Sale of property in India purchased earlier using US funds and repatriate now to US
I was Non Resident Indians, purchased property in India with funds earned in USA. The funds were transferred from my US account to my In-Laws Bank Account in India.
I am now US Citizen. I am in the process of selling the property and bringing the funds back to USA.
Since, the conversions rates were vastly different compared to 10 years ago, although the property has appreciated in Rupee terms; it is still at loss in dollars terms due to the exchange rate.
What kinds of taxes on both ends are we liable for?
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