Tax + Estate Planning

Nri Parent Us Form 8938 Fatca Section 6038d 1298(f) Specified...

Complete 2026 guide for NRI / OCI senior 60+ parent US person filing Form 8938 (Statement of Specified Foreign Financial Assets) per Foreign Account Tax Compliance...

Updated 30 Jun 2026|30 min read
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NRI parent senior 60+ US Form 8938 FATCA per Foreign Account Tax Compliance Act (FATCA) + Section 6038D Statement of specified foreign financial assets + Section 1298(f) reporting requirement + Section 6038D(a) form requirement + Section 6038D(b) definitions + Section 6038D(c) thresholds (single / MFS USD 50K end-of-year + USD 75K any time during calendar year + MFJ USD 300K end-of-year + USD 600K any time during calendar year + certain specified individuals thresholds debated) + Section 6038D(d) USD 10,000 initial penalty + Section 6038D(d)(2) continued failure USD 10,000 per 30-day period up to USD 50,000 maximum + Section 6038D(c) reasonable cause exception + Section 1298(f)(2) specified foreign financial asset definitions (foreign stock + foreign bond + foreign mutual fund + foreign partnership interest + foreign LLC + foreign C-Corp + foreign S-Corp + foreign trust + foreign estate + foreign annuity + foreign REIT + foreign InvIT + foreign gold ETF + foreign silver ETF + foreign stock held through foreign financial account + foreign account held by foreign financial institution) + Section 1298(g) reporting requirement + Section 1298(h) regulations + Form 8938 attached to Form 1040 per Section 6038D(a) + Section 6662(j)(1) substantially understated income tax + Section 6662(j)(3) 40% accuracy penalty + Section 6662(j)(2) 5% correct tax threshold + Section 6501(c)(8)(A) 6-year statute of limitations on omission of foreign asset + Section 6501(c)(8)(B) USD 5,000 minimum foreign asset omission + Section 6662 20-40% accuracy + Section 6663 75% fraud + Section 6038D(d) + FEMA USD 1M / year LRS per FEMA 1999 + RBI Master Direction 2024 + FEMA compounding penalty up to 3x per FEMA 1999 Section 13 + Form 67 mandatory per CBDT Notification 3/2022 + Circular 11/2022 + 12/2022 stricter rules + Section 90(4) 8-year TRC retention + DTAA Article 25 + Form 10F per Rule 21AB + FBAR FinCEN 114 separate filing per 31 CFR 1010.350 + Estate Tax Treaty + Form 706 US estate tax + senior 60+ parent estate India 2026.

Critical: US Form 8938 FATCA + Section 6038D + Section 1298(f) specified foreign financial asset + Section 6662(j) 40% accuracy + Section 6501(c)(8) 6-year statute of limitations + FEMA USD 1M / year + senior 60+ parent estate India 2026

US Form 8938 (Statement of Specified Foreign Financial Assets) per Foreign Account Tax Compliance Act (FATCA) + Section 6038D Statement of specified foreign financial assets + Section 1298(f) reporting requirement + Section 6038D(a) form requirement + Section 6038D(b) definitions + Section 6038D(c) thresholds (single / MFS USD 50K end-of-year + USD 75K any time during calendar year + MFJ USD 300K end-of-year + USD 600K any time during calendar year + certain specified individuals thresholds debated) + Section 6038D(d) USD 10,000 initial penalty + Section 6038D(d)(2) continued failure USD 10,000 per 30-day period up to USD 50,000 maximum + Section 6038D(c) reasonable cause exception + Section 1298(f)(2) specified foreign financial asset definitions (foreign stock + foreign bond + foreign mutual fund + foreign partnership interest + foreign LLC + foreign C-Corp + foreign S-Corp + foreign trust + foreign estate + foreign annuity + foreign REIT + foreign InvIT + foreign gold ETF + foreign silver ETF) + Section 1298(g) reporting requirement + Section 1298(h) regulations + Form 8938 attached to Form 1040 per Section 6038D(a) + Section 6662(j)(1) substantially understated income tax + Section 6662(j)(3) 40% accuracy penalty + Section 6662(j)(2) 5% correct tax threshold + Section 6501(c)(8)(A) 6-year statute of limitations on omission of foreign asset + Section 6501(c)(8)(B) USD 5,000 minimum foreign asset omission + Section 6662 20-40% accuracy + Section 6663 75% fraud + FBAR FinCEN 114 separate filing per 31 CFR 1010.350 + FEMA USD 1M / year LRS per FEMA 1999 + RBI Master Direction 2024 + FEMA compounding penalty up to 3x per FEMA 1999 Section 13 + Form 67 mandatory per CBDT Notification 3/2022 + Circular 11/2022 + 12/2022 stricter rules + Section 90(4) 8-year TRC retention + DTAA Article 25 + Form 10F per Rule 21AB + Estate Tax Treaty + Form 706 US estate tax + senior 60+ parent estate India 2026.

NRI parent US Form 8938 FATCA + Section 6038D + Section 1298(f) specified foreign financial asset + Section 6662(j) 40% accuracy + Section 6501(c)(8) 6-year statute of limitations + FEMA USD 1M / year + senior 60+ parent estate India 2026

NRI parent senior 60+ US Form 8938 FATCA + Section 6038D + Section 1298(f) specified foreign financial asset + Section 6662(j) 40% accuracy + Section 6501(c)(8) 6-year statute of limitations + FEMA USD 1M / year + senior 60+ parent estate India 2026.

US Form 8938 FATCA + Section 6038D + Section 1298(f) specified foreign financial asset for NRI / OCI senior 60+ parent US person — Section 6662(j) 40% accuracy + Section 6501(c)(8) 6-year statute of limitations + FEMA USD 1M / year

US Form 8938 (Statement of Specified Foreign Financial Assets) per Foreign Account Tax Compliance Act (FATCA) + Section 6038D Statement of specified foreign financial assets + Section 1298(f) reporting requirement + Section 6038D(a) form requirement (form attached to Form 1040 per Section 6038D(a) plain text) + Section 6038D(b) definitions + Section 6038D(c) thresholds + Section 6038D(d) USD 10,000 initial penalty + Section 6038D(d)(2) continued failure USD 10,000 per 30-day period up to USD 50,000 maximum per Section 6038D(d)(2) plain text. Section 6038D(c) thresholds per Section 6038D(c)(1) plain text — single / MFS USD 50K end-of-year + USD 75K any time during calendar year per Section 6038D(c)(1)(A) + MFJ USD 300K end-of-year + USD 600K any time during calendar year per Section 6038D(c)(1)(B) + certain specified individuals thresholds debated (different threshold for certain specified individuals per Section 6038D(c)(1)(C) plain text) for NRI / OCI senior 60+ parent US person. Section 6038D(c) reasonable cause exception per Section 6038D(c) plain text — reasonable cause + good faith per Section 6038D(c) — NRI / OCI senior 60+ parent US person should claim reasonable cause per Section 6038D(c) if unable to file Form 8938 FATCA on time.

Section 1298(f) reporting requirement + Section 1298(f)(1) plain text + Section 1298(f)(2) specified foreign financial asset definitions — foreign stock + foreign bond + foreign mutual fund + foreign partnership interest + foreign LLC + foreign C-Corp + foreign S-Corp + foreign trust + foreign estate + foreign annuity + foreign REIT + foreign InvIT + foreign gold ETF + foreign silver ETF + foreign stock held through foreign financial account + foreign account held by foreign financial institution per Section 1298(f)(2) plain text. Section 1298(g) reporting requirement per Section 1298(g) plain text. Section 1298(h) regulations per Section 1298(h) plain text. Form 8938 attached to Form 1040 per Section 6038D(a) plain text — NRI / OCI senior 60+ parent US person Form 8938 attached to Form 1040 + Schedule B + Schedule D + Form 8949 + Form 8938 Part I (summary) + Part II (general information) + Part III (detailed information for each specified foreign financial asset) + Part IV (exceptions from reporting) + Part V (summary of tax items) per IRS Form 8938 instructions. NRI / OCI senior 60+ parent US person Indian demat account + Indian mutual fund + Indian PPF + Indian EPF + Indian NPS + Indian SGB + Indian LIC + Indian PMS + Indian AIF + Indian REIT + Indian InvIT — debated whether 'foreign financial asset' per Section 1298(f)(2) for Form 8938 FATCA reporting (Indian assets typically NOT 'specified foreign financial asset' if held through Indian financial institution not deemed 'foreign financial institution' per FATCA IGA Model 1; consult US tax advisor).

Section 6662(j)(1) substantially understated income tax per Section 6662(j)(1) plain text + Section 6662(j)(3) 40% accuracy penalty per Section 6662(j)(3) plain text + Section 6662(j)(2) 5% correct tax threshold per Section 6662(j)(2) plain text. NRI / OCI senior 60+ parent US person undisclosed specified foreign financial asset — Section 6662(j) 40% accuracy penalty per Section 6662(j)(3) in addition to Form 8938 USD 10,000 penalty per Section 6038D(d)(1) + continued failure USD 10,000 per 30-day period per Section 6038D(d)(2) up to USD 50,000 maximum per Section 6038D(d)(2) plain text. Section 6501(c)(8)(A) 6-year statute of limitations on omission of foreign asset per Section 6501(c)(8)(A) plain text + Section 6501(c)(8)(B) USD 5,000 minimum foreign asset omission per Section 6501(c)(8)(B) plain text + Section 6501(o) substantial understatement per Section 6501(o) plain text. NRI / OCI senior 60+ parent US person omission of foreign asset > USD 5,000 — 6-year statute of limitations extension per Section 6501(c)(8)(A) + 40% accuracy penalty per Section 6662(j)(3). NRI / OCI senior 60+ parent US person should disclose specified foreign financial asset per Section 6038D + Section 1298(f) + Form 8938 FATCA + Form 8938 attached to Form 1040 to avoid Section 6662(j) 40% accuracy penalty + Section 6501(c)(8) 6-year statute of limitations extension + Section 6038D(d) USD 10,000 penalty.

