- Smoothly plan your return without any tax surprise
- Helps in avoiding complications of dual residency
- Helps in legally restructuring your assets pre-move
- 24*7 assistance to our customers worldwide
Whether it is about tax implications or converting your foreign bank account to India, this is how you can take our services:
Visit our site, connect with our team, and tell us your return plans and your present financial position.
Our experts will review your Indian and foreign country holdings and provide you with the best adjustments.
We will provide an overview of covering exit tax, Indian regulations, and post-move compliance in the foreign country.
Our team will help you with document formatting, account consolidation, and onboarding.
From tax planning to filing the ITR and managing investments, Savetaxs is a one-stop solution for NRI returning to India.
Hear from our clients their views on our tax & compliance services for NRIs moving back to India.
Browse through our latest blogs and stay updated with the NRI taxation and compliance rules in India. Explore Blogs
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Read MoreA complete guide to Section 115F of the Income Tax Act – learn about NRI capital gains tax exemption.
Read MoreClear and Concise Answers to the Most Frequently Asked Questions for Better Understanding and Guidance
If you are a U.S. citizen, then yes, even after moving back to India, you need to pay U.S. taxes. However, if you are a green cardholder, to stop the U.S. tax regulations, you may need to surrender your green card status to the US tax officials.
Yes, you can keep your 401(k) after moving back to India. However, on your withdrawals, US tax implications may apply. You can avoid so by rolling over or moving your current 401(k) into the plan of the new employer. Also, you can opt for an IRA for moving your funds from a 401(k) to a new place.
An exit tax is imposed on individuals or businesses who renounce their citizenship in a country. It is imposed to prevent taxpayers from avoiding the implied tax by leaving the citizenship before a taxable event happens. An exit tax is generally levied on unrealized gains of individuals and businesses.
If you return in the mid-financial year (August), you are considered resident but not ordinarily resident (RNOR) of India till the start of the next financial year in India. It is an ideal selection to get tax-efficient options.
Yes, if you sell your U.S. stocks after relocating to India as an RNOR, then on the sale, you do not need to pay any tax. It particularly stays tax-free if the amount remains in your U.S. accounts.
The key items that you need to finalize before moving back to India are to clarify your customs allowances (for instance, INR 5,00,000 for electronics), set up mail forwarding, and, for tax purposes, wisely time your residency changes.
Once you arrive in India, apply for an Aadhaar and a PAN card. Additionally, to get investment options, remittances, and tax filings, open an NRE or NRO bank account.
Safe investment moves when returning to India are utilizing tax exemptions like Section 54F of the Income Tax Act, for Indian markets, reallocate your U.S. portfolio, and reinvest into tax-efficient instruments.
To connect with others who have moved back, join online groups and communities like Nextdoor or Facebook groups to find local connections. In addition, you can also use social media platforms to find people with common interests and meet them personally.