I appreciate you for the most important subjects you choose to discuss and to ask the astute questions for threadbare answers from the experts. Kudos to your customer orientation.
Bro, do we have people here having more than $6M ($12M per husband and wife) ! Plus, there is a step up in basis in USA that is not available in India. If you take that into account, Indian tax is much more than US Estate Tax. On top of that, parents can give each child $34k every year and that doesn't count towards estate tax exemption. Once you are an US Citizen, if you want to give up citizenship, you have an exemption of $2M, and beyond that, you have to pay taxes to give up US citizenship. No easy way out. So, in what way giving up US citizenship makes sense financially?
No, one absolutely no one would want to renounce US citizenship, I have family their, they would like to use their OCI status and make the most of India,even shift but never ever would give up citizenship. Give properties there on rent , keep some place to live there and live in India,
Very true…Indian people and policies are of chameleon, you never know when they change tomorrow, the other thing is that as US citizen you have to pay taxes regardless, even if you live in India for years without leaving….also for the purpose of not paying taxation,US has rejected renouncing A S citizenship to Israel based us citizens
If a US Citizen also has an OCI and has moved to India to live there for good😂, then because of the OCI he/she should have almost all the benefits as an Indian citizen would have had.
Can you please clear my doubts that my assets value (in India) are less than US $ 12 million, in that case do I need to pay any tax when my children get the asset transferred to them?
Give up and later regret. you won't get it again. Take the US citizenship and continue to live in USA irrespective of your financial status. You can have the best use of OCI and the US Pp both during and post retirement. After all profit and loss account is zero finally.
Thanks for this valuable information! I am currently Green card & will be eligible for US citizenship in next 2 years. My Plan is to settle in India for good eventually . After seeing this video not sure if I should opt for US citizenship or not?
Now I understand why gujju grocery shop owner across the street is living on green card and not willing to take USA citizenship. Maybe his son does not want to pay 40 % estate tax when he gets his fathers wealth. This video is intense. Needs 2 rounds of viewing. But its so informative. Collecting social security from USA govt after giving up USA passports and living in India seems so unethical.
@@meshweta You do not pay taxes to USA government. You do not help their economy by being a worker there. You enjoy the rupee depreciation and convert to rupees helping yourself to have lot more purchasing power pricing out local Indians who stayed back in their home country not because they were not talented enough but had circumstances like taking care of parents etc.
@@anilprasanna you are wrong. Everyone employed in US pays tax when they work here. They only get benefit after 10 years of paying taxes and the retirement is only proportional to the contribution. Please check facts before making blanket statements like that. Us social security website is a good reference for you.
@@meshweta With due respect, you pay taxes when 1 dollar is 80 rupees and encash social security when exchange rate is 150 rupees. This social security was not designed for you to be an opportunist and retire in home countries. You do not do any favor to the locals back in India as well when you flaunt your social security check considering most Indians do not have any government social security. Please check my statement. I said its unethical. I know its not illegal. Sorry to be brutally honest. Do not be a kutta naa ghar kaa naa ghat kaa..I know exactly why you people flee back to India when its time to retire. Their social security check amount is not going to be enough for you to pay bills there. And you like to have maids, drivers for cheap salaries in India.
Very good topic and informative. Need to re watch this video a couple of times to absorb all the information
I appreciate you for the most important subjects you choose to discuss and to ask the astute questions for threadbare answers from the experts. Kudos to your customer orientation.
Bro, do we have people here having more than $6M ($12M per husband and wife) !
Plus, there is a step up in basis in USA that is not available in India. If you take that into account, Indian tax is much more than US Estate Tax.
On top of that, parents can give each child $34k every year and that doesn't count towards estate tax exemption.
Once you are an US Citizen, if you want to give up citizenship, you have an exemption of $2M, and beyond that, you have to pay taxes to give up US citizenship. No easy way out.
So, in what way giving up US citizenship makes sense financially?
No, one absolutely no one would want to renounce US citizenship, I have family their, they would like to use their OCI status and make the most of India,even shift but never ever would give up citizenship. Give properties there on rent , keep some place to live there and live in India,
Very true…Indian people and policies are of chameleon, you never know when they change tomorrow, the other thing is that as US citizen you have to pay taxes regardless, even if you live in India for years without leaving….also for the purpose of not paying taxation,US has rejected renouncing A S citizenship to Israel based us citizens
Invaluable advise. Eye opener.
If a US Citizen also has an OCI and has moved to India to live there for good😂, then because of the OCI he/she should have almost all the benefits as an Indian citizen would have had.
There is one life to live why to make it so complicated by this and that calculations.
Can you please clear my doubts that my assets value (in India) are less than US $ 12 million, in that case do I need to pay any tax when my children get the asset transferred to them?
No taxes as per current thresholds. But remember your assets will grow in value and therefore this should be a forward looking exercise
How to become Indian citizen after renouncing US citizenship. Are there any conditions to get back the Indian citizen ship. Or anyone will get it.
As a non us person what is the us inheritance tax limits for assets held in USA?
Is it better to have OCI card
thank you so much for the details and information on this topic 🙏🙏🙏
Very good advice.
Very imp topic, thanks for taking up
Very informative and thank you for the wonderful video. I am considering giving up my US citizenship
Give up and later regret. you won't get it again. Take the US citizenship and continue to live in USA irrespective of your financial status. You can have the best use of OCI and the US Pp both during and post retirement. After all profit and loss account is zero finally.
Thanks for this valuable information!
I am currently Green card & will be eligible for US citizenship in next 2 years. My Plan is to settle in India for good eventually . After seeing this video not sure if I should opt for US citizenship or not?
Yes, of you have sone the mistake of taking it in first place 😅
Quite good
Now I understand why gujju grocery shop owner across the street is living on green card and not willing to take USA citizenship. Maybe his son does not want to pay 40 % estate tax when he gets his fathers wealth. This video is intense. Needs 2 rounds of viewing. But its so informative. Collecting social security from USA govt after giving up USA passports and living in India seems so unethical.
It may look that way for sure. But many have paid a lot as Social Security tax during their work days and may feel entitled to receive some back.
Unethical? How?
@@meshweta You do not pay taxes to USA government. You do not help their economy by being a worker there. You enjoy the rupee depreciation and convert to rupees helping yourself to have lot more purchasing power pricing out local Indians who stayed back in their home country not because they were not talented enough but had circumstances like taking care of parents etc.
@@anilprasanna you are wrong. Everyone employed in US pays tax when they work here. They only get benefit after 10 years of paying taxes and the retirement is only proportional to the contribution. Please check facts before making blanket statements like that. Us social security website is a good reference for you.
@@meshweta With due respect, you pay taxes when 1 dollar is 80 rupees and encash social security when exchange rate is 150 rupees. This social security was not designed for you to be an opportunist and retire in home countries. You do not do any favor to the locals back in India as well when you flaunt your social security check considering most Indians do not have any government social security. Please check my statement. I said its unethical. I know its not illegal. Sorry to be brutally honest. Do not be a kutta naa ghar kaa naa ghat kaa..I know exactly why you people flee back to India when its time to retire. Their social security check amount is not going to be enough for you to pay bills there. And you like to have maids, drivers for cheap salaries in India.
Very good information. 👏👏🙏🙏
Offer second citizenship to NRI Bhartiya sanatani hindu for the security of our next-generation and nation too.
Cancel OCI of all except bhartiya sanatani hindu to make Hindustan a Hindu nation for the security of our next-generation and nation too.
India too taxes on worldwide income - just like USA
Good information
Very nice video i will contact you for further guidance