US Capital Gains Tax of shares sold in India

arun2681

Registered Users (C)
My parents bought some Indian shares for me when I was a kid in 1985 under my father’s and my name (first holder).
We came to the US in 2007. I am now a Green Card holder and my father is on H1B work visa.
We sold some of these shares AFTER I got the GC and would like to transfer the proceeds to the US.

Could any tax experts confirm whether this would attract any capital gains tax in the US, given the facts that:

1. The shares were jointly owned by a resident and non-resident alien. And the latter paid fully for it.
2. The number of shares have increased since the initial purchase with bonus issues.
3. The proceeds got credited to a joint bank account in India that was operated by my dad and me.

Would the capital gains tax assessment change if the shares can be considered as a gift from my father to me.

Thanks,
 
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