| SALE & REPATRIATION |
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Do we require permission from RBI to sell such property?
No. RBI has granted general permission for sale of such property. However, where another foreign citizen of Indian origin purchases the property, the purchase consideration should either be remitted to India or paid from balances in non-resident accounts maintained in India. |
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Can the sale proceeds of such property if and when sold be remitted out of India?
On conclusion of sale of immovable property other than agricultural land / farm house/plantation property in India by either an NRI or PIO, the person can remit the funds provided all the conditions noted below are met:
- All the provisions of the Exchange Control Rules/Regulations/Law in force at the time were met at the time of acquisition, or the provisions of the Regulations framed under the Foreign Exchange Management Act, 1999;
- NRIs/PIOs can remit sale proceeds of immovable property irrespective of how long the property was held. The profits from the sale of such property cannot be repatriated. The repatriation should not be more than the amount remitted to acquire the said property.
- The repatriations are restricted to sale proceeds of two such properties, if the property was purchased from funds held in NRE Account.
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