Selling property in india & tax implications

[sidd_hyd]

I have some property (flat) in india that I'm planning to sell. The builder has agreed to deposit the amount (in rupees) to my bank a/c. Now, a couple of questions:

1. Can I convert it to dollars and bring them to US?
2. Would I pay taxes in india and simply declare the income in my next years 1040?
3. Anything else I need to worry about.

thanks in advance,
Sidd

[ginnu]

http://www.rbi.org.in/scripts/FAQView.aspx?Id=33

[rummenigge]

Originally Posted by sidd_hyd

I have some property (flat) in india that I'm planning to sell. The builder has agreed to deposit the amount (in rupees) to my bank a/c. Now, a couple of questions:

1. Can I convert it to dollars and bring them to US?
2. Would I pay taxes in india and simply declare the income in my next years 1040?
3. Anything else I need to worry about.

thanks in advance,
Sidd

should record the valuation of the flat when you became PR, pay capital gain for vaule appreciation when you sell.
ask accountant or call IRS hotline pls.

[TheRealCanadian]

Originally Posted by rummenigge

should record the valuation of the flat when you became PR, pay capital gain for vaule appreciation when you sell.

US Capital gains are calculated from the day of ACQUISITION, not the day our original poster became a Permanent Resident. The US, unlike Canada, does not have deemed acquisition or disposition rules.

[GreenCardVirus]

Originally Posted by sidd_hyd

I have some property (flat) in india that I'm planning to sell. The builder has agreed to deposit the amount (in rupees) to my bank a/c. Now, a couple of questions:

1. Can I convert it to dollars and bring them to US?
2. Would I pay taxes in india and simply declare the income in my next years 1040?
3. Anything else I need to worry about.

thanks in advance,
Sidd

Wow, you must be really very sincere!!

Hope no one else owns your property currently.