US Tax Consultant in Pune for NRIs

It depends on your tax status in the US. If you worked in the USA on an H-1B or L-1 visa and obtained a green card or US citizenship before returning to Pune, then your tax filing obligation in the US continues permanently. Considering this, the income you earned in Pune, such as salary, rental income, ESOP income, and Indian investments, should be reported on Form 1040 every year. Many of the returning NRIs with green card status assume that leaving the US ends their tax obligation there, but it does not till than they hold tax status in the country. 

As a green card holder, you should report your Hinjewadi apartment rental income on your US federal tax return using Schedule E (Form 1040). Additionally, you need to convert all your income and expenses into US dollars, claim standard tax deductions like property taxes and depreciation, and use Form 1116 to claim the foreign tax credit for taxes you already paid in India to avoid double taxation. Further, to help you out, Savetaxs coordinates Schedule E on your US tax return with your Indian ITR  simultaneously. 

In the US, employee stock options (ESOPs/ ESOs) are typically taxed in two key ways, i.e., exercise and sale. In the exercise option, the stock is spread between the exercise price and the market value, and is stated as ordinary income on Form 1040. Second, when you sell the shares, capital gains are taxed as short-term or long-term capital gains depending on the holding period. In case you already paid taxes in India on the same ESOP, you can claim a foreign tax credit in the US under the India-US DTAA treaty. Further, at Savetaxs, our tax experts handle complete ESOP tax planning for our Pune-based NRI clients.

The Form 1116 FTC (Foreign Tax Credit) Estimator is a Savetaxs tool that helps you calculate the exact foreign tax credit you can claim on your US tax return for already paid taxes in India. The tool is especially valuable for Pune-based NRIs with multiple Indian income sources- rental income, salary, capital gains, and FD interest each attracting Indian tax that can offset US tax obligations. The estimator prevents Pune-based NRIs from overpaying taxes in the US by ensuring available tax credits are calculated correctly before tax filing. 

Yes, if eligible. The Foreign Earned Income Exclusion (Form 2555) allows US citizens living in Pune to exclude up to $132,900 (2026) of Indian earned income from US federal tax. To claim the foreign earned income exclusion, you should qualify under either the Bona Fide Residence Test (established resident of India) or the Physical Presence Test (330+ days outside the USA in a 12-month period). This exclusion applies to self-employment and salary income, not to investment gains or rental income. Savetaxs helps NRIs in determining their eligibility and maximizes this exclusion.