Ask Experts Questions for FREE Help !
Ask
    taxhelp07's Avatar
    taxhelp07 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 4, 2010, 10:21 PM
    ESOP income india US
    Hi

    In 2009, I exercised options granted by my US-based company. Per the Substantial Presence test, I qualify as a US-resident (returned to India after 2 years in Q3-2009).
    I exercised my options both while I was in the US and after returning to India. In all transactions, taxes were withheld both in the US and India (in all cases, approx 1/3 was US tax, 1/3 was India tax, and I received the remaining 1/3). I will file my US taxes (including the 1116 Foreign Tax Credit form) in Feb. What Tax credit can be claimed in my US tax returns for 2009?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jan 5, 2010, 10:03 AM
    You should claim the taxes paid to India on the options.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Tax return in India for US income [ 1 Answers ]

Hi, I came here in USA on Dec 1st '08 on L1 visa, now I need to file my return in India for financial year 09-10,My doubt is is my US income is taxable in India ? Do I need to pay tax for Income from Dec' 08 to Mar' 09 in India as well ? I have paid my taxes here in US and filed my returns too.

J2 visa from India no income [ 4 Answers ]

Hi, I came to the US on a J1 visa from India in 2008 and shortly thereafter my wife joined me on a J2. But, she does not have a job. Does she still need to file her returns?? If yes, which form do I use - 1040NR/1040NR-EZ?? For tax purposes, will she be considered as a dependent?? ...

Income in india but married to us citizen [ 2 Answers ]

I am a US citizen and work in the US. My wife just received her green card in January 2009. She works for IndiaAir and lived mostly in India for 2008. Can I file MFJ and not claim her income in 2008 since she didn't have a green card?

US-India income tax treaty [ 3 Answers ]

I am postdoc working in US federal government lab (will work atmost 2 year only), Am I eligible for tax exemption by Us-India income tax treaty.

View more questions Search