How is the premium payment of ₹5,00,000 for an endowment plan in India, made through an NRO account by a US-based NRI, treated for tax purposes in the US?
1 Replies
Rama chary Rachakonda
(Master in Accounts & high court Advocate)
(8545 Points)
Replied 24 December 2024
However, this would not apply to the premium payments themselves.
You would need to report this income on your US tax return (Form 1040) and pay taxes accordingly.
Your NRO account would likely be reportable on the FBAR.
However, the treaty does not exempt premium payments for an endowment plan from US taxation.
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