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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? |
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I sold the property bequeathed to me by my mother and purshased a flat in Bombay India. At the time of my mothers death al my children (2 sons and 1 daughter) were minior. I am the owner of the flat. I am now a US citizen and desire to sell the flat. Mt children who are major now and as per verbal declaration of my grand mother, her prperty was to evnetually pass on to her grad children but since the children were minor thereore I became the sole beneficiary, and disposed off the inherited property and purchased the flat in my name. Now my children demand that the property be given to them in deference to the wises of their deceased grandmother. My children have advised the Housing Society accordingly. Now I am not in a position to sell my flat in India as my children are reluctant to give me the consent for its sale and Housing Society is not giving the approval for its sale. Please guide.
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