Receiving payments in USD

[raghupv]

Hi,

I live in US.. and am selling my property in India.. I have found a buyer who lives in the US.. and offered that he can pay me the property value in USD.. which can be 50k... is it a good idea to accept it in USD? what are the other options?

Thanks

[txh1b]

You need to talk to a CPA regarding tax implications and also with such a huge amount of money changing hands, The Patriot Act might also kick in.

[immihelp]

You will have to pay the taxes on the gains anyway.

And if you are U.S. citizen or permanent resident, you will have to report the worldwide income on your U.S. tax returns.

You will have to pay the income taxes in India on the gains and pay the difference in tax rate here in the U.S.

[Nishant]

Payment in foreign currency for sale of property in India is likely to violate Reserve bank of India Foreign exchange guidelines.

After paying capital gains tax in India, person can convert INR to USD as per India income tax rules.