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US inheritance tax on Indian assets

The US levies an inheritance tax or estate tax at the time of inheritance. However, such tax is leviable only if the transferor is a citizen, resident or a green card holder of the US. In a situation where the US citizen inherits property from a person who is not a US citizen, resident or a green card holder and also the property is not located in the US, it will not levy taxes on such inheritance.

Given the above, as a US resident, say if your son/daughter receives a portion of your assets and investments situated in India from you, and you being an Indian resident, the US would not have any right to levy taxes on such inheritance. 

However, do note that if your son/daughter receives any income out of such property located in India, they would have to pay taxes on it in the US. Also, note that such income can be taxed in India too. Further, they could take benefit of the provisions of the India-US Double Taxation Avoidance Agreement (DTAA) to avoid paying tax on the same income twice.
Atul Mishra CFPCM, CWM, MFP, CII(Award), DipCISI
SEBI Registered Investment Adviser
(Registration No. INA000004245)
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This document represents the views of Amigos Finserv and must not be taken as the basis for an investment decision. We shall be not be liable for any damages including lost revenue or lost profits that may arise from the use of the information contained herein. No representation or warranty is made as to the accuracy, completeness or fairness of the information and opinions contained herein. The material is prepared for general communication and should not be treated as research report. The data used in this material is/maybe obtained by Amigos Finserv from the external sources which it considers reliable. While utmost care has been exercised while preparing this document, we do not warrant the completeness or accuracy of the information and disclaims all liabilities, losses and damages arising out of the use of this information. Investors are requested to consult their financial, tax and other advisors before taking any investment decision(s). Amigos Finserv reserves the right to make modifications and alterations to this statement as may be required from time to time.
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