@pk Yes, I have filed ITR in India for the tax year 2023-24. The 20% I was referring to has nothing to do with the tax slabs in India.
The total tax I paid for the capital gains is around $4475, where as the credit I am getting back in only $773. When I calculate this %, I am getting credit only for 17% and rest 83% is being carried forward. I rounded these numbers to 80% being carried forward.
Question 1: Do I report this as a Passive category or General category? Passive looks more suitable.
Question 2: The credit can only be taken for the similar category income in the future years? Meaning, Passive category income from future year can use the General category credit in this year?
Question 3: Is there any way I can choose not to pay taxes in India and pay full tax in the US as I am not getting the full credit for the tax paid in India? To the extent I am missing on the credit, I am being double taxed. Right?
Thanks
