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Get your taxes done using TurboTax
So, confusion now is that form 3520 only works if someone else sends you money as inheritance. In our situation, we got our money transferred from Indian NRO account to our US account. Amount repatriated was from selling a rural agricultural land in India. This is not considered as capital asset there and we don't need to worry about any capital gains. I am assuming that same rule will apply in US taxes and I will not consider any capital gains.
Is this correct assumption?
‎April 15, 2022
10:19 AM