r2i forum

Hi - I returned to India 8 years ago. So Indian Resident fully. My US account was not re-classified as alien so no withholding happened.
Activities -


[LIST=1]

Sold some US shares for profit this FY

Some other US shares lost value and I had to authorize my broker to extinguish (whatever that means operationally)
[/LIST]

Now -
[LIST=1]

I can index my cost of purchase for both and set off losses against gain - Pay Indian tax (20.6%) on the balance LTCG

File for US taxes in 2019 and claim credit on tax paid to Indian Govt (using DTAA)
[/LIST]

Is this the correct way to go about it?

tv_freak;672831Hi - I returned to India 8 years ago. So Indian Resident fully. My US account was not re-classified as alien so no withholding happened.
Activities -


[LIST=1]

Sold some US shares for profit this FY

Some other US shares lost value and I had to authorize my broker to extinguish (whatever that means operationally)
[/LIST]

Now -
[LIST=1]

I can index my cost of purchase for both and set off losses against gain - Pay Indian tax (20.6%) on the balance LTCG

File for US taxes in 2019 and claim credit on tax paid to Indian Govt (using DTAA)
[/LIST]

Is this the correct way to go about it?

Actually another question, which was wrapped inside was - Can I set off long term losses on share against long terms gains in this given situation.