Can US long term capital losses offset Indian Capital gains?

[anuj106]

Dear r2iby2007,

1. Yes ,Long term capital gains of India can be offset against losses from sale in USA, but I don't think you will get any benefit if you are selling shares listed on Indian Stock Exchanges, wherein the Long Term Capital Gains are not taxable.

2. Yes , this transaction needs to be declared in India and US.

Anuj
femaquery[at]gmail.com

[slowLearner]

Dear r2iby2007,

1. Yes ,Long term capital gains of India can be offset against losses from sale in USA, but I don't think you will get any benefit if you are selling shares listed on Indian Stock Exchanges, wherein the Long Term Capital Gains are not taxable.

Anuj
femaquery[at]gmail.com

The benefit is from Uncle Sam since USCs are taxed on worldwide Income irrespective of residency.