1) As a H1b holder, if I have rental income in India and need help with the following:
a) Indian tax law exempts first INR 250,000 and Indian tax law allows 30% deductions on rental income.
b) When filing tax in USA, use tax credit in India and pay the difference in US if owe.
c) For example, the rental income is 600,000 INR , deductible is 30%, so the net income is 420,000. So the effective tax rate is 5% of (420,000 less 250,000) = 85,000, If US tax comes around 120,000 INR eq. I need to pay only 120,000 - 85,000 = 35,000 INR eq.
2) As H1b holder, when I buy and sell investment houses in USA, do I need to pay foreign taxes according to https://www.irs.gov/individuals/international-taxpayers/firpta-withholding or just pay taxes in the regulat tax brackets.