American interested in transferring potential condo sale profits from India to US

Q: I bought a condo in 1999 in Mumbai, India, to use when we visited the city. It has been rented for a total of six to seven years, but not continuously. I have not taken any depreciation nor reported any income from the property. Is there any way I can sell the condo and bring the proceeds from the sale of that property back to the United States?

A: Your question may seem simple, but it’s actually quite complicated.

Let’s start with the transfer of funds from India to the United States. If you’ve sold the property in India and deposited the proceeds from the sale into a bank there, you would then request that the bank in India transfer the funds to your bank account in the United States.