Non resident ordinary (NRO) account How NRO funds can repatriated?


Remittance/s upto USD 1 million, of balances in NRO accounts/of sale proceeds of assets on production of an undertaking by the remitter together with a certificate issued by a Chartered Accountant as prescribed by the Central Board of Direct Taxes (CBDT). In the case of repatriation of sale proceeds of immovable property by NRIs/PIOs, repatriation can be allowed thereof even if the immovable property was held by the NRIs/PIOs for less than 10 years provided the cumulative period of holding of the immovable property in India and retention of the sale proceeds of the property in the NRO Account is not less than 10 years(Allowed upto 30.6.2003).

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