@star_personal , while I digest the figures you have posted, can you please answer the following :
(a) when did you acquire the asset --- Is this a case of outright/ private buy ( i.e. where all the funds were paid/deposited at title transfer ) OR from a developer ( where you pay reservation amount before construction starts, and pay the rest as progress amounts or at transfer of title -- beneficial occupancy ) ? Also need dates of payment(s).
I ask because of possible exchange rate differences over the buying period needs to be taken into consideration.
(b) For US purposes do you file as Married Filing Joint ( MFJ) or Married Fling Separate ( MFS ) ?
(c) When did you enter the USA and under what visa ? Has there been any immigration status adjustment(s) and if so to which? Ditto for spouse .
(d) From the date of completion of purchase and till the date of sale, how was the property used ( only personal and/or income--rented and if so from when to when ) ?
(e) Approximate US sourced income for the tax / calendar year ? Should we assume that your world income ( from all sources and all countries ) consists only of the Indian sourced capital gain and US sourced income ?
(f) Any other items one should be aware of ?
I will circle back once I hear from you
Namaste ji
pk
