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Question 1: Mr. and Mrs. Gupta are both Indian Citizens (both 45 years old) who were working with
multinational companies in the United States of America for the last 20 years. They have
given up their jobs and have returned to India to pursue their own venture in India funded
by a Venture fund based in the Silicon Valley.
They had a house in the USA which they have given out on rent. They have substantial
investments in their retirement investment accounts that are made on a tax-deferred basis
meaning that investments were made from pre-tax income and the contribution and the
income accrued on it is taxed at the time of withdrawal.
Both have taken substantial life insurance policies, on their own, in the USA which will payout the sum insured of USD 1
million each if any of them die in the next 15 years. Their employer paid for a health
Insurance policy in the USA that continues to be valid till the end of the year but will cease
thereafter unless they choose to renew it on their own.
They have certain questions regarding their re-location and seek your opinion. After they become residents in India as per Indian tax laws they will have to pay tax in India on their rental Income from the US property. Is this statement true?
Question 2: The income accrued on the deferred tax retirement account will be taxed only in the year when such money is withdrawn. Which of the following statements is true?
Question 3: Both of them will need to buy Life Insurance policies in India for covering the risk of
death. Which of the following is true?
Question 4: Their health Insurance policies cover hospitalization expenses across the world, including India. They can renew the policy on their own at the end of the year. Which
of the following is true?
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