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PK,

Thank you for your prompt response.  To clarify: a) I am a US citizen, b) 184K was sale price and I paid 1% commission on top of this. All other expenses were borne by the buyer. c) I paid TDS, but my CA in India has determined the actual  LTCG tax due to be 39K.  Indian taxes will be filed in May.

 

I can file for an extension, but my understanding is that tax is due anyway by April 15 and I need to ensure that I do not underpay. Hence I need to have a very accurate estimate of the tax due.

 

I will be filing FBAR as I have been doing all along. The proceeds from the sale (less TDS) were in my bank account in India for less than a week.

 

BTW, the LTCG tax rate in India changed recently (7/23/24) to 12.5% + cess and no more indexing.

 

I am looking forward to any assistance.