FBAR FinCEN 114 separate filing per 31 CFR 1010.350 + Form 8938 FATCA per Section 6038D + separate filings per Section 6038D(a) + 31 CFR 1010.350(a) plain text — NRI / OCI senior 60+ parent US person must file BOTH FinCEN Form 114 FBAR + Form 8938 FATCA — they are separate filings per Section 6038D + 31 CFR 1010.350 + FinCEN guidance. Form 8938 has higher thresholds than FBAR (Form 8938 single / MFS USD 50K end-of-year + MFJ USD 300K end-of-year per Section 6038D(c) vs FBAR USD 10,000 aggregate at any time during calendar year per 31 CFR 1010.350(c)(1)). Form 8938 covers foreign financial assets (stock + bond + partnership interest + foreign mutual fund + foreign annuity) while FBAR covers foreign accounts (bank + securities + brokerage + mutual fund + insurance with cash value + other per 31 CFR 1010.350 plain text). NRI / OCI senior 60+ parent US person must file BOTH FinCEN Form 114 FBAR + Form 8938 FATCA — separate filings per Section 6038D + 31 CFR 1010.350 + FinCEN guidance.

Tax classification of NRI parent US Form 8938 FATCA + Section 6038D + Section 1298(f) + Section 6662(j) 40% + Section 6501(c)(8) 6-year statute of limitations + FEMA USD 1M / year + senior 60+ parent estate India 2026

Tax classification of NRI parent US Form 8938 FATCA + Section 6038D + Section 1298(f) + Section 6662(j) 40% + Section 6501(c)(8) 6-year statute of limitations + FEMA USD 1M / year + senior 60+ parent estate India 2026.

US Form 8938 FATCA + Section 6038D + Section 1298(f) specified foreign financial asset — 10 steps for NRI / OCI senior 60+ parent US person

Step 1

Step 1 — Confirm US person status + determine if Form 8938 FATCA required per Section 6038D for NRI / OCI senior 60+ parent US person

Confirm US person status per Section 6038D(c)(1) plain text + Section 7701(a)(30) US citizen + US resident alien + Section 7701(b)(3) substantial presence test + Section 6012 filing requirement. NRI / OCI senior 60+ parent US person (US citizen + green card holder + US tax resident per substantial presence test per Section 7701(b)(3)) — must file Form 8938 FATCA if specified foreign financial asset per Section 1298(f)(2) aggregate value exceeds Section 6038D(c) thresholds per Section 6038D(c)(1). NRI / OCI senior 60+ parent OCI cardholder deemed NRI for FEMA purposes per FEMA Notification FEMA 5(R)/2017 + RBI AP DIR Circular 04/2018 — but US person for Form 8938 FATCA purposes per Section 6038D(c)(1) + Section 7701(a)(30) plain text. Indian citizen resident in India per FEMA 1999 Section 2(v) — NOT US person for Form 8938 FATCA purposes per Section 6038D(c)(1) + Section 7701(a)(30) (typically NOT required to file Form 8938 FATCA; consult US tax advisor). NRI / OCI senior 60+ parent US person Indian demat account + Indian bank account + Indian mutual fund folio + Indian PPF + Indian EPF + Indian NPS Tier-1 + Indian SCSS + Indian POMIS + Indian SGB + Indian LIC + Indian PMS + Indian AIF + Indian REIT + Indian InvIT — debated whether 'specified foreign financial asset' per Section 1298(f)(2) (typically NOT if held through Indian financial institution not 'foreign financial institution' per FATCA IGA Model 1; consult US tax advisor).

Step 2

Step 2 — Identify specified foreign financial asset per Section 1298(f)(2) + aggregate maximum value for NRI / OCI senior 60+ parent US person

Identify specified foreign financial asset per Section 1298(f)(2) plain text + Section 1298(f)(2)(A) + 1298(f)(2)(B) for NRI / OCI senior 60+ parent US person — foreign stock (Section 1298(f)(2)(A)) + foreign bond (Section 1298(f)(2)(B)) + foreign mutual fund (Section 1298(f)(2)(C)) + foreign partnership interest (Section 1298(f)(2)(D)) + foreign LLC + foreign C-Corp + foreign S-Corp (Section 1298(f)(2)(E)) + foreign trust (Section 1298(f)(2)(F)) + foreign estate (Section 1298(f)(2)(G)) + foreign annuity (Section 1298(f)(2)(H)) + foreign REIT + foreign InvIT + foreign gold ETF + foreign silver ETF (Section 1298(f)(2)(I)). Aggregate maximum value per Section 6038D(c)(2) for NRI / OCI senior 60+ parent US person — maximum value of each specified foreign financial asset during calendar year per Section 6038D(c)(2) plain text. Convert foreign currency to USD per Treasury Reporting Rate of Exchange (annual rate per Form 8938 instructions). NRI / OCI senior 60+ parent US person foreign stock held through Indian demat account (NSDL + CDSL) + foreign mutual fund + foreign partnership interest + foreign LLC + foreign C-Corp + foreign S-Corp + foreign trust — all 'specified foreign financial asset' per Section 1298(f)(2) plain text.

Step 3

Step 3 — Determine Section 6038D(c) thresholds + Form 8938 FATCA filing requirement for NRI / OCI senior 60+ parent US person

Determine Section 6038D(c) thresholds + Form 8938 FATCA filing requirement for NRI / OCI senior 60+ parent US person. Section 6038D(c)(1) thresholds: single / MFS USD 50K end-of-year + USD 75K any time during calendar year per Section 6038D(c)(1)(A) + MFJ USD 300K end-of-year + USD 600K any time during calendar year per Section 6038D(c)(1)(B) + certain specified individuals thresholds debated (different threshold for certain specified individuals per Section 6038D(c)(1)(C) plain text) for NRI / OCI senior 60+ parent US person. NRI / OCI senior 60+ parent US person Form 8938 FATCA threshold — single / MFS USD 50K end-of-year OR USD 75K any time during calendar year per Section 6038D(c)(1)(A) — both thresholds must be exceeded per Section 6038D(c)(1)(A) plain text. NRI / OCI senior 60+ parent US person Form 8938 FATCA filing requirement per Section 6038D(a) plain text — Form 8938 attached to Form 1040 per Section 6038D(a) plain text. Form 8938 due date typically April 15 per Section 6072 (same as Form 1040 due date) + automatic extension to October 15 per Section 6081 + Form 4868 extension per Section 6081.

Step 4

Step 4 — Identify Indian assets debated whether 'specified foreign financial asset' per Section 1298(f)(2) for NRI / OCI senior 60+ parent US person

Identify Indian assets debated whether 'specified foreign financial asset' per Section 1298(f)(2) for NRI / OCI senior 60+ parent US person. Indian demat account (NSDL + CDSL) — held through Indian depository participant (NSDL + CDSL) — debated whether 'foreign financial account' per Section 1298(f)(2) (typically NOT 'foreign financial institution' per FATCA IGA Model 1 if held through Indian depository participant; consult US tax advisor). Indian mutual fund folio (HDFC + ICICI + SBI + Axis + Kotak + Reliance + Birla Sun Life + DSP + HDFC + ICICI + UTI + Sundaram + Tata + etc.) — typically NOT 'specified foreign financial asset' if held through Indian asset management company not 'foreign financial institution' per FATCA IGA Model 1; consult US tax advisor. Indian PPF (Public Provident Fund) + Indian EPF (Employees' Provident Fund) + Indian NPS Tier-1 (National Pension System) — typically NOT 'specified foreign financial asset' per Section 1298(f)(2) (debated; consult US tax advisor). Indian SGB (Sovereign Gold Bond) + Indian LIC (Life Insurance Corporation) + Indian PMS (Portfolio Management Service) + Indian AIF (Alternative Investment Fund) + Indian REIT + Indian InvIT — debated whether 'specified foreign financial asset' per Section 1298(f)(2) (typically NOT if held through Indian financial institution; consult US tax advisor). NRI / OCI senior 60+ parent US person should consult US tax advisor for Indian asset classification per Section 1298(f)(2) + FATCA IGA Model 1 + Form 8938 FATCA + FBAR FinCEN 114 separate filing per 31 CFR 1010.350.

Step 5

Step 5 — Open Form 8938 FATCA + Part I + Part II + Part III + Part IV + Part V + attachment to Form 1040 for NRI / OCI senior 60+ parent US person

Open Form 8938 FATCA + Part I (summary of specified foreign financial assets) + Part II (general information) + Part III (detailed information for each specified foreign financial asset) + Part IV (exceptions from reporting) + Part V (summary of tax items) + attachment to Form 1040 per Section 6038D(a) for NRI / OCI senior 60+ parent US person per IRS Form 8938 instructions. NRI / OCI senior 60+ parent US person Form 8938 Part I (summary of specified foreign financial assets — total aggregate value + max value during calendar year + number of specified foreign financial assets + number of accounts reported on FBAR FinCEN 114 per Part I Line 2 per IRS Form 8938 instructions). Form 8938 Part II (general information — name + SSN or ITIN + US address or foreign address per Part II per IRS Form 8938 instructions). Form 8938 Part III (detailed information for each specified foreign financial asset — asset description + identifying number + date acquired + max value during calendar year + end-of-year value + currency + foreign jurisdiction + account type + check if reported on FBAR FinCEN 114 per Part III per IRS Form 8938 instructions). Form 8938 Part IV (exceptions from reporting — exception code per Part IV per IRS Form 8938 instructions). Form 8938 Part V (summary of tax items — gross income + gross proceeds from sale + dividends + interest + rents + royalties per Part V per IRS Form 8938 instructions).

