I have a piece of land in India that I purchased about 20 years ago. I entered into a development agreement with a real estate developer in February 2014 for construction of apartments.
The agreement was to give me 4 apartments in lieu of the land and keep the remaining 8 for him.
The 4 apartments will be handed over to me soon in August 2016.
When will the tax liability arise for payment of capital gains tax in USA? Would it be when I get the apartments from the developer or when I sell them?