I am a U.S. citizen currently in Hyderabad for the past 3 or 4 years. I am not working and have no income in India but have Social Security monthly pension in U.S. (below taxable limit in U.S.) and deposited in my account in USA. When I was working in India – after getting U.S. citizenship – I secured my own PAN Card and Aadhar Card too.
My wife, who is an Indian Citizen, has an apartment owned by her. She is transferring her property to me by GIFT Deed.
We both would like to go back to U.S. and settle down there with my savings, and I intend to apply and secure a Green Card for my wife so that we both can live in U.S.
My question is: If I dispose of the property in Hyderabad – worth about Rs 80 Lacs (approx 130,000 USD) how can we take these proceeds to U.S. legally without any problems?
Alternatively, instead of transferring property to me, can my wife sell the property and can she take the money in U.S. Dollars to U.S. legally?
What are the best options I have?