Sale of inherited property in India
We are US citizens with PIO card We are planning to sell our inherited property in India.
One of the prospective buyers is in US Can he pay price of the property in US dollars into
Our bank account in US or does he have to convert the money, pay it in India and we take it back to US with RBI permission.
What are the tax consequences in US if we report and pay the taxes in India under dual tax avoidance treaties In india I understand we will end up paying long term gains at 20% plus surcharge which is higher than in US so effectively US tax will be zero?