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Hey @vasu017, this is a great question and one you've probably realized is difficult to find a concrete answer online for. That's because there isn't really a set answer that can be given that applies to all schools. We can give general approximations of how schools convert these grades but you need to remember that they're exactly that, approximations.
@DebaterMAX and @chromium0818 gave you good answers already and I just wanted to give you a few more supporting documents to support their answers. If you haven't already seen it, I think this article can be of some help to you: https://blog.collegevine.com/how-to-convert-your-gpa-to-a-4-0-scale/. It only mentions converting IB to GPA in passing but it should give you a good idea of how you can convert future grades if you find the need.
The article that I think will be really helpful for you can be found here: https://apps.washingtonpost.com/g/documents/local/evidence-in-harvard-admissions-trial/3248/. It's a long document that's related to the Harvard admissions case. The page you're interested in is going to be page 99. There's a chart in there that explains how Harvard calculates equivalent GPAs. I'll copy it below in case you don't want to search for it.
7 = A+ = 4.3
6 = A = 4.0
5 = B = 3.0
4 = C = 2.0
3 = D = 1.0
They also include a couple extra bullet points explaining how to use the chart. If you're taking a gap year your actual two-year IB marks are used. If there aren't final marks, they'll use predicted marks. If predicted marks aren't available they'll use internal grades. For IB schools in the US, they use the course values given on the transcript. For IB schools on outside the US, they double the weight of the higher level courses as opposed to the standard level ones. They also use the same standards for "domestic" applicants as to "academic" versus "all" courses. Again, this can all be found in that link provided. Start on page 98/99 for IB related info but up to page 101 has relevant information as well. If you need anything else, let me know!
The IB examination predicteds and final grades are treated like an AP test score. They are reflections of your external examination performance. In terms of the internal course grades in your IB Diploma Programme, the 1-7 scale is generally converted with a conversion guide provided by the school. Generally, a 6-7 is an A (4.0), and a 5 is a B (3.0). If your school grades IB courses A-F they get converted as normal (4.0 UW, 5.0 weighted).
So assuming weighted grades the standard system is
a A regularly equals a 4.0 gpa a IB is a 5.0 then you calculate gpa that way. As for college they take its rigor into account but gpa is not the colleges purview it’s your high school that calculates GPA but your college will look at your IB test and if you get a certain score differs by test and university you gain college credit becuase of the IB test