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darth tintu

Selling apartment in India and buying a house in the USA

I'm an NRI residing in the USA. I took possession of an apartment in Bangalore in April 2013. I am considering selling this apartment and buying a house here. What are the tax implications and mitigation steps. Do I owe tax on the profit if I sell it and buy something here in the same tax year. If tax is owed can I claim the tax credit? Is it better to wait 2 more years to get the benefit of long term capital gains rate?

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