Tax Lawyer Jacksonville Assisting NRIs and OCIs with Global Income, Offshore Disclosures, and Compliance

For Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs) living in the United States, managing financial obligations across two tax jurisdictions India and the U.S. requires more than just awareness. From global income to offshore disclosures and compliance, expert guidance is crucial. A tax lawyer Jacksonville provides clarity, safeguards against non-compliance, and ensures seamless navigation of cross-border taxation laws.

Why You Need a Tax Lawyer Jacksonville to Handle Global Taxation

Understanding dual tax systems and avoiding double taxation can be daunting. For HNIs and international professionals, a tax lawyer Jacksonville provides customised support on:

Indian and U.S. tax residency determination
Reporting offshore income and foreign assets
Compliance with FATCA, FBAR, and India’s Black Money Act
Leveraging the India-USA DTAA
Managing capital gains, real estate sales, and NRE/NRO account taxation

1. Global Taxation Challenges for NRIs and OCIs

In India, your tax obligations depend on your residential status under Section 6 of the Income Tax Act, 1961. A stay of 120 to 181 days with Indian income exceeding ₹15 lakh may qualify you as Resident but Not Ordinarily Resident (RNOR). Your global income, then, may become taxable in India. Exceeding 182 days usually makes you a Resident and Ordinarily Resident (ROR), making all foreign income taxable.

In the U.S., under the Substantial Presence Test (SPT), you become a U.S. tax resident and must declare your global income to the IRS. This means income from Indian real estate, dividends, or interest even if tax-free in India may be taxable in the U.S.

For example, interest on NRE accounts is tax-free in India under Section 10(4)(ii) but is generally taxable in the U.S. Similarly, NRO interest is taxable in both jurisdictions. A skilled tax lawyer Jacksonville helps you comply with these nuances without overpaying or violating disclosure norms.

2. Offshore Disclosures and Cross-Border Compliance

India’s Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 enforces disclosure of foreign assets if you’re classified as ROR. From October 1, 2024, foreign movable assets (excluding real estate) worth under ₹20 lakh will no longer attract the ₹10 lakh penalty a relief for returning NRIs.

In the U.S., FATCA and FBAR mandate NRIs classified as U.S. tax residents to disclose all foreign bank accounts and holdings above specific thresholds. Failing to report such assets can result in significant fines.

Working with a tax lawyer Jacksonville ensures your filings whether Schedule FA in India or FBAR in the U.S. are accurate and timely.

3. Recent Legal Updates and Landmark Judgments

Union Budget 2025: Passive income such as dividends and capital gains are now taxable in India for RNORs.
Finance Act 2024: Revised long-term capital gains (LTCG) thresholds and the withdrawal of indexation benefits increase tax exposure for NRIs.
Mumbai ITAT (M Gulati case): Days spent abroad for job search are now included in determining NRI status.
ITAT 2025 ruling: Exemption of mutual fund gains for NRIs taxed under DTAA provisions.
India-UAE DTAA (2022): Investments made by NRIs are protected from unexplained income taxation under treaty interpretation.

These updates underscore the importance of staying informed. A tax lawyer Jacksonville helps you adapt to these changes and align your financial strategies accordingly.

4. Double Taxation Avoidance Agreements (DTAA): Strategic Relief for NRIs

The India-USA DTAA allows NRIs to avoid paying tax twice on the same income. Using methods like exemption and foreign tax credit, you can optimise your tax liability. Filing Schedule TR, Schedule FSI, Form 67, and Schedule FA is essential to claim treaty benefits.

A tax lawyer Jacksonville will help you understand the treaty articles, ensure you file the correct forms, and use tax credits to your advantage especially when dealing with capital gains, property income, or business earnings.

FAQs: Highly Searched Questions by NRIs and OCIs

1. I’m an NRI with rental income from a property in India. Do I need to pay tax in both India and the USA?

Yes. You must report it in both countries. In India, it’s taxed under “Income from House Property” with deductions. In the U.S., you must report it as part of your global income. However, you can claim a foreign tax credit under the India-USA DTAA.

2. Is the interest on my NRE account taxable in the U.S.?

Yes. While exempt in India under Section 10(4)(ii), NRE interest is considered offshore income and taxable in the U.S. if you qualify as a tax resident under IRS rules.

3. I missed reporting foreign accounts. What are my options?

The IRS Streamlined Foreign Offshore Procedures (SFOP) can help you rectify this without heavy penalties. In India, consult a tax lawyer Jacksonville to understand voluntary compliance and reduce exposure under the Black Money Act.

4. I’m returning to India. What disclosures are mandatory?

As an ROR, you must disclose foreign assets in Schedule FA, regardless of when they were acquired. Assets worth less than ₹20 lakh (excluding property) are exempt from penalty post October 1, 2024.

5. How do DTAA rules apply to capital gains from selling Indian shares?

Gains from Indian shares are generally taxed in India. But under DTAA, you may claim tax credits in the U.S. if the gains are taxed in India, preventing double taxation.

Why LawCrust’s Tax Lawyer Jacksonville Services Are Essential for NRIs

A tax lawyer Jacksonville from LawCrust helps:

Accurately determine your tax residency
Navigate FATCA, FBAR, and Schedule FA disclosures
Plan for real estate, investments, and offshore income
Structure inheritances and estate plans across jurisdictions
Customise tax strategies using DTAA to reduce liabilities
Represent you during audits or disputes with the IRS or Indian authorities

HNIs and professionals dealing with NRI tax assistance need clear, compliant, and customised solutions. LawCrust delivers exactly that.

Conclusion:

For NRIs and OCIs, managing global income, offshore disclosures, and tax compliance requires expert legal support. A dedicated tax lawyer Jacksonville ensures full compliance with U.S. and Indian tax laws while protecting your global assets. Trust LawCrust to guide you with cross-border expertise customised for the global Indian community.

Contact LawCrust: Your Global Legal Partner

LawCrust Legal Consulting, a subsidiary of LawCrust Global Consulting Ltd., is a trusted legal partner for NRIs and Indians across the globe. Backed by a team of over 70 expert lawyers and more than 25 empanelled law firms, we offer a wide range of legal services both in India and internationally. Our expertise spans across legal finance, litigation management, matrimonial disputes, property matters, estate planning, heirship certificates, RERA, and builder-related legal issues.

In addition to personal legal matters, LawCrust also provides expert support in complex corporate areas such as foreign direct investment (FDI), foreign institutional investment (FII), mergers & acquisitions, and fundraising. We also assist clients with OCI and immigration matters, startup solutions, and hybrid consulting solutions. Consistently ranked among the top legal consulting firms in India, LawCrust proudly delivers customised legal solutions across the UK, USA, Canada, Europe, Australia, APAC, and EMEA, offering culturally informed and cross-border expertise to meet the unique needs of the global Indian community.

Expert Tax Lawyer Jacksonville for NRIs & OCIs Navigating Global Income and Foreign Tax Laws