Currently, it is possible to get "Female" on legal documents, thanks to Supreme Court's NALSA judgement.
Sources:
1.
https://transgenderindia.com/how-to-apply-for-indian-passport-being-transgender/
2.
https://transgenderindia.com/change-gender-marker-and-name/
3.
https://en.wikipedia.org/wiki/National_Legal_Services_Authority_v._Union_of_India
However, it is also likely that if Transgender Persons (Protection of Rights) Bill, 2016 is approved in its current format, it will most likely be "Third Gender" or "Others" and not "Female".
Source: Section 5, 6, 7 and 8 of
http://www.prsindia.org/uploads/media/Transgender/Transgender%20Persons%20Bill,%202016.pdf
As of today, since we can reasonably expect to get gender marker on legal documents changed to Female, let's consider that case and ignore the other future scenario.
Section 377 of the Indian Penal Code (
https://indiankanoon.org/doc/1836974/) is still legal and the fact that Supreme Court overturned Delhi High Court's intent to decriminalize homosexuality in 2013 (
http://www.reuters.com/article/us-india-rights-gay-idUSBRE9BA05620131211), I'm concerned.
Supreme Court has agreed to hear the issue again in 2016 (
http://www.thehindu.com/news/national/Five-judge-Constitution-Bench-to-take-a-call-on-Section-377/article14056992.ece?homepage=true), but since that is still pending, let's not consider that for now.
What I'm interested in knowing is this.
1. a. If you're already married to a woman who approves of your transition from Male to Female, and wants to stay married to you even after your transition, should there be any expectation of getting your Marriage Certificate updated with the gender marker "Female"?
1. b. If it is possible and approved, would it cause issues with banks, hotels, landlords and so on?
2. Can you get married (if you haven't already) when both the people in the marriage are "Female"?
3. Can you get jailed/fined or harassed for even approaching for such a request, before/after marriage? (depending on point 1 or 2 above)
4. Can you seek asylum to other countries where same-sex marriage is legal? Which countries could be candidates for asylum?
Edit: Regarding point 1 and 2 above, Wikipedia says "Sexual activity between people of the same gender is illegal, and same-sex couples cannot legally marry or obtain a civil partnership." (
https://en.wikipedia.org/wiki/LGBT_rights_in_India). But I'm wondering if the on-ground situation is exactly as its legal counterpart is.