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Hi all,
My wife is Pregnant and currently we are in USA.We are finding it difficult whether to give birth to child in USA or India.
I will be returning to India after 3-4 Years.
1) I have read on multiple websites that US born person is considered as US citizen and he has to pay taxes on his all global assets and savings accounts.Is it like if i transfer some amount into my child account he has to pay tax to US government??
Is he require to pay tax return right from his childhood.
2)How soon he can renounce US citizenship after moving to India.And what are the expense associated with it, If he renounce US citizenship and opt Indian citizenship.Need to know charges which has to be payed to Indian as well as US government.
Say if i have a LIC policy for my child which gives him 20 Lacks at age of 18,Is US goverment willing to take income tax even from that money.
3) Further if my child decides opt for US citizenship and for a example if he earns 15 Lacks per annum what tax he has to pay for US government.
4) Is it possible for him to renounce US citizenship at age of 30 ( for example)
I would appreciate your replies.Please help me out
My wife is Pregnant and currently we are in USA.We are finding it difficult whether to give birth to child in USA or India.
I will be returning to India after 3-4 Years.
1) I have read on multiple websites that US born person is considered as US citizen and he has to pay taxes on his all global assets and savings accounts.Is it like if i transfer some amount into my child account he has to pay tax to US government??
Is he require to pay tax return right from his childhood.
2)How soon he can renounce US citizenship after moving to India.And what are the expense associated with it, If he renounce US citizenship and opt Indian citizenship.Need to know charges which has to be payed to Indian as well as US government.
Say if i have a LIC policy for my child which gives him 20 Lacks at age of 18,Is US goverment willing to take income tax even from that money.
3) Further if my child decides opt for US citizenship and for a example if he earns 15 Lacks per annum what tax he has to pay for US government.
4) Is it possible for him to renounce US citizenship at age of 30 ( for example)
I would appreciate your replies.Please help me out
