I am an NRI who is a tax resident of USA. I use TurboTax to file my taxes. Irrespective of the filing software, can someone help me understand my tax liability as well as reporting for MF redemption?
I have questions like:
- How do I report this in TurboTax?
- How do I segregate between short term and long term tax?
- How do I report the tax I already paid in India and get credit for it?
- India has a different concept of short and long term taxes for NRIs. Are they applicable to me or do I still pay tax based on US laws?
Any help would be appreciated.