Most people with foreign accounts file both. The FBAR is required when your foreign financial accounts together exceed $10,000 at any point in the year. Form 8938 starts at $50,000 for a single filer living in the United States and…

Mostly no. India taxes the gain because the property is there, the US taxes it because you live here, and the foreign tax credit under Article 25 of the treaty relieves most of the overlap. Three things survive it: the…