Hi,
I am currently on H-1B in US. I wanted to know if I buy some property in India and then sell it after a few years, what are the tax implications on the capital gain, if any, and should I report them here in US and how? Would there be any tax implications in India as well? Also, let's say if I buy a property today, do I have to report something in US today itself or only after the property is sold.

Thanks
DeEpAk

Deepak,

Yes, the sale of a capital asset ANYWHERE in the world must be reported on your U.S. tax return in the year if the sale. If there is a long-term (owned for more than one year) gain, that gain will be taxed at either 0%, 5% or 15%, depending on your overall income level and whether you paid taxes to India on the sale.

I cannot comment on whether taxes will be due for India.