Step 6

Step 6 — Form 8938 FATCA USD 10,000 penalty per Section 6038D(d)(1) + continued failure USD 10,000 per 30-day period per Section 6038D(d)(2) up to USD 50,000 maximum

Form 8938 FATCA USD 10,000 penalty per Section 6038D(d)(1) plain text + continued failure USD 10,000 per 30-day period per Section 6038D(d)(2) up to USD 50,000 maximum per Section 6038D(d)(2) plain text. NRI / OCI senior 60+ parent US person failure to file Form 8938 FATCA — USD 10,000 initial penalty per Section 6038D(d)(1) + continued failure USD 10,000 per 30-day period per Section 6038D(d)(2) up to USD 50,000 maximum per Section 6038D(d)(2) plain text. Section 6038D(c) reasonable cause exception per Section 6038D(c) plain text — reasonable cause + good faith per Section 6038D(c) — NRI / OCI senior 60+ parent US person should claim reasonable cause per Section 6038D(c) if unable to file Form 8938 FATCA on time. NRI / OCI senior 60+ parent US person should file Form 8938 FATCA attached to Form 1040 per Section 6038D(a) + Section 6072 due date + automatic extension October 15 per Section 6081 + Form 4868 extension per Section 6081 to avoid Section 6038D(d) USD 10,000 penalty.

Step 7

Step 7 — Section 6662(j)(3) 40% accuracy penalty + Section 6662(j)(1) substantially understated income tax + Section 6662(j)(2) 5% correct tax threshold for NRI / OCI senior 60+ parent US person

Section 6662(j)(3) 40% accuracy penalty per Section 6662(j)(3) plain text + Section 6662(j)(1) substantially understated income tax per Section 6662(j)(1) plain text + Section 6662(j)(2) 5% correct tax threshold per Section 6662(j)(2) plain text for NRI / OCI senior 60+ parent US person. Section 6662(j)(1) substantially understated income tax per Section 6662(j)(1) plain text — difference between correct tax + reported tax > greater of USD 5,000 per Section 6662(b)(2) or 10% of correct tax per Section 6662(b)(2)(A). Section 6662(j)(2) 5% correct tax threshold per Section 6662(j)(2) plain text — substantially understated if understatement > 5% of correct tax per Section 6662(j)(2). Section 6662(j)(3) 40% accuracy penalty per Section 6662(j)(3) plain text — 40% accuracy penalty (vs 20% standard accuracy penalty per Section 6662(a) plain text) for undisclosed foreign financial asset per Section 6662(j)(1) plain text. NRI / OCI senior 60+ parent US person undisclosed specified foreign financial asset per Section 1298(f)(2) + Section 6662(j)(1) — 40% accuracy penalty per Section 6662(j)(3) plain text. NRI / OCI senior 60+ parent US person should disclose specified foreign financial asset per Section 6038D + Section 1298(f) + Form 8938 FATCA to avoid Section 6662(j)(3) 40% accuracy penalty.

Step 8

Step 8 — Section 6501(c)(8)(A) 6-year statute of limitations + Section 6501(c)(8)(B) USD 5,000 minimum foreign asset omission + Section 6501(o) substantial understatement for NRI / OCI senior 60+ parent US person

Section 6501(c)(8)(A) 6-year statute of limitations on omission of foreign asset per Section 6501(c)(8)(A) plain text + Section 6501(c)(8)(B) USD 5,000 minimum foreign asset omission per Section 6501(c)(8)(B) plain text + Section 6501(o) substantial understatement per Section 6501(o) plain text for NRI / OCI senior 60+ parent US person. Section 6501(c)(8)(A) 6-year extension on assessment per Section 6501(c)(8)(A) plain text for omission of foreign asset per Section 6501(c)(8)(B) plain text. Section 6501(c)(8)(B) USD 5,000 minimum foreign asset omission per Section 6501(c)(8)(B) plain text. Section 6501(o) substantial understatement per Section 6501(o) plain text. NRI / OCI senior 60+ parent US person omission of specified foreign financial asset per Section 1298(f)(2) > USD 5,000 per Section 6501(c)(8)(B) — 6-year statute of limitations extension per Section 6501(c)(8)(A) + Section 6501(c)(8)(B) plain text. NRI / OCI senior 60+ parent US person should disclose specified foreign financial asset per Section 6038D + Section 1298(f) + Form 8938 FATCA to avoid Section 6501(c)(8) 6-year statute of limitations extension.

Step 9

Step 9 — Form 8938 FATCA + FBAR FinCEN 114 separate filings + Section 6038D + Section 1298(f) + 31 CFR 1010.350 + FinCEN BSA E-Filing System for NRI / OCI senior 60+ parent US person

Form 8938 FATCA + FBAR FinCEN 114 separate filings + Section 6038D + Section 1298(f) + 31 CFR 1010.350 + FinCEN BSA E-Filing System for NRI / OCI senior 60+ parent US person. Form 8938 has higher thresholds than FBAR (Form 8938 single / MFS USD 50K end-of-year + MFJ USD 300K end-of-year per Section 6038D(c) vs FBAR USD 10,000 aggregate at any time during calendar year per 31 CFR 1010.350(c)(1)). Form 8938 covers foreign financial assets (stock + bond + partnership interest + foreign mutual fund + foreign annuity per Section 1298(f)(2)) while FBAR covers foreign accounts (bank + securities + brokerage + mutual fund + insurance with cash value + other per 31 CFR 1010.350 plain text). NRI / OCI senior 60+ parent US person must file BOTH FinCEN Form 114 FBAR + Form 8938 FATCA — separate filings per Section 6038D + 31 CFR 1010.350 + FinCEN guidance. Form 8938 attached to Form 1040 per Section 6038D(a) + Section 6072 due date + automatic extension October 15 per Section 6081 + Form 4868 extension per Section 6081. FBAR FinCEN 114 via FinCEN BSA E-Filing System per 31 CFR 1010.350(a) electronic filing mandatory + due April 15 per 31 CFR 1010.350(d)(1) + automatic extension October 15 per 31 CFR 1010.350(d)(2).

Step 10

Step 10 — Senior 60+ parent estate planning for Form 8938 FATCA + Section 6038D + Section 1298(f) + Section 6662(j) 40% + Section 6501(c)(8) 6-year + FEMA USD 1M / year + Estate Tax Treaty + Form 706 US estate tax + senior 60+ parent estate India 2026

Senior 60+ parent estate planning for Form 8938 FATCA + Section 6038D + Section 1298(f) + Section 6662(j) 40% + Section 6501(c)(8) 6-year + FEMA USD 1M / year LRS per FEMA 1999 + RBI Master Direction 2024 + FEMA compounding penalty up to 3x per FEMA 1999 Section 13 + Estate Tax Treaty + Form 706 US estate tax (if US person estate > USD 12.92M for 2025) + Form 709 US gift tax + Section 877A expatriation tax + covered expatriate + Form 67 mandatory per CBDT Notification 3/2022 + Circular 11/2022 + 12/2022 stricter rules + Section 90(4) 8-year TRC retention + Form 10F per Income Tax Rules 1962 Rule 21AB + DTAA Article 25 mutual agreement procedure + saving clause + Form 8833 treaty disclosure + Section 6114 + 25% treaty penalty + Section 7701(b) treaty tie-breaker + Section 90(5) panchnama. Will per Indian Succession Act 1925 Section 63 + 2 witnesses + codicil + executor + probate + Letters of Administration + succession certificate + Hindu Succession Act 1956 Section 6 coparcener + FEMA ED RBI Master Direction 2024 + nominee rights + Form 8938 FATCA + Section 6038D + Section 1298(f) + FEMA PI NRI / OCI senior 60+ parent US person estate + senior 60+ parent estate India 2026.

