The reason why it makes a difference is because old TLDs and SLDs have recognition. People still view .com as more easily remembered than .tv. .co.in has been around a while and big name sites, like Google, have got recognition for ".co.in". In time it may transpire that people view ".in" domains as those that were left when all the best ".co.in" domains were taken.
From the SE algo point of view it's unlikely to make any difference which one you go for.
I'd register both, use the .co.in and redirect the .in.