Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Can NRI/PIO rent out the residential commercial property purchased out of foreign exchange/rupee funds?

0
Posted

Can NRI/PIO rent out the residential commercial property purchased out of foreign exchange/rupee funds?

0

A.30. Yes, NRI/PIO can rent out the property without the approval of the Reserve Bank. Rent received can be credited to NRO/NRE account or remitted abroad. Powers have been delegated to the Authorised Dealers to allow repatriation of current income like rent, dividend, pension, interest, etc. of NRls/PIO who do not maintain an NRO account in India based on an appropriate certification by a Chartered Accountant, certifying that the amount proposed to be remitted is eligible for remittance and that applicable taxes have been paid/ provided for. [cf. AP. (DIR Series) Circular No. 45 dated May 14, 2002].

Related Questions

Thanksgiving questions

*Sadly, we had to bring back ads too. Hopefully more targeted.