Selling Property In India

Question

Bought a under construction property on H1B (USA), got permanent residency in 2010, got house possession in 2011, paid the house now through a NRE/NRO account, if I sell the house now,

1. what taxes I need to pay in India
2. What taxes I need to pay in USA
3. My accountant never asked or reported the bought property in taxes- should he reported in taxes?Did he do wrong not reporting
4. should I report the property in my next year taxes?
5. Can i bring the money back if needed?
6. If I rent the property instead of selling, do I have to report the income and what income?
7. should I be filling taxes on the rental income in India or just in USA or both

Answer 1

From India Tax point of view: Some one else may give the US tax treatment.
Refer to this similar question

what taxes I need to pay in India

Capital Gains.

My accountant never asked or reported the bought property in taxes- should he reported in taxes?Did he do wrong not reporting
should I report the property in my next year taxes?

If you mean in IT Returns, yes it should be declared.

Can i bring the money back if needed?

By Back if you mean repatriate to US, The capital portion would be Ease if the loan property was purchased or loan repaid from NRE. Else there is limit on the amount and paperwork. Consult a CA.

If I rent the property instead of selling, do I have to report the income and what income?
should I be filling taxes on the rental income in India or just in USA or both

You are taxable for the rent and have to report it as income and pay taxes in India.