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IREF® - Indian Real Estate Forum > Real Estate Open House > NRI Real Estate > Tax effects of selling home in Delhi and moving money $ to the USA
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Old June 22 2012, 10:41 PM   #1
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Default 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?
  1. Is she liable for capital gains tax in India?
  2. Is she liable for any taxes in the USA?
The property can be sold in her name, or transferred to me and then sold.

 
Old June 22 2012, 11:10 PM   #2
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As a US citizen, any gains on overseas property will be treated exactly like any domestic property gains. Expect capital gains taxes:-(
 
Old July 2 2012, 12:44 AM   #3
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This can get quite complicated. Please contact a good tax accountant.
 
Old September 16 2012, 11:45 AM   #4
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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
 
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