Category: India

FATCA has covered you!

In our whitepaper, Interaction of Indian and U.S. Tax Laws, we examined and explained the interaction of Indian and U.S. laws. In doing so, an...

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Foreign trusts in the U.S.

Under the U.S. tax laws, foreign trusts (i.e., non-U.S. trusts) may be classified as grantor or nongrantor trusts. Generally, nongrantor trusts are not taxable in...

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U.S. shareholders and recharacterization of income

Generally, under U.S. tax law, a foreign corporation may be classified a controlled foreign corporation (CFC) where it has U.S. shareholders. Additionally, a foreign business...

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Distribution from trust to beneficiaries

Trusts or foundations have been the most widely used entity form to pool, protect and administer assets. Our whitepaper, Interaction of Indian and U.S. Tax...

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Trusts for transitioning assets to next generation in India

Trust structures offer asset protection and beneficial governance mechanisms to Indian families with Indian residents and nonresidents members. However, foreign trusts should be mindful of...

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Tax reporting considerations in India

As I have stated in my other blogs that India lays out reporting requirements based on the residence of the taxpayer. The U.S. states reporting...

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Capital gains on transfer of capital assets (part 2)

Continuing from the last blog on capital gains, this blog specifically addresses how capital gains are to be taxed in case of nonresident Indians under...

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Capital gains on transfer of capital assets in India (part 1)

Our whitepaper titled Interaction of Indian and U.S. Tax Laws lays out a brief outline on capital gains tax in India. A resident or non-resident...

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Foreign exchange control considerations

The Indian currency is restricted, that is, remittance in or outside India are regulated under the Indian exchange control law. Foreign Exchange Management Act, 1999...

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Black Money Act in India

India has entered into information sharing agreement with the United States (U.S.) under the Foreign Account Tax Compliance Act (FATCA). This has been in place...

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