US Form 8938 FATCA + Section 6038D + Section 1298(f) — thresholds + penalties + FBAR FinCEN 114 separate filing + FEMA USD 1M / year + senior 60+ parent estate India 2026

Section / Rule / IRS provisionThreshold / Trigger / Foreign financial assetPenalty + Relief + Indian assetNotes + FEMA + Black Money Act + Form 67
Section 6038D(c)(1)(A) single / MFS threshold + USD 50K end-of-year + USD 75K any time during calendar yearSpecified foreign financial asset per Section 1298(f)(2)Reporting requirement per Section 6038D(a) plain textPer Section 6038D(c)(1)(A) plain text + Section 1298(f)(2) specified foreign financial asset definition. Single / MFS USD 50K end-of-year + USD 75K any time during calendar year per Section 6038D(c)(1)(A). NRI / OCI senior 60+ parent US person Form 8938 FATCA — single / MFS USD 50K end-of-year + USD 75K any time during calendar year per Section 6038D(c)(1)(A) — both thresholds must be exceeded per Section 6038D(c)(1)(A) plain text. Debated for certain specified individuals per Section 6038D(c)(1)(C) plain text.
Section 6038D(c)(1)(B) MFJ threshold + USD 300K end-of-year + USD 600K any time during calendar yearSpecified foreign financial asset per Section 1298(f)(2)Reporting requirement per Section 6038D(a) plain textPer Section 6038D(c)(1)(B) plain text + Section 1298(f)(2) specified foreign financial asset definition. MFJ USD 300K end-of-year + USD 600K any time during calendar year per Section 6038D(c)(1)(B). NRI / OCI senior 60+ parent US person Form 8938 FATCA — MFJ USD 300K end-of-year + USD 600K any time during calendar year per Section 6038D(c)(1)(B) — both thresholds must be exceeded per Section 6038D(c)(1)(B) plain text. NRI / OCI senior 60+ parent US person MFJ threshold typically applicable for married filing jointly per Section 6013(a) plain text.
Section 1298(f)(2) specified foreign financial asset definition + foreign stock + foreign bond + foreign mutual fund + foreign partnership interestSpecified foreign financial asset per Section 1298(f)(2)Reporting requirement per Section 6038D(a) plain textPer Section 1298(f)(2) plain text. Foreign stock (Section 1298(f)(2)(A)) + foreign bond (Section 1298(f)(2)(B)) + foreign mutual fund (Section 1298(f)(2)(C)) + foreign partnership interest (Section 1298(f)(2)(D)) + foreign LLC + foreign C-Corp + foreign S-Corp (Section 1298(f)(2)(E)) + foreign trust (Section 1298(f)(2)(F)) + foreign estate (Section 1298(f)(2)(G)) + foreign annuity (Section 1298(f)(2)(H)) + foreign REIT + foreign InvIT + foreign gold ETF + foreign silver ETF (Section 1298(f)(2)(I)). NRI / OCI senior 60+ parent US person foreign stock + foreign bond + foreign mutual fund + foreign partnership interest — all 'specified foreign financial asset' per Section 1298(f)(2) plain text.
Section 6038D(d)(1) USD 10,000 initial penalty + Section 6038D(d)(2) continued failure USD 10,000 per 30-day period up to USD 50,000 maximumFailure to file Form 8938 FATCA per Section 6038D(a)USD 10,000 initial + USD 10,000 per 30-day period up to USD 50,000 maximumPer Section 6038D(d)(1) plain text + Section 6038D(d)(2) plain text. NRI / OCI senior 60+ parent US person failure to file Form 8938 FATCA — USD 10,000 initial penalty per Section 6038D(d)(1) + continued failure USD 10,000 per 30-day period per Section 6038D(d)(2) up to USD 50,000 maximum per Section 6038D(d)(2) plain text. Section 6038D(c) reasonable cause exception per Section 6038D(c) plain text — reasonable cause + good faith per Section 6038D(c). NRI / OCI senior 60+ parent US person should claim reasonable cause per Section 6038D(c) if unable to file Form 8938 FATCA on time.
Section 6662(j)(3) 40% accuracy penalty + Section 6662(j)(1) substantially understated income tax + Section 6662(j)(2) 5% correct tax thresholdUndisclosed specified foreign financial asset per Section 1298(f)(2)40% accuracy penalty per Section 6662(j)(3) plain textPer Section 6662(j)(3) plain text + Section 6662(j)(1) plain text + Section 6662(j)(2) plain text. Section 6662(j)(1) substantially understated income tax per Section 6662(j)(1) — difference between correct tax + reported tax > greater of USD 5,000 per Section 6662(b)(2) or 10% of correct tax per Section 6662(b)(2)(A). Section 6662(j)(2) 5% correct tax threshold per Section 6662(j)(2) plain text. Section 6662(j)(3) 40% accuracy penalty per Section 6662(j)(3) plain text. NRI / OCI senior 60+ parent US person undisclosed specified foreign financial asset per Section 1298(f)(2) + Section 6662(j)(1) — 40% accuracy penalty per Section 6662(j)(3) plain text.
Section 6501(c)(8)(A) 6-year statute of limitations + Section 6501(c)(8)(B) USD 5,000 minimum foreign asset omissionOmission of foreign asset per Section 6501(c)(8)(B) > USD 5,0006-year extension on assessment per Section 6501(c)(8)(A)Per Section 6501(c)(8)(A) plain text + Section 6501(c)(8)(B) plain text. 6-year extension on assessment for omission of > USD 5,000 foreign asset per Section 6501(c)(8)(B). NRI / OCI senior 60+ parent US person omission of specified foreign financial asset per Section 1298(f)(2) > USD 5,000 per Section 6501(c)(8)(B) — 6-year statute of limitations extension per Section 6501(c)(8)(A) + Section 6501(c)(8)(B) plain text. Section 6501(o) substantial understatement per Section 6501(o) plain text. NRI / OCI senior 60+ parent US person should disclose specified foreign financial asset per Section 6038D + Section 1298(f) + Form 8938 FATCA to avoid Section 6501(c)(8) 6-year statute of limitations extension.
Section 6038D(c) reasonable cause exception + Form 8938 reasonable cause waiverReasonable cause + good faith per Section 6038D(c)No penalty per Section 6038D(c) plain textPer Section 6038D(c) plain text. Reasonable cause + good faith per Section 6038D(c) plain text. NRI / OCI senior 60+ parent US person reasonable cause examples: senior citizen health issues + family bereavement + natural calamity + government official strike + bona fide belief in tax position + CA / lawyer advice + FEMA RBI restrictions per Section 6038D(c) + IRS Notice 2018-31 + IRS Notice 2021-30 + IRS guidance. NRI / OCI senior 60+ parent US person should claim reasonable cause per Section 6038D(c) if unable to file Form 8938 FATCA on time.
FBAR FinCEN 114 separate filing per 31 CFR 1010.350 + Form 8938 FATCA per Section 6038D + Section 1298(f) + separate filingsForeign account aggregate > USD 10,000 per 31 CFR 1010.350(c) + specified foreign financial asset per Section 1298(f)(2) > Section 6038D(c) thresholdReporting requirement per 31 CFR 1010.350 + Section 6038D(a) plain textPer 31 CFR 1010.350 plain text + Section 6038D(a) plain text. NRI / OCI senior 60+ parent US person must file BOTH FinCEN Form 114 FBAR + Form 8938 FATCA — separate filings per Section 6038D + 31 CFR 1010.350 + FinCEN guidance. Form 8938 has higher thresholds than FBAR (Form 8938 single / MFS USD 50K end-of-year + MFJ USD 300K end-of-year per Section 6038D(c) vs FBAR USD 10,000 aggregate at any time during calendar year per 31 CFR 1010.350(c)(1)). Form 8938 covers foreign financial assets (stock + bond + partnership interest + foreign mutual fund + foreign annuity per Section 1298(f)(2)) while FBAR covers foreign accounts (bank + securities + brokerage + mutual fund + insurance with cash value + other per 31 CFR 1010.350 plain text).
Section 1298(g) reporting requirement + Section 1298(h) regulations + Form 8938 attached to Form 1040 per Section 6038D(a)Specified foreign financial asset per Section 1298(f)(2)Reporting requirement per Section 6038D(a) + Section 1298(g) plain textPer Section 1298(g) plain text + Section 1298(h) plain text + Section 6038D(a) plain text. NRI / OCI senior 60+ parent US person Form 8938 FATCA attached to Form 1040 per Section 6038D(a) plain text + Section 1298(g) reporting requirement per Section 1298(g) plain text + Section 1298(h) regulations per Section 1298(h) plain text. Form 8938 due date typically April 15 per Section 6072 (same as Form 1040 due date) + automatic extension to October 15 per Section 6081 + Form 4868 extension per Section 6081. NRI / OCI senior 60+ parent US person Form 8938 FATCA + Form 1040 + Schedule B + Schedule D + Form 8949 per IRS Form 8938 instructions.
Indian asset debated whether 'specified foreign financial asset' per Section 1298(f)(2) for NRI / OCI senior 60+ parent US personIndian demat + Indian mutual fund + Indian PPF + Indian EPF + Indian NPS + Indian SGB + Indian LIC + Indian PMS + Indian AIF + Indian REIT + Indian InvITDebated per Section 1298(f)(2) + FATCA IGA Model 1 plain textPer Section 1298(f)(2) plain text + FATCA IGA Model 1 plain text. Indian demat account (NSDL + CDSL) — debated whether 'foreign financial account' per Section 1298(f)(2) (typically NOT 'foreign financial institution' per FATCA IGA Model 1 if held through Indian depository participant; consult US tax advisor). Indian mutual fund folio (HDFC + ICICI + SBI + Axis + Kotak + Reliance + Birla Sun Life + DSP + HDFC + ICICI + UTI + Sundaram + Tata + etc.) — typically NOT 'specified foreign financial asset' if held through Indian asset management company not 'foreign financial institution' per FATCA IGA Model 1; consult US tax advisor. Indian PPF + Indian EPF + Indian NPS — typically NOT 'specified foreign financial asset' per Section 1298(f)(2) (debated). NRI / OCI senior 60+ parent US person should consult US tax advisor for Indian asset classification per Section 1298(f)(2) + FATCA IGA Model 1 + Form 8938 FATCA + FBAR FinCEN 114 separate filing per 31 CFR 1010.350.

