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Subject:   TAX ON CAPITAL GAINS FROM LAND SOLD AND RE-INVESTED IN INDIA WHILE BEING A US RESIDENT
Name:   VENKY
Date Posted:   May 13, 08 - 9:29 PM
Email:   V@GMAIL.COM
Message:   Hi,

I am a resident alien on an L1 visa from India and stayed from May'07 thru December of 2007 in USA and filing my return in USA for year 2007. I will be in USA till July'08. During 2007 while I was here I had sold land in india and purchased a house in India. So is the amount of capital gain received taxed or will it be the amount for which I could not invest be taxed in USA? and what would be the % of tax I need to pay for the capital gains. As per the indian income tax law any amount re-invested is non taxable.

Can someone guide me. Thanks a lot.
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