Do I need to pay US capital gains on long term capital gains in sale of India mutual funds (tax free in India)
Wednesday, February 3rd, 2010 at
12:41 pm
I own mutual funds in India, and sold them for long term profit. These long term capital gains are tax free in India. Am I required to pay US capital gains taxes on it? I am a green card holder but Indian citizen living in the US
Tagged with: capital • free • Funds • gains • India • long • mutual • need • sale • term
Filed under: Green Mutual Funds
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Since you are a US resident, that’s taxable in the US unless it’s subject to a tax treaty. Very few treaties of that type exist.
As a US resident, you are taxable on this item. A tax treaty would be relevant only if you were claiming to be a Treaty resident of India rather than the US.