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Tax Law (Questions About Taxes)/Tax treaty - different taxation periods in same year


Thank you for taking my question!

I am a returning US citizen having spent some years in India. I  earn capital gain and interest income from my investments in India, they are reported in my returns filed in India.

Given the tax year of April-March in India and Jan-Dec in the US, how will I account the income earned and tax remitted in India in my 1040 tax return?.

Hi Ryan, you will want to refer to your monthly financial statements of interest income earned and capital sales in order to report on a calendar year. The U.S. return is calendar year-based vs. fiscal year in India, thus you will need to refer to statements and other records in order to compile information accordingly (vs. gathering the information directly from the India return).

Best regards,

Tax Law (Questions About Taxes)

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Randall Brody, EA, MBA, CCP


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