Tax law changes
India taxes on the capital gains that result from the sale of the house so report the capital gains amount earned on the sale in India as other gross income. This is the only gross income to report in this section.
You will need to report the sale of your house first as an investment sale before you begin to work on your Foreign Tax Credit.
- In your Home and Business program, go to personal>personal income>choose what you work on.
- Go to investment income
- Go to Stocks, Cryptocurrency .......
- Classify this as other
- Follow all prompts that follow to determine what your capital gains is on the sale.
Once you enter the gross income for India and the foreign taxes paid, you should have a country summary appear like the screenshot I have included below but reach out to us if you have additional questions.
