First off, I am an US Citizen currently living in the US. I bought a property in India in 2000, when I was not a US citizen but was still living in the US.
Over time it has appreciated and now has the approximate sale value of $600K. If I were to sell it now, how would I go about transferring that money to the US, and what taxes would it be subject to? Mainly I am going to use the money to pay for my children's tuition fees.
1. What was your status in India when the property was purchased. How was the property funded?
I was a US resident, holding a greencard. In India, I was a PIO, and I still am a PIO holder. The property was funded through my personal savings (in the US), and I bought it as an investment.
Thanks for the help.