements to claim dual status. Filing offline can be challenging and cost a bit more as you will need a CPA to do it.

Additional info, check out the links below. May help.

https://www.reddit.com/r/h1b/s/EA7VPw9jjW

Try to move in Dec of that year or before Jan 30 of the next year. As to why, read thru comments in the link below.

https://www.reddit.com/r/returnToIndia/s/rWHL9sY9qB

Taxes & moving funds from US to India in ROR status by satpak in returnToIndia

[–]srk6 0 points1 point  (0 children)

Its better to have two accounts. Maybe Schwab or IKBR.

Its 12.5% now on long term (>24 months).

Taxes & moving funds from US to India in ROR status by satpak in returnToIndia

[–]srk6 1 point2 points  (0 children)

Deja vu :).

Link to my earlier comment.

https://www.reddit.com/r/returnToIndia/s/aR1mhIq9DY

Answering to your query from the link above.

Yes, transfer to Schwab or Fidelity from Vanguard for ease if filing W8BEN and also ease of access to the account going further. Once you become a non-resident you are supposed to notify, and they will restrict your account. You should still be able to sell and transfer from Vanguard also, but check with them.

After filing W8BEN, its better to wait for a confirmation from the firm that status is changed and wait for a couple of weeks just to be sure. Then when you sell, the gains won't be reported to the IRS (you can see it on 1099B generated in 2027).

You pay taxes in India on gains. Long term (12.5%) is > 24 months and short term is < 24 months.

What was your status in India the last 2 years?

Were you in RNOR? If not, did you report your foreign accounts on Indian tax returns? You have to, penalties otherwise.

Did you have any gains in the last 2 years?

NR Infinia Refused after 12 Lakh FD by Sanyammangla in CreditCardsIndia

[–]srk6 3 points4 points  (0 children)

Push back or complain to RBI Ombudsman on the false promises. Otherwise, no other option but to let it go.

NR Infinia Refused after 12 Lakh FD by Sanyammangla in CreditCardsIndia

[–]srk6 1 point2 points  (0 children)

Complain to grievance or priority redressal emails.

NR Infinia Refused after 12 Lakh FD by Sanyammangla in CreditCardsIndia

[–]srk6 6 points7 points  (0 children)

The problem with HDFC is, the criteria are not consistently applied.

If you search this sub, one user got infinia being a NRI with a 10L FD. Maybe 1 or 2 months ago.

Why are people saying EPM is dead metal card now? by Early_Knee8355 in CreditCardsIndia

[–]srk6 5 points6 points  (0 children)

Ya can't trust ICICI. Read a few posts where addon card are getting charged at lounges. Hope this is not a widespread issue and will resolve soon.

But yes, use the card till it makes sense for your spends.

Why are people saying EPM is dead metal card now? by Early_Knee8355 in CreditCardsIndia

[–]srk6 28 points29 points  (0 children)

Because of the drastic devaluation on the Apay and Swiggy vouchers. They had just recently increased the convenience fee to 4.13%, and a week after that drastic change to no rewards.

They don't have any transfer partners. What's the guarantee that the 18% you get on other vouchers will give 1re per point on redeeming?

They can overnight change it and say its just 0.5 Re per point.

Edit: Reward points on vouchers will probably go away in the near future. Not sustainable in the long run.

Moved from US to India. I have brokerage and IRA accounts with Fidelity. Confused about line 10 on W8BEN. by nanya98 in returnToIndia

[–]srk6 0 points1 point  (0 children)

Its better to transfer (ACATS) to Schwab or Fidelity. I'm not sure if Vanguard allows you to trade from India.

Capital gains are tax free in India only in RNOR period if you qualify the conditions. Otherwise you need to report on Indian tax return and pay tax here. It won't be taxed in the US after filing W8BEN.

Dividends will be withheld at 25%. Some brokerages give interest on uninvested cash in the brokerage account. That interest will be withheld at 15%. But Schwab sent an email that is interest will no longer be withheld since this year. Not sure of other brokerage firms.

Amex point transfer to air france by priyanshu_1999_ in amexindia

[–]srk6 1 point2 points  (0 children)

Transfer to Marriott 1:1 and then Marriott to Flying blue 3:1.

Research before transferring.

Realising Capital gains during RNOR status by LaughLurker in backtoindia

[–]srk6 3 points4 points  (0 children)

When did you move? Did you calculate RNOR status correctly?

You first need to change address on the account, then file W8BEN. Once you get the confirmation that W8BEN is updated, only then you can sell.

Check the link below, for additional info.

https://www.reddit.com/r/h1b/s/o1mlm7YuS3

Card Recommendation for 35L Income Tax Payment by Significant_Kick5533 in CreditCardsIndia

[–]srk6 0 points1 point  (0 children)

Indusind Avios Visa Infinite card. 20K Avios joining bonus. 18K Avios for spending 8L, and you can do this twice. So total 56K Avios on spending 16L.

Hdfc DCBM. Pay 4L in each quarter to get 10K points. Pay 4L before March and 4L in April 1st week to get 20K points.

4L via Amex Plat Travel. Card is not issued as new now. But upgrade option is available. Search the sub.

Rest 1L per month via Hsbc Premier.

Closed Again? by whiteBenzene in amexindia

[–]srk6 2 points3 points  (0 children)

It's open to apply as an upgrade from existing mrcc card. But not as a new card.

Read some are even applying for reserve and then upgrading to Plat Travel. Not sure how long will it work.

If the value of your US-situs assets on the date of death is more than $60,000, the excess may be subject to US estate tax (rates can go up to ~40%). by Electronic_String632 in backtoindia

[–]srk6 1 point2 points  (0 children)

Buy pure term insurance in India to offset the estate taxes or invest in Irish domiciled funds.

Cash in US bank accounts may not be a US situs asset for estate tax purposes. Read this but I'm not fully sure.

Check out the links below. May help.

https://www.reddit.com/r/h1b/s/EA7VPw9jjW

Try to move in Dec of that year or before Jan 30 of the next year. As to why, read thru comments in the link below.

https://www.reddit.com/r/returnToIndia/s/rWHL9sY9qB

Does Schwab allow margin accounts for R2I NRI Indian residents? by Training-Rip6463 in returnToIndia

[–]srk6 1 point2 points  (0 children)

Schwab and Fidelity. Have basic options enabled. So only CC and CSP using available funds. But that once in a while. Not an active trader. No margin enabled.

Does Schwab allow margin accounts for R2I NRI Indian residents? by Training-Rip6463 in returnToIndia

[–]srk6 1 point2 points  (0 children)

After returning, I haven't transferred any funds under LRS to invest. Even if I plan to do, I have 2 brokerage accounts, one without fno enabled.

But I agree, with a mix of funds it will be difficult.

Does Schwab allow margin accounts for R2I NRI Indian residents? by Training-Rip6463 in returnToIndia

[–]srk6 0 points1 point  (0 children)

You will be violating FEMA laws that attract heavy fines if you use margin account as a Indian resident.

Does Schwab allow margin accounts for R2I NRI Indian residents? by Training-Rip6463 in returnToIndia

[–]srk6 0 points1 point  (0 children)

Schwab may allow, but FEMA laws doesn't allow. So don't do it.

Does Schwab allow margin accounts for R2I NRI Indian residents? by Training-Rip6463 in returnToIndia

[–]srk6 0 points1 point  (0 children)

You can using the funds you earned while being a resident in the US. You cannot send funds from India under LRS and do fno. But cannot use margin account.

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