bringing money to US

[ctzn]

Hi,

I am a Green Card holder in the US. I recently sold my house that is equivalent to around $250000. I want to bring that amount to US to buy a house. What is the best way to do this? Are there taxes involved with that in the US?

Thanks.

[immihelp]

I assume that you have put that money into your NRO account.

You first need to pay income taxes in India on the gain, get the certification from the Chartered Accountant regarding the same and then you approach the bank in India to get transferred from your NRO account to your bank in the US.

You will have to show that gain income from India in the US as your taxable income and you would get foreign tax credit for the taxes you paid in India.