Nri taxation questions

Hello Experts,

I've been browsing through similar posts on CAClubIndia, but I wasn't able to deduce the following. Request you to please help me understand/learn from the answers to these questions

I will be an NRI, residing in US, for purposes of taxation next year (Jan 2016). I want to prepare myself for this by undestanding the requirements / rules around taxation.

I have a savings account, home loan and a demat account with ICICI. As I understand I'm required to convert my savings account to a NRO/NRE account and report any interest income. What is the guidance for loan and demat accounts?
For home loan premiums paid in India, are there any benefits I can claim in the US during tax filing? If yes, what documents would I need for this?
I regularly transfer money from my US bank account, using remitance sites like remitly or riamoneytransfer, to my parents' account. Are there any guidances around this for taxation? My understanding is that this is considered a gift and hence tax exempt from US and India processes
I own two properties - one in Maharashtra, unoccupied and I want to sell and second in Karanata where my parents are staying. If I sell the property in India, I was reading that 20% of the profilt needs to be deducted as capital gain tax. As an Indian, I would have a choice to invest in bonds OR purchase other property to avoid this tax. Are there any avenues for NRI in this case?
Lastly, for FY 14-15, I was working in India till Jan 30 2015. Hence, I filed my taxes in India. However,for the 2 months of salary in the US, I had paid taxes in the US ( @ 40% including social security and state tax). Hence, I did not show this income in India during the tax filing. After speaking to some friends, I'm confused if this was the right step. Any thoughts?

Thanks and appreciate your time in helping me with these questions.

Sir as per my knowledge, you have to open an NRE or NRO account with bank who is dealing with portfolio investment scheme(PIS). you can trade with only this bank and not open another trading account with another bank. In case of Loan there is no problem. So convert the saving bank account in nre account and take facility of PIS scheme for trading in securities from ICICI bank.
you can take benefit of premium on housing loan ( Principal + Interest ) in India after possession of property.
There is no worry to transfer money to parents.
If you sale the property then capital gain is arises it may be long term and short term it depend on the period of hoding. if assest is hold more than 3 years then it will be long term capital gain and @ 20% tax is payable but there is exemption in tax if you buy bond with in 6 month from the date of transaction.

if you have two house then one is deemed to be let out and you have to pay taxes on deemed rental income. so possess only any one house and sell another house.

5 Last year you are resident of india so you have to pay tax on US income also and you can claim fedral tax in india as tax credit paid in US proportionate basis like tax of feb and march. In India you can claim only fedral tax not a state tax.

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Madhur Tanwani

CA Amit kumar gupta

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