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    Arindam_datta's Avatar
    Arindam_datta Posts: 1, Reputation: 1
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    #1

    May 19, 2008, 06:53 AM
    Tax Rebates for NRIs
    Kind Attn

    I have an urgent query regarding USA Income Tax Law.

    My uncle is staying in USA from India since long back, he is interested to invest in Indian investment companies as NRI status. Where as all the communications will be done from USA itself. Will he be elligable for tax rebates under USA income tax law, on the investment amount in India??

    Please reply in details.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    May 19, 2008, 10:18 AM
    If your uncle is U.S. citizen or resident, he must report his world wide income. So he must report the income from investment in India. If he pays any taxes in India, then he will claim foreign tax credit by filing form 1116.
    Read: Your U.S. Tax Return: U.S. Citizen or Resident with Foreign Income
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