I'm as NRI selling home in Star City, Gujarat. I'd like to know if there would be any US tax liability for below transaction?
| | 50% | 50% |
| | Head of Family | Spouse | Total |
| Sales Price | INR 4,500,000.00 | INR 4,500,000.00 | INR 9,000,000.00 |
| | | | |
Cost of Purchase (A) | INR 2,648,350.00 | INR 2,648,350.00 | INR 5,296,700.00 |
| | | | |
Stamp Duty (B) | INR 123,725.00 | INR 123,725.00 | INR 247,450.00 |
Documentation Charges (C) | INR 15,390.00 | INR 15,390.00 | INR 30,780.00 |
| Electricity Connection Charges (D) | INR 37,500.00 | INR 37,500.00 | INR 75,000.00 |
Misc Charges Paid (E) | INR 84,750.00 | INR 84,750.00 | INR 169,500.00 |
Purchase Value (Cost of Purchase and A+B+C+D+E) | INR 2,909,715.00 | INR 2,909,715.00 | INR 5,819,430.00 |
Capital Gain (Sales Price - Purchase Value | INR 1,590,285.00 | INR 1,590,285.00 | INR 3,180,570.00 |
| Tax Payable (14.30% on Capital Gain | INR 227,410.76 | INR 227,410.76 | INR 454,821.51 |
| TDS Deducted (14.30% on Sales Price) | INR 643,500.00 | INR 643,500.00 | INR 1,287,000.00 |
| Indian Tax Refund | INR (416,089.25) | INR (416,089.25) | INR (832,178.49) |
