pk
Level 15
Level 15

Deductions & credits

@ksh2025 , Namaste ji.

 

(a)  when did you enter the USA and which visa ?

(b) when did you complete the sale of the condo in India ?

(c)  do you have any earnings in the USA and if  so ,  ball park figure, please?

(d)  What was your Acquistion cost for the  prop., cost of any improvements , how did you use it ,, how much did you sell it for  --- I need ball park figures.

Generally , if you are /were a US person ( Citizen/GreenCard/ Resident for tax purposes ) at the time of the sale , then  you would be subject to world income tax, including  any gains from sale of assets in India.   US does not use  indexing of basis ( like India does ), and the gain may be taxed  partly at marginal rate or at ca[pital rate ( depending on exact facts and circumstances ).

 

I will circle back once I hear from you  -- you can also PM me  if you are un-comfortable sharing details -- just NO PII  ( Personally Identifiable Information ) please.