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savings in NRE/NRO accounts or in parents accounts

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  • savings in NRE/NRO accounts or in parents accounts

    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.

  • #2
    If you are US resident, you will have to pay income taxes on your worldwide income.

    You will also have to fill FBAR and FATCA forms as appropriate.

    If you put money in your parents name, that would be considered gifts to them and if they are above $14,000/year, you would have to file gift tax return.
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    • #3
      Originally posted by immihelp View Post
      If you are US resident, you will have to pay income taxes on your worldwide income.

      You will also have to fill FBAR and FATCA forms as appropriate.

      If you put money in your parents name, that would be considered gifts to them and if they are above $14,000/year, you would have to file gift tax return.
      Thank you.

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      • #4
        Originally posted by immihelp View Post
        If you are US resident, you will have to pay income taxes on your worldwide income.

        You will also have to fill FBAR and FATCA forms as appropriate.

        If you put money in your parents name, that would be considered gifts to them and if they are above $14,000/year, you would have to file gift tax return.
        If we are married and filing taxes jointly in usa then what is the threshold amount to file FBAR and FATCA? I heard there is higher threshold for married people.

        i heard it is $100k-$150k if we are married and filing taxes jountly? is it true???

        I am on h1b visa. i have NRI account in my name and my wife does not have any accounts in india. so i transfer from US and save in my nri account. What is threshold amount to file fbar and fatca. Please let me know.

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