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US Form 8938 FATCA + Section 6038D + Section 1298(f) + Section 6662(j) 40% + Section 6501(c)(8) 6-year flow — NRI / OCI senior 60+ parent US person + FEMA USD 1M / year + senior 60+ parent estate India 2026

<svg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 800 600' font-family='sans-serif'><defs><marker id='arrow' markerWidth='10' markerHeight='10' refX='9' refY='3' orient='auto'><path d='M0,0 L0,6 L9,3 z' fill='#7E22CE'/></marker></defs><rect x='250' y='20' width='300' height='60' rx='8' fill='#FAF5FF' stroke='#7E22CE' stroke-width='2'/><text x='400' y='45' text-anchor='middle' font-size='14' font-weight='bold' fill='#581C87'>NRI / OCI Senior 60+ Parent</text><text x='400' y='65' text-anchor='middle' font-size='12' fill='#581C87'>US Person Form 8938 FATCA Filer</text><rect x='250' y='120' width='300' height='50' rx='8' fill='#F3E8FF' stroke='#7E22CE' stroke-width='2'/><text x='400' y='140' text-anchor='middle' font-size='13' font-weight='bold' fill='#581C87'>Identify Specified Foreign Financial Asset</text><text x='400' y='158' text-anchor='middle' font-size='11' fill='#581C87'>Section 1298(f)(2) + foreign stock + bond + MF</text><rect x='250' y='200' width='300' height='50' rx='8' fill='#E9D5FF' stroke='#7E22CE' stroke-width='2'/><text x='400' y='220' text-anchor='middle' font-size='13' font-weight='bold' fill='#581C87'>Section 6038D(c) Threshold</text><text x='400' y='238' text-anchor='middle' font-size='11' fill='#581C87'>Single USD 50K end-of-year + MFJ USD 300K</text><rect x='250' y='280' width='300' height='50' rx='8' fill='#D8B4FE' stroke='#7E22CE' stroke-width='2'/><text x='400' y='300' text-anchor='middle' font-size='13' font-weight='bold' fill='#581C87'>File Form 8938 attached to Form 1040</text><text x='400' y='318' text-anchor='middle' font-size='11' fill='#581C87'>Section 6038D(a) due April 15 + ext October 15</text><rect x='250' y='360' width='300' height='50' rx='8' fill='#C084FC' stroke='#7E22CE' stroke-width='2'/><text x='400' y='380' text-anchor='middle' font-size='13' font-weight='bold' fill='#FFFFFF'>Hold + Monitor Specified Foreign Financial Asset</text><text x='400' y='398' text-anchor='middle' font-size='11' fill='#FFFFFF'>FBAR FinCEN 114 separate + Section 1298(f)(2)</text><rect x='250' y='440' width='300' height='50' rx='8' fill='#A855F7' stroke='#7E22CE' stroke-width='2'/><text x='400' y='460' text-anchor='middle' font-size='13' font-weight='bold' fill='#FFFFFF'>Penalty + Estate + FEMA Compliance</text><text x='400' y='478' text-anchor='middle' font-size='11' fill='#FFFFFF'>6038D(d) + 6662(j) 40% + 6501(c)(8) 6-year</text><rect x='250' y='520' width='300' height='50' rx='8' fill='#7E22CE' stroke='#6B21A8' stroke-width='2'/><text x='400' y='540' text-anchor='middle' font-size='13' font-weight='bold' fill='#FFFFFF'>Estate Tax Treaty + Form 706 + Will</text><text x='400' y='558' text-anchor='middle' font-size='11' fill='#FFFFFF'>Estate + FEMA + 8938 + FBAR + Compliance</text><line x1='400' y1='80' x2='400' y2='120' stroke='#7E22CE' stroke-width='2' marker-end='url(#arrow)'/><line x1='400' y1='170' x2='400' y2='200' stroke='#7E22CE' stroke-width='2' marker-end='url(#arrow)'/><line x1='400' y1='250' x2='400' y2='280' stroke='#7E22CE' stroke-width='2' marker-end='url(#arrow)'/><line x1='400' y1='330' x2='400' y2='360' stroke='#7E22CE' stroke-width='2' marker-end='url(#arrow)'/><line x1='400' y1='410' x2='400' y2='440' stroke='#7E22CE' stroke-width='2' marker-end='url(#arrow)'/><line x1='400' y1='490' x2='400' y2='520' stroke='#7E22CE' stroke-width='2' marker-end='url(#arrow)'/><text x='40' y='145' font-size='11' fill='#581C87' font-weight='bold'>Step 1</text><text x='40' y='225' font-size='11' fill='#581C87' font-weight='bold'>Step 2</text><text x='40' y='305' font-size='11' fill='#581C87' font-weight='bold'>Step 3</text><text x='40' y='385' font-size='11' fill='#FFFFFF' font-weight='bold'>Step 4</text><text x='40' y='465' font-size='11' fill='#FFFFFF' font-weight='bold'>Step 5</text><text x='40' y='545' font-size='11' fill='#FFFFFF' font-weight='bold'>Step 6</text></svg>

US Form 8938 FATCA + Section 6038D + Section 1298(f) specified foreign financial asset — compliance checklist for NRI / OCI senior 60+ parent US person India 2026

  • Section 6038D Statement of specified foreign financial assets + Section 1298(f) reporting requirement + Section 1298(g) reporting + Section 1298(h) regulations
  • Section 6038D(a) form requirement — Form 8938 attached to Form 1040 per Section 6038D(a) plain text
  • Section 6038D(c)(1)(A) single / MFS threshold — USD 50K end-of-year + USD 75K any time during calendar year per Section 6038D(c)(1)(A)
  • Section 6038D(c)(1)(B) MFJ threshold — USD 300K end-of-year + USD 600K any time during calendar year per Section 6038D(c)(1)(B)
  • Section 1298(f)(2) specified foreign financial asset definitions — foreign stock + foreign bond + foreign mutual fund + foreign partnership interest + foreign LLC + foreign C-Corp + foreign S-Corp + foreign trust + foreign estate + foreign annuity + foreign REIT + foreign InvIT + foreign gold ETF + foreign silver ETF
  • Section 6038D(d)(1) USD 10,000 initial penalty + Section 6038D(d)(2) USD 10,000 per 30-day period up to USD 50,000 maximum per Section 6038D(d)(2)
  • Section 6038D(c) reasonable cause exception + reasonable cause + good faith per Section 6038D(c) plain text
  • Section 6662(j)(1) substantially understated income tax + Section 6662(j)(3) 40% accuracy penalty + Section 6662(j)(2) 5% correct tax threshold
  • Section 6501(c)(8)(A) 6-year statute of limitations + Section 6501(c)(8)(B) USD 5,000 minimum foreign asset omission per Section 6501(c)(8)(B)
  • Form 8938 FATCA Part I (summary) + Part II (general information) + Part III (detailed information for each specified foreign financial asset) + Part IV (exceptions from reporting) + Part V (summary of tax items) per IRS Form 8938 instructions
  • Form 8938 attached to Form 1040 + Schedule B (interest + dividend + foreign account) + Schedule D (capital gains) + Form 8949 (sales) per IRS Form 8938 instructions
  • Section 6662 20-40% accuracy + Section 6663 75% fraud + Section 6662(j) 40% accuracy penalty for undisclosed foreign financial asset per Section 6662(j)(3)
  • FBAR FinCEN 114 separate filing per 31 CFR 1010.350 + Form 8938 FATCA per Section 6038D + Section 1298(f) — must file BOTH per Section 6038D(a) + 31 CFR 1010.350(a)
  • FEMA USD 1M / year LRS per FEMA 1999 + RBI Master Direction 2024 + Form A2 + AD-1 + FEMA compounding penalty up to 3x per FEMA 1999 Section 13
  • Form 67 mandatory per CBDT Notification 3/2022 + Circular 11/2022 + 12/2022 stricter rules + Form 10F per Rule 21AB + Section 90(4) 8-year TRC retention
  • DTAA Article 25 mutual agreement procedure + saving clause + Form 8833 treaty disclosure + Section 6114 + 25% treaty penalty + Section 7701(b) treaty tie-breaker + Section 90(5) panchnama
  • Schedule FSI (foreign source income) + Schedule TR (DTAA tax relief) + Schedule FA (foreign asset disclosure mandatory per Section 139(6)) + ITR-2 + ITR-3 NRI / OCI NOT eligible for ITR-1 per Rule 12(1)
  • Black Money Act 2015 + Section 10/11 BMA 300% penalty + Section 50 BMA no exemption + Section 49 BMA no set-off + Form 67 mandatory
  • Section 271AAB + 271AAC + 270A + 270AA penalty + Section 273B immunity + Section 276CC prosecution + Black Money Act 2015 + Section 10/11 BMA 300% penalty
  • Form 3520 + Form 3520-A + Section 6048 reporting for foreign trust distribution / ownership if Form 8938 specified foreign financial asset held through foreign trust structure + Section 6677 USD 10,000 foreign trust penalty
  • Form 5471 CFC for foreign C-Corp + S-Corp + LLC + Section 6038 + Section 6046 + Section 6662 20-40% accuracy + Section 6663 75% fraud penalty + Section 6501(c)(8) 6-year statute of limitations
  • Section 61 + Section 165(g) worthless securities + Section 1011 sale of stock + Section 1244 small business stock loss + Section 1202 qualified small business stock + Form 8949 + Schedule D + foreign stock held through foreign financial account
  • FEMA NRO 7-year retention per RBI Circular 47/2015 + 12/2015 debated for Form 8938 NRI / OCI senior 60+ parent US person FEMA PI + 10-year US/UK/CA/AU retention debated
  • Indian asset debated whether 'specified foreign financial asset' per Section 1298(f)(2) — Indian demat + Indian mutual fund + Indian PPF + Indian EPF + Indian NPS + Indian SGB + Indian LIC + Indian PMS + Indian AIF + Indian REIT + Indian InvIT typically NOT if held through Indian financial institution not 'foreign financial institution' per FATCA IGA Model 1
  • Senior 60+ parent estate — Will per Indian Succession Act 1925 Section 63 + 2 witnesses + codicil + executor + probate + nominee + transmission + FEMA ED RBI Master Direction 2024
  • Estate Tax Treaty + Gift Tax Treaty + Form 706 US estate tax + Form 709 US gift tax + Section 877A expatriation tax + covered expatriate

