What are the provisions for remittance of sale of proceeds of any immovable