pk
Level 15
Level 15

Get your taxes done using TurboTax

@ramanathan1720 , agreeing with my colleague @NCperson  , and just adding my two cents:

 

(a) AS a US person ( citizen / GreenCard / Resident for Tax purposes ), you have to report / recognize   AND be taxed on your world income.

(b) Assets that you acquired prior to becoming a US person remain your asset with the same basis  during your US person stage.  The basis is generally is your acquisition cost ( i.e.. price + any associated costs for Acquistion  )   Note that  US does not index basis ( as practiced in India  for some types of asset ).

(c)  AS you are aware your Capital Gain taxation is based on your Modified AGI and no necessarily  at 0% 

(d)  Depending on your exact situation and the amount of Foreign Taxes you pay to India and under the "double Taxation " clause of the treaty, you can  choose to claim foreign tax credit ( limited  by form 1116 ) or take deduction  ( under SALT limitation ) if you itemize.

 

Give the above , is there more one of us can do for you ?

 

Namaste ji 

 

pk