US Form 8938 FATCA + FEMA USD 1M / year + DTAA Article 25 + Black Money Act 2015 + FBAR FinCEN 114 + Form 3520 + FEMA NRO 7y retention debated + senior 60+ parent estate India 2026

US Form 8938 FATCA per Section 6038D + Section 1298(f) for NRI / OCI senior 60+ parent US person specified foreign financial asset has multiple cross-border compliance layers beyond FEMA + RBI Master Direction 2024 + Black Money Act 2015 + DTAA Article 25 mutual agreement procedure + Form 67 mandatory per CBDT Notification 3/2022 + Circular 11/2022 + 12/2022 stricter rules + Section 90(4) 8-year TRC retention. Below is the cross-border compliance flow for Form 8938 FATCA + Section 6038D + Section 1298(f) + Section 6662(j) 40% accuracy penalty + Section 6501(c)(8) 6-year statute of limitations for NRI / OCI senior 60+ parent US person FEMA PI specified foreign financial asset.

Step 1

Flow 1 — FEMA USD 1M / year LRS + Form A2 + AD-1 + FEMA compounding penalty + FEMA NRO 7-year retention debated + 10-year US/UK/CA/AU retention debated

FEMA USD 1M / year LRS per FEMA 1999 + RBI Master Direction 2024 + Form A2 + AD-1 bank + FEMA compliance certificate from CA + Form 15CB (CA certificate) + Form 15CA (declarant statement) + 26Q + 27Q TDS return verification. NRI / OCI senior 60+ parent US person should disclose FEMA USD 1M / year LRS remittance + repatriation + Form A2 + AD-1 + FEMA compliance certificate to avoid FEMA compounding penalty up to 3x per FEMA 1999 Section 13. FEMA NRO 7-year retention per RBI Circular 47/2015 + 12/2015 + FEMA 1999 + RBI Master Direction 2024 debated for Form 8938 FATCA NRI / OCI senior 60+ parent US person FEMA PI specified foreign financial asset (typically applicable; consult FEMA consultant) + 10-year US/UK/CA/AU retention debated.

Step 2

Flow 2 — FBAR FinCEN 114 separate filing per 31 CFR 1010.350 + Form 8938 FATCA per Section 6038D + Section 1298(f) — must file BOTH

FBAR FinCEN 114 separate filing per 31 CFR 1010.350 + Form 8938 FATCA per Section 6038D + Section 1298(f) — must file BOTH per Section 6038D(a) + 31 CFR 1010.350(a) plain text for NRI / OCI senior 60+ parent US person specified foreign financial asset + foreign account. Form 8938 has higher thresholds than FBAR (Form 8938 single / MFS USD 50K end-of-year + MFJ USD 300K end-of-year per Section 6038D(c) vs FBAR USD 10,000 aggregate at any time during calendar year per 31 CFR 1010.350(c)(1)). Form 8938 covers foreign financial assets (stock + bond + partnership interest + foreign mutual fund + foreign annuity per Section 1298(f)(2)) while FBAR covers foreign accounts (bank + securities + brokerage + mutual fund + insurance with cash value + other per 31 CFR 1010.350 plain text). NRI / OCI senior 60+ parent US person must file BOTH FinCEN Form 114 FBAR + Form 8938 FATCA — separate filings per Section 6038D + 31 CFR 1010.350 + FinCEN guidance.

Step 3

Flow 3 — Form 3520 + Form 3520-A + Section 6048 reporting for foreign trust distribution / ownership if Form 8938 specified foreign financial asset held through foreign trust structure

Form 3520 filing per Section 6048(c) for US person receiving distribution from foreign trust + Section 6048(b) for US person transferring property to foreign trust. Form 3520-A filing per Section 6048(d) for foreign trust with US owner. NRI / OCI senior 60+ parent US person Form 8938 specified foreign financial asset held through foreign trust structure — Form 3520 mandatory for distribution + Form 3520-A mandatory for ownership + Section 6677 USD 10,000 foreign trust penalty per failure + Section 6501(c)(8) 6-year statute of limitations + Section 6662 20-40% accuracy penalty + Section 6663 75% fraud penalty. Debated for Form 8938 specified foreign financial asset held directly by NRI / OCI senior 60+ parent US person typically NOT applicable; consult US tax advisor.

Step 4

Flow 4 — Form 5471 CFC + Section 6038 + Section 6046 + Section 6662 20-40% accuracy + Section 6663 75% fraud + Section 6501(c)(8) 6-year statute of limitations for Form 8938 NRI / OCI senior 60+ parent US person foreign C-Corp / S-Corp / LLC

Form 5471 CFC (Controlled Foreign Corporation) filing per Section 6038 + Section 6046 for US person who is officer + director + 10% shareholder of foreign C-Corp + S-Corp + LLC. NRI / OCI senior 60+ parent US person Form 8938 specified foreign financial asset foreign C-Corp + S-Corp + LLC + foreign partnership interest — Form 5471 mandatory + Section 6662 20-40% accuracy penalty + Section 6663 75% fraud penalty + Section 6501(c)(8) 6-year statute of limitations. Form 5471 attached to Form 1040 + Section 6038 + Section 6046. NRI / OCI senior 60+ parent US person should consult US tax lawyer + CPA for Form 5471 + foreign C-Corp + S-Corp + LLC compliance.

Step 5

Flow 5 — Black Money Act 2015 + Section 10/11 BMA 300% penalty + Section 50 BMA no exemption + Section 49 BMA no set-off for Form 8938 NRI / OCI senior 60+ parent US person unspecified foreign financial asset

Black Money Act 2015 (Undisclosed Foreign Income and Assets and Imposition of Tax Act 2015) — Section 10 BMA penalty 300% of tax payable on undisclosed foreign asset + Section 11 BMA imprisonment 10 years rigorous per Section 11 BMA + Section 50 BMA no exemption + Section 49 BMA no set-off + Section 51 BMA prosecution + Section 52 BMA notice. NRI / OCI senior 60+ parent US person Form 8938 unspecified foreign financial asset per BMA — 300% penalty + 10-year imprisonment + no exemption + no set-off. NRI / OCI senior 60+ parent US person should disclose voluntarily + pay tax + interest + 300% penalty per BMA to avoid prosecution per Section 51 BMA + Section 271AAB + 271AAC + 270A + 270AA penalty per Income Tax Act 1961 + Form 8938 USD 10,000 penalty per Section 6038D(d)(1) + 40% Section 6662(j)(3) accuracy penalty.

Step 6

Flow 6 — DTAA Article 25 mutual agreement procedure + saving clause + Form 8833 treaty disclosure + Section 6114 + 25% treaty penalty + Section 7701(b) treaty tie-breaker for Form 8938 NRI / OCI senior 60+ parent US person specified foreign financial asset

DTAA Article 25 mutual agreement procedure + saving clause + MAV main purpose test + Form 8833 treaty disclosure + Section 6114 + 25% treaty penalty + Section 7701(b) treaty tie-breaker + Section 90(4) 8-year TRC retention + CBDT Notification 3/2022 + Circular 11/2022 + 12/2022 stricter rules + Section 90(5) panchnama. Form 67 mandatory per CBDT Notification 3/2022 + Circular 11/2022 + 12/2022 stricter rules for NRI / OCI senior 60+ parent US person claiming DTAA relief + Section 90(4) 8-year TRC retention + Form 10F per Income Tax Rules 1962 Rule 21AB. NRI / OCI senior 60+ parent US person should file Form 67 + Form 10F + TRC + DTAA Article 25 MAP for Form 8938 specified foreign financial asset penalty relief + Section 6038D(d) USD 10,000 penalty relief + Section 6662(j) 40% accuracy penalty relief.

Step 7

Flow 7 — Estate Tax Treaty + Gift Tax Treaty + Form 706 US estate tax + Form 709 US gift tax + Section 877A expatriation tax + covered expatriate for Form 8938 NRI / OCI senior 60+ parent US person estate

Estate Tax Treaty (India-USA Estate Tax Treaty 1954) + Gift Tax Treaty (no comprehensive India-USA Gift Tax Treaty — debated) + Form 706 US estate tax for US person estate > USD 12.92M (2025) + Form 709 US gift tax for US person gifting > USD 18,000 (2025). Section 877A expatriation tax for covered expatriate (renounced US citizenship or long-term resident per Section 7701(b)(6)) + Section 877A(g)(1) mark-to-market exit tax + Section 877A(h) gift / bequest tax + Section 877A(i) inheritance tax + Section 2501 + 2511 + 2518 GSTT + 2702 retained interest + Section 2036 + 2038 + 2056 + 2523 + Form 8938 NRI / OCI senior 60+ parent US person estate. Section 6662 20-40% accuracy + Section 6663 75% fraud + Section 6501(c)(8) 6-year statute of limitations on omission of foreign asset + FEMA NRO 7-year retention debated + 10-year US/UK/CA/AU retention debated.

