Hi Good morning My name is Sanjay
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: Ok Here is my question I have moved to the USA around 18 months ago. I am in USA on work visa. Prior to coming into USA - I have property
in India (where I used to reside) I understand that sale of property in India is now taxable for me in USA (as I am now a US
resident) However, I have also read that there is a DTAA (Double taxation
avoidance agreement) between India and USA and as per that agreement - sale of property is taxable in the country of origin. So if I sell my property in India - it will be subjected to tax
in India as per laws
in India and with the DTAA - there will no additional tax on it in the USA. Can you please let me know if my understanding is correct?
JA: Is there anything else the Accountant should be aware of?
Customer: Yes - I have already declared all my foreign income
for the 2015 tax year. It was really difficult process for me - but I have complied with the law