My husband and I are currently in the US and pass the substantial presence test for residence (31 days in 2015 and 183 days on the whole)
We want to sell a self acquired property purchased in the year 2012 in India. Sale proceeds would be invested towards buying a house in India itself. We dont plan on bringing that money into the US. We do not own any other residential properties anywhere. In this case, we would be exempt from paying long term capital gain tax in India.
Since we would have to declare our global income while filing tax return in USA. Will we have to pay 15% capital gain tax in US?