I'm assuming that you are a US citizen or permanent resident. If not then this answer doesn't apply.
The US expects that you should enter all income that you receive from all sources into your tax return. So this rental property should have been entered into your tax return for the entire decade that it was rented. Then you should also have entered the foreign taxes paid to India for the rental income that you earned and you would have gotten a credit for that.
As far as this sale goes, enter the amount that you received in USD using the exchange rate on the date of the sale. Enter the amount that you paid for the property (adding in improvements) in the box for the cost or basis of the property. Then you will also enter in any expenses of the sale. Use the exchange rate relevant to each transaction.
This results in a gain that you will be taxed on on your US tax return.
Then you will enter the taxes that you paid to India on the sale in the area for foreign tax credit. That will deduct the taxes that you have already paid from the taxes that you owe.
@src_101
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