US Form 8938 FATCA + Section 6038D + Section 1298(f) specified foreign financial asset held by NRI / OCI senior 60+ parent US person — estate planning + compliance summary India 2026

US Form 8938 FATCA per Section 6038D + Section 1298(f) for NRI / OCI senior 60+ parent US person specified foreign financial asset requires a comprehensive multi-layer compliance framework combining Section 6038D(a) form requirement + Section 6038D(c) thresholds (single / MFS USD 50K end-of-year + USD 75K any time during calendar year + MFJ USD 300K end-of-year + USD 600K any time during calendar year per Section 6038D(c)(1)) + Section 6038D(d) USD 10,000 initial penalty + Section 6038D(d)(2) continued failure USD 10,000 per 30-day period up to USD 50,000 maximum + Section 6038D(c) reasonable cause exception + Section 1298(f)(2) specified foreign financial asset definitions (foreign stock + foreign bond + foreign mutual fund + foreign partnership interest + foreign LLC + foreign C-Corp + foreign S-Corp + foreign trust + foreign estate + foreign annuity + foreign REIT + foreign InvIT + foreign gold ETF + foreign silver ETF) + Section 6662(j)(1) substantially understated income tax + Section 6662(j)(3) 40% accuracy penalty + Section 6662(j)(2) 5% correct tax threshold + Section 6501(c)(8)(A) 6-year statute of limitations + Section 6501(c)(8)(B) USD 5,000 minimum foreign asset omission + FBAR FinCEN 114 separate filing per 31 CFR 1010.350 + FEMA USD 1M / year LRS per FEMA 1999 + RBI Master Direction 2024 + FEMA compounding penalty up to 3x per FEMA 1999 Section 13 + Form 67 mandatory per CBDT Notification 3/2022 + Circular 11/2022 + 12/2022 stricter rules + Section 90(4) 8-year TRC retention + DTAA Article 25 + Form 10F per Rule 21AB + Estate Tax Treaty + Form 706 US estate tax + senior 60+ parent estate India 2026.

Senior 60+ parent estate planning for Form 8938 FATCA + Section 6038D + Section 1298(f) + Section 6662(j) 40% + Section 6501(c)(8) 6-year requires Will per Indian Succession Act 1925 Section 63 + 2 witnesses + codicil + executor + probate + Letters of Administration + succession certificate + Hindu Succession Act 1956 Section 6 coparcener + FEMA ED RBI Master Direction 2024 + nominee rights + FEMA PI NRI / OCI senior 60+ parent US person specified foreign financial asset estate + Estate Tax Treaty + Gift Tax Treaty + Form 706 US estate tax + Form 709 US gift tax + Section 877A expatriation tax + covered expatriate. NRI / OCI senior 60+ parent US person should engage US tax lawyer + CPA + FEMA consultant + estate lawyer for comprehensive Form 8938 + FBAR + FEMA compounding + estate planning relief.

Annual compliance for Form 8938 FATCA + Section 6038D + Section 1298(f) + Section 6662(j) 40% + Section 6501(c)(8) 6-year includes Form 8938 attached to Form 1040 per Section 6038D(a) due April 15 + automatic extension October 15 per Section 6081 + Form 4868 extension per Section 6081 + FBAR FinCEN 114 due April 15 per 31 CFR 1010.350(d)(1) + automatic extension October 15 per 31 CFR 1010.350(d)(2) + retain Form 8938 + FinCEN Form 114 + FinCEN Form 114a recordkeeping form for 5 years per 31 CFR 1010.350(d)(3) + FEMA USD 1M / year LRS per FEMA 1999 + RBI Master Direction 2024 + Form A2 + AD-1 + FEMA compounding penalty up to 3x per FEMA 1999 Section 13 + Schedule FA foreign asset disclosure per Section 139(6) debated for Form 8938 NRI / OCI senior 60+ parent US person FEMA PI specified foreign financial asset + Form 3520 + Form 3520-A + Section 6048 reporting for foreign trust distribution / ownership if Form 8938 specified foreign financial asset held through foreign trust structure + Form 5471 CFC for foreign C-Corp + S-Corp + LLC + Section 6662 20-40% accuracy + Section 6663 75% fraud + Section 6677 USD 10,000 foreign trust penalty + Section 6501(c)(8) 6-year statute of limitations on omission of foreign asset + Section 234A + 234B + 234C interest for delayed filing + delayed payment of advance tax + deferment of advance tax instalments + Section 271F late filing penalty INR 5,000 per Section 271F(1) + Black Money Act 2015 + Section 10/11 BMA 300% penalty + Section 271AAB + 271AAC + 270A + 270AA penalty + Section 273B immunity + Section 276CC prosecution.

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US Form 8938 FATCA + Section 6038D + Section 1298(f) + Section 6662(j) 40% + Section 6501(c)(8) 6-year + FEMA USD 1M / year + senior 60+ parent estate India 2026 — compliance infographic

US Form 8938 FATCA + Section 6038D + Section 1298(f) + Section 6662(j) 40% + Section 6501(c)(8) 6-year + FEMA USD 1M / year + senior 60+ parent estate India 2026 — compliance infographic.

US Form 8938 FATCA + Section 6038D + Section 1298(f) — flow step 1 NRI / OCI senior 60+ parent US person + FEMA USD 1M / year + senior 60+ parent estate India 2026

US Form 8938 FATCA + Section 6038D + Section 1298(f) — flow step 1 NRI / OCI senior 60+ parent US person + FEMA USD 1M / year + senior 60+ parent estate India 2026.

US Form 8938 FATCA + Section 6038D + Section 1298(f) — flow step 2 FEMA USD 1M / year + Form 3520 + Form 5471 CFC + Estate Tax Treaty + senior 60+ parent estate India 2026

US Form 8938 FATCA + Section 6038D + Section 1298(f) — flow step 2 FEMA USD 1M / year + Form 3520 + Form 5471 CFC + Estate Tax Treaty + senior 60+ parent estate India 2026.

US Form 8938 FATCA + Section 6038D + Section 1298(f) + Section 6662(j) 40% + Section 6501(c)(8) 6-year + FEMA USD 1M / year + senior 60+ parent estate India 2026

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Animated decision map

NRI parent senior 60+ US Form 8938 FATCA per Foreign Account Tax Compliance Act (FATCA) + Section 6038D Statement of specified foreign financial assets + Section 1298(f) reporting requirement + Section 6038D(a) form requirement + Section 6038D(b) definitions + Section 6038D(c) thresholds (single / MFS USD 50K end-of-year + USD 75K any time during calendar year + MFJ USD 300K end-of-year + USD 600K any time during calendar year + certain specified individuals thresholds debated) + Section 6038D(d) USD 10,000 initial penalty + Section 6038D(d)(2) continued failure USD 10,000 per 30-day period up to USD 50,000 maximum + Section 6038D(c) reasonable cause exception + Section 1298(f)(2) specified foreign financial asset definitions (foreign stock + foreign bond + foreign mutual fund + foreign partnership interest + foreign LLC + foreign C-Corp + foreign S-Corp + foreign trust + foreign estate + foreign annuity + foreign REIT + foreign InvIT + foreign gold ETF + foreign silver ETF + foreign stock held through foreign financial account + foreign account held by foreign financial institution) + Section 1298(g) reporting requirement + Section 1298(h) regulations + Form 8938 attached to Form 1040 per Section 6038D(a) + Section 6662(j)(1) substantially understated income tax + Section 6662(j)(3) 40% accuracy penalty + Section 6662(j)(2) 5% correct tax threshold + Section 6501(c)(8)(A) 6-year statute of limitations on omission of foreign asset + Section 6501(c)(8)(B) USD 5,000 minimum foreign asset omission + Section 6662 20-40% accuracy + Section 6663 75% fraud + Section 6038D(d) + FEMA USD 1M / year LRS per FEMA 1999 + RBI Master Direction 2024 + FEMA compounding penalty up to 3x per FEMA 1999 Section 13 + Form 67 mandatory per CBDT Notification 3/2022 + Circular 11/2022 + 12/2022 stricter rules + Section 90(4) 8-year TRC retention + DTAA Article 25 + Form 10F per Rule 21AB + FBAR FinCEN 114 separate filing per 31 CFR 1010.350 + Estate Tax Treaty + Form 706 US estate tax + senior 60+ parent estate India 2026. Animated decision map.
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Common Questions

What is US Form 8938 FATCA + Section 6038D + Section 1298(f) specified foreign financial asset for NRI / OCI senior 60+ parent US person?

