Tax on Foreign Property Hi,
I am a resident of US and have been filing my tax returns regularly.
I had a commercial property in India bought in 2000 for about 11000 USD and sold recently in 2009 for about 35000 USD. I have purchased a residential property from the proceeds of this sale and in fact transferred more money to complete the acquisition of the new property.
Do I have to pay any Capital Gains tax?
If not taxable, do I have to mention any reference of the same in my 2010 returns, which quite frankly, I did not mention.
Thank you
Regards,
Roto Sharma |