Hi, my question is mainly to H1 and other temporary visa family people who wants to return to india after few years.
where can we save/transfer amount in india. is it better to save in NRE/NRO account or parents accounts. i know we want to save in our account and maintain some individuality after we got married, but i heard we need to fill fatca form if our savings & interest exceed more than $50k in foreign bank accounts, and also need to file fbar if it exceeds $10k. will there be any tax issues with filing fatca?
what is the best way of saving liquid amount to avoid any tax issues. is it better to maintain two NRE/NRO accounts separately on our name and on spouse name?
Let me know, Thanks.
where can we save/transfer amount in india. is it better to save in NRE/NRO account or parents accounts. i know we want to save in our account and maintain some individuality after we got married, but i heard we need to fill fatca form if our savings & interest exceed more than $50k in foreign bank accounts, and also need to file fbar if it exceeds $10k. will there be any tax issues with filing fatca?
what is the best way of saving liquid amount to avoid any tax issues. is it better to maintain two NRE/NRO accounts separately on our name and on spouse name?
Let me know, Thanks.
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