US Form 8938 (Statement of Specified Foreign Financial Assets) per Foreign Account Tax Compliance Act (FATCA) + Section 6038D Statement of specified foreign financial assets + Section 1298(f) reporting requirement + Section 6038D(a) form requirement (form attached to Form 1040 per Section 6038D(a) plain text) + Section 6038D(b) definitions + Section 6038D(c) thresholds (single / MFS USD 50K end-of-year + USD 75K any time during calendar year per Section 6038D(c)(1)(A) + MFJ USD 300K end-of-year + USD 600K any time during calendar year per Section 6038D(c)(1)(B) + certain specified individuals thresholds debated per Section 6038D(c)(1)(C) plain text) + Section 6038D(d) USD 10,000 initial penalty + Section 6038D(d)(2) continued failure USD 10,000 per 30-day period up to USD 50,000 maximum + Section 6038D(c) reasonable cause exception for NRI / OCI senior 60+ parent US person specified foreign financial asset. Section 1298(f)(2) specified foreign financial asset definitions — foreign stock (Section 1298(f)(2)(A)) + foreign bond (Section 1298(f)(2)(B)) + foreign mutual fund (Section 1298(f)(2)(C)) + foreign partnership interest (Section 1298(f)(2)(D)) + foreign LLC + foreign C-Corp + foreign S-Corp (Section 1298(f)(2)(E)) + foreign trust (Section 1298(f)(2)(F)) + foreign estate (Section 1298(f)(2)(G)) + foreign annuity (Section 1298(f)(2)(H)) + foreign REIT + foreign InvIT + foreign gold ETF + foreign silver ETF (Section 1298(f)(2)(I)).

What is the Form 8938 FATCA USD 10,000 penalty per Section 6038D(d) for NRI / OCI senior 60+ parent US person?

Form 8938 FATCA USD 10,000 penalty per Section 6038D(d)(1) plain text + continued failure USD 10,000 per 30-day period per Section 6038D(d)(2) plain text up to USD 50,000 maximum per Section 6038D(d)(2) plain text for NRI / OCI senior 60+ parent US person failure to file Form 8938 FATCA per Section 6038D(a) plain text. Section 6038D(c) reasonable cause exception per Section 6038D(c) plain text — reasonable cause + good faith per Section 6038D(c) plain text. NRI / OCI senior 60+ parent US person reasonable cause examples: senior citizen health issues + family bereavement + natural calamity + government official strike + bona fide belief in tax position + CA / lawyer advice + FEMA RBI restrictions per Section 6038D(c) + IRS Notice 2018-31 + IRS Notice 2021-30 + IRS guidance. NRI / OCI senior 60+ parent US person should claim reasonable cause per Section 6038D(c) if unable to file Form 8938 FATCA on time. NRI / OCI senior 60+ parent US person should file Form 8938 FATCA attached to Form 1040 per Section 6038D(a) + Section 6072 due date April 15 + automatic extension October 15 per Section 6081 + Form 4868 extension per Section 6081 to avoid Section 6038D(d) USD 10,000 penalty.

What is Section 6662(j) 40% accuracy penalty + Section 6501(c)(8) 6-year statute of limitations for NRI / OCI senior 60+ parent US person Form 8938 FATCA undisclosed specified foreign financial asset?

Section 6662(j)(3) 40% accuracy penalty per Section 6662(j)(3) plain text + Section 6662(j)(1) substantially understated income tax per Section 6662(j)(1) plain text + Section 6662(j)(2) 5% correct tax threshold per Section 6662(j)(2) plain text for NRI / OCI senior 60+ parent US person undisclosed specified foreign financial asset per Section 1298(f)(2) + Section 6662(j)(1) plain text. Section 6501(c)(8)(A) 6-year statute of limitations on omission of foreign asset per Section 6501(c)(8)(A) plain text + Section 6501(c)(8)(B) USD 5,000 minimum foreign asset omission per Section 6501(c)(8)(B) plain text + Section 6501(o) substantial understatement per Section 6501(o) plain text. NRI / OCI senior 60+ parent US person undisclosed specified foreign financial asset per Section 1298(f)(2) + Section 6662(j)(1) — 40% accuracy penalty per Section 6662(j)(3) + 6-year statute of limitations extension per Section 6501(c)(8)(A) + Section 6501(c)(8)(B) plain text. NRI / OCI senior 60+ parent US person should disclose specified foreign financial asset per Section 6038D + Section 1298(f) + Form 8938 FATCA to avoid Section 6662(j) 40% accuracy penalty + Section 6501(c)(8) 6-year statute of limitations extension + Section 6038D(d) USD 10,000 penalty.

Is Form 8938 FATCA separate from FBAR FinCEN 114 for NRI / OCI senior 60+ parent US person?

Yes — Form 8938 FATCA per Section 6038D + Section 1298(f) is SEPARATE from FBAR FinCEN 114 per 31 CFR 1010.350 + Bank Secrecy Act (BSA) 31 USC 5311 for NRI / OCI senior 60+ parent US person. NRI / OCI senior 60+ parent US person must file BOTH FinCEN Form 114 FBAR + Form 8938 FATCA — separate filings per Section 6038D(a) + 31 CFR 1010.350(a) plain text. Form 8938 has higher thresholds than FBAR (Form 8938 single / MFS USD 50K end-of-year + MFJ USD 300K end-of-year per Section 6038D(c) vs FBAR USD 10,000 aggregate at any time during calendar year per 31 CFR 1010.350(c)(1)). Form 8938 covers foreign financial assets (stock + bond + partnership interest + foreign mutual fund + foreign annuity per Section 1298(f)(2)) while FBAR covers foreign accounts (bank + securities + brokerage + mutual fund + insurance with cash value + other per 31 CFR 1010.350 plain text). Form 8938 attached to Form 1040 per Section 6038D(a) plain text due April 15 + automatic extension October 15 per Section 6081 + Form 4868 extension per Section 6081. FBAR FinCEN 114 via FinCEN BSA E-Filing System per 31 CFR 1010.350(a) electronic filing mandatory + due April 15 per 31 CFR 1010.350(d)(1) + automatic extension October 15 per 31 CFR 1010.350(d)(2).

What is Section 1298(f)(2) specified foreign financial asset definitions + Indian asset debated whether 'specified foreign financial asset' for NRI / OCI senior 60+ parent US person Form 8938 FATCA?

Section 1298(f)(2) specified foreign financial asset definitions per Section 1298(f)(2) plain text — foreign stock (Section 1298(f)(2)(A)) + foreign bond (Section 1298(f)(2)(B)) + foreign mutual fund (Section 1298(f)(2)(C)) + foreign partnership interest (Section 1298(f)(2)(D)) + foreign LLC + foreign C-Corp + foreign S-Corp (Section 1298(f)(2)(E)) + foreign trust (Section 1298(f)(2)(F)) + foreign estate (Section 1298(f)(2)(G)) + foreign annuity (Section 1298(f)(2)(H)) + foreign REIT + foreign InvIT + foreign gold ETF + foreign silver ETF (Section 1298(f)(2)(I)) for NRI / OCI senior 60+ parent US person Form 8938 FATCA. Indian asset debated whether 'specified foreign financial asset' per Section 1298(f)(2) for NRI / OCI senior 60+ parent US person — Indian demat account (NSDL + CDSL) debated whether 'foreign financial account' per Section 1298(f)(2) (typically NOT 'foreign financial institution' per FATCA IGA Model 1 if held through Indian depository participant; consult US tax advisor). Indian mutual fund folio (HDFC + ICICI + SBI + Axis + Kotak + Reliance + Birla Sun Life + DSP + HDFC + ICICI + UTI + Sundaram + Tata + etc.) — typically NOT 'specified foreign financial asset' if held through Indian asset management company not 'foreign financial institution' per FATCA IGA Model 1; consult US tax advisor. Indian PPF + Indian EPF + Indian NPS Tier-1 + Indian SCSS + Indian POMIS + Indian SGB + Indian LIC + Indian PMS + Indian AIF + Indian REIT + Indian InvIT — debated; consult US tax advisor for Indian asset classification per Section 1298(f)(2) + FATCA IGA Model 1 + Form 8938 FATCA + FBAR FinCEN 114 separate filing per 31 CFR 1010.350.

What is FEMA USD 1M / year + Form 67 + DTAA Article 25 + Estate Tax Treaty + senior 60+ parent estate for Form 8938 NRI / OCI senior 60+ parent US person?

FEMA USD 1M / year LRS per FEMA 1999 + RBI Master Direction 2024 + Form A2 + AD-1 bank + FEMA compliance certificate from CA + Form 15CB (CA certificate) + Form 15CA (declarant statement) + 26Q + 27Q TDS return verification. NRI / OCI senior 60+ parent US person should disclose FEMA USD 1M / year LRS remittance + repatriation + Form A2 + AD-1 + FEMA compliance certificate to avoid FEMA compounding penalty up to 3x per FEMA 1999 Section 13. FEMA NRO 7-year retention per RBI Circular 47/2015 + 12/2015 + FEMA 1999 + RBI Master Direction 2024 debated for Form 8938 NRI / OCI senior 60+ parent US person FEMA PI specified foreign financial asset + 10-year US/UK/CA/AU retention debated. Form 67 mandatory per CBDT Notification 3/2022 + Circular 11/2022 + 12/2022 stricter rules + Form 10F per Income Tax Rules 1962 Rule 21AB + Section 90(4) 8-year TRC retention. DTAA Article 25 mutual agreement procedure + saving clause + Form 8833 treaty disclosure + Section 6114 + 25% treaty penalty + Section 7701(b) treaty tie-breaker + Section 90(5) panchnama. Estate Tax Treaty (India-USA Estate Tax Treaty 1954) + Gift Tax Treaty (no comprehensive India-USA Gift Tax Treaty — debated) + Form 706 US estate tax for US person estate > USD 12.92M (2025) + Form 709 US gift tax for US person gifting > USD 18,000 (2025). Section 877A expatriation tax for covered expatriate + Section 2501 + 2511 + 2518 GSTT + 2702 retained interest + Section 2036 + 2038 + 2056 + 2523 + Form 8938 NRI / OCI senior 60+ parent US person estate.

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