Tax effects of selling home in Delhi and moving money $ to the USA - Indian Real Estate Forum

ziffusion · 22-06-12

The home is owned by my mother. She and I are both USA citizens. What kind of taxes will she owe if she sells the property in India, and moves the money $ to USA?

Is she liable for capital gains tax in India?
Is she liable for any taxes in the USA?

The property can be sold in her name, or transferred to me and then sold.

sunshinekidd · 22-06-12

As a US citizen, any gains on overseas property will be treated exactly like any domestic property gains. Expect capital gains taxes:-(

roadrun · 02-07-12

This can get quite complicated. Please contact a good tax accountant.

Paramsaini · 16-09-12

Hi ziff.. I reside in states too! Please note US nationals have to pay tax on worldwide income.

Income from Abroad is Taxable

Also money in account in India if more than 10k$ has to be reported using fba form tdf 90.

Please take this seriously and get good tax consultation

22-06-12	#1
ziffusion New Member Join Date: Jun 2012 Posts: 8 Likes Received: 1 Likes Given: 0	Tax effects of selling home in Delhi and moving money $ to the USA The home is owned by my mother. She and I are both USA citizens. What kind of taxes will she owe if she sells the property in India, and moves the money $ to USA? Is she liable for capital gains tax in India? Is she liable for any taxes in the USA? The property can be sold in her name, or transferred to me and then sold.

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22-06-12	#2
sunshinekidd New Member Join Date: Jul 2010 Posts: 2 Likes Received: 0 Likes Given: 0	As a US citizen, any gains on overseas property will be treated exactly like any domestic property gains. Expect capital gains taxes:-(

02-07-12	#3
roadrun New Member Join Date: Jan 2010 Posts: 12 Likes Received: 1 Likes Given: 1	This can get quite complicated. Please contact a good tax accountant.

16-09-12	#4
Paramsaini New Member Join Date: Sep 2012 Location: Seattle Posts: 16 Likes Received: 0 Likes Given: 0	Hi ziff.. I reside in states too! Please note US nationals have to pay tax on worldwide income. Income from Abroad is Taxable Also money in account in India if more than 10k$ has to be reported using fba form tdf 90. Please take this seriously and get good tax consultation