While filing tax return in USA, the income earned in India, which months to be considered? After December will the gains earned in India be considered for next FY income? Means from December to March gains will be for next FY and to be mentioned in USA return? If there are investments in mutual funds in India, then what's the limit of amount above which amount should be mentioned in USA tax return filing?
Also, if a person is a joint holder( US resident)others are residents of India,mode of holding being any one or survivor in multiple mutual funds and first holder( US resident) in few where other holders are Indian residents whose mode of holding is any one or survivor, then can I mention only those investment amounts where I am a first holder in the return filed in USA?
As the mode of holding is any one or survivor ,then if all the gains are considered for Indian residents in India while filing tax, then also is it must to mention this holding in USA tax return?
Also how much amount in Indian currency can be considered as tax free gift for a USA resident?