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    deepakzworld's Avatar
    deepakzworld Posts: 4, Reputation: 1
    New Member
    		  
    #1

    Jun 5, 2014, 03:48 PM
    Buying property in India and then selling it after few years
    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
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jun 6, 2014, 05:46 AM
    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.
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