(a) US taxes being based generally on Calendar year, your world income ( assuming you are a US person -- citizen/GreenCard / Resident for tax purposes) for the US Tax year needs to be recognized. Thus if the first property was sold ( sale completed / closed ) during any day of 2024 , then US purposes you report the disposal on your 2024 tax return.
(b) Note that your loss/gain computation is per US tax laws ( there is no indexing of basis as in India ).
(c) If and when your Indian tax is settled , you have to allocate the tax that was paid on the first property ( 2024). Only then can you take advantage of foreign tax credit. If you need help on this , let me know and I can go over this aspect.
(5) The property sold in 2025, will be similarly reported/recognized on the 2025 tax return ( filed in 2026 ).
Is there more I can do for you ?
@venkyd Namaste ji
pk
