We are husband and wife, now retiring in Jan 2019 and getting the PR Card for US. We have our investments in Indian Mutual Funds and Fixed Deposits in Indian Bank. When we shift to US, what are the situation with the following points:
- Do we have to declare our wealth which in Indian Funds and Banks?
- If yes, when? Our application has been approved and waiting for the final interview and medical after which we will be travelling to US in January 2019.
- What is the tax liability? Some of our investments attract Indian tax and some are exempt from Tax.
- What are the federal and state tax rates - we would be planning to be in Pennsylvania state.
Would be grateful to get your response soon.