He plans to give back it to you. So, receiver need to mention this amount as borrowed in accounts and income tax return. And he need to declare this to bank, if bank needs FEMA declaration, before fund credit.
When he give back to you, he need to mention the source of fund to repay that. That would be taxable.
I don't know US part.
As a tax resident of the US, you are required to report all interest income earned in India, whether from NRE or NRO accounts or from standard bank accounts that you, as a NonResident Indian (NRI), are still holding in India despite Indian laws prohibiting you from doing so, all dividend and capital gains distributions from mutual funds, all capital gains ...
You have to compute your self.
Pension, EPF and Gratuity are not directly payable.
So roughly your salary would be 39,000. There would be your contribution to EPF of Rs 1800 and rs 200 as professional taxes. I.e Rs 37,000.
At this salary there is no income tax applicable. So your take home should be around Rs 37,000
The limit imposed by the Liberalized Remittance Scheme is not an absolute limit on the amount you can transfer. Rather, you can transfer up to a certain amount each financial year (currently $250,000 according to https://m.rbi.org.in/Scripts/FAQView.aspx?Id=115).
Since this limit is tied to a financial year, the straightforward answer is to spread the ...
With my experience in ULIP, it gives you the benefit of 80C tax saving plus insurance benefit. Apart from this, it gives you a nominal return in 5 years at least more than FD.
I would suggest stay invested if you can or atleast for 5 years to break even. If you check the surrender value today, it will be very low in comparison to your invested amount.
The implications are for individuals to decide.
There is a new tax regime, voluntary with reduction in tax rates. However one has to forgo exemptions.
Where this would be beneficial depends upon the exemptions claimed. One can continue the old tax regime with existing rates or switch to new without exemptions at lower tax rates.
It is legal to invest outside India. Read the limits under liberalized remittance scheme.
Investing via friend would complicate taxes both for you and your friend.
If you are resident Indian now, change the status of NRE account. If you want to hold the balance in different currency, you can transfer the amount into RFC, resident foreign currency account.