Laks, Very good compilation of information, thank you! One quick question - After retirement, In India which bank / account to deposit for social security monthly amount. My age is now 61. Thanks
Hello Sir I think, the social security is deposited in a bank in US from where you can transfer the amount to any bank account in India (even when you are in India)
HI Laks, Great information. I enjoyed reading it . I wanted these type of information for a long time. 1. If I am a US citizen , can I have NRE/NRO a/c in that case? 2. I havent worked in India and not planning to work in near future can you tell me how can I apply for PAN card. Can I apply it from here US . and once I get OCI should I change /provide any additional information to income tax department INdia.... I never know moving indian rupee to USD is this difficult. Only way is to go to bank means ... what if they give very bad transfer rate???? :bonk:bonk Have you moved back to India ? If you can please share your experience as R2I.
Renu I guess yes you can have a NRO/NRE a/c even if you are a US Citizen because you come under the Non Resident category. At the end of the year when the bank will give you the statement on how much taxes they have deducted from your a./c you can approach any chartered accountant to file for PAN card so that going forward they can file taxes on your PAN CARD #. (thats how I got my PAN CARD though I was in India, I have gone to my fathers friend who is a CA and he applied for pan card on my name and it was posted to my house address.) I have not transferred any rupee to USD till date, however I am guessing every bank will have their own transfer rate and surcharges, before you do any transfer might eb you have to research on who is giving the best rate ( I do not have much info or experience on this though..) lets wait for our other friends who might have more info on this.
Hi srividhya, I dont have NRO a/c I think I have NRE a/c and it is not taxable. so I dont get any annual statement. B/w why should I file tax in India when I am in US. I think my case is same with u.. u live in US right now why do you file tax in India?? Lots of research is needed for transfer rate. If some one has already done it and have good experience with it please share it here.
Laks, I have a question regarding the will. We have some properties in india and we have made will in USA.Is that will made in USA also applicable to properties in india or seperate will should made in india for indian properties. Thanks, Priya.
Priya I guess you should have separate wills as per the law/jurisdiction of the respective countries.Terms/details of the will can remain same but to be executed in a country, it should be registered under their jurisdiction as per the law of that country.--JMO
SV - Apologies for forgetting this thread!! Thanks for answering queries. Renu - You can get back and apply for a Pan card in India. You cannot apply for one from the US. Reg NRE/NRO a/cs, once you move back for the first six months(or eight, I'm not sure), you can maintain your NRE a/cs. After that, you are considered a resident for all practical purposes. USC or not, has no bearing in your status. You will have to open regular resident accounts and move funds into it. You will also have to start filing taxes in India for income earned from those a/cs. The bank automatically deducts interest. You will also have to file taxes in the US for income earned outside the US. This is all based on my personal experience. It is always better to talk to a good financial consultant in India who is aware of the law. Priya - I think you will have to notarize your will in both countries for it to be valid in both places. You can include all your assets in one will, as two wills create more confusion than resolve anything, IMO. I've not made one myself yet but I've got friends who have gotten wills made in the US and then registered the same in India(no clue how, contact a good lawyer). I do plan to get it done in India and figure out how to ensure its validity in the US. Will let you know if I get more information.
SriVidya and Laks, Thanks for the info.I didn't use any lawyer to made the will here. I used legalZoom.com. But that one didn't ask to include the properties. If I could use the same will and get notarized in India then it would be great. If you get to know more information,please pass it on. Thanks.
