India Taxes Gains on US-Listed Shares Sold by Returning Residents

Indian residents who sell US-listed shares acquired while living abroad must pay capital gains tax in India, calculated in rupees, with no relief for rupee depreciation. Long-term gains on shares held over 24 months are taxed at 12.5% plus surcharge and cess. Foreign assets must be disclosed in Schedule FA of the ITR, with penalties up to ₹10 lakh for non-compliance. A one-time compliance window and immunity for small assets up to ₹20 lakh offer relief.