I have a piece of land in India that I purchased about 20 years ago. I entered an agreement with a real estate developer in February 2014 for construction of apartments. The agreement was to give me 4 apartments in lieu of the land and keep the remaining 8 for him. The 4 apartments will be handed over to me soon. When will the tax liability arise for payment of capital gains tax in USA? Would it be when I get the apartments from the developer or when I sell them?
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Capital gains tax
Replies (1)
Depends upon the clause incorporated in the development agreement, also any cash payment received etc. Otherwise no tax liability now as per Indian IT act. Don't have any Idea about tax liability in USA. Tax liability will arise at the time of sale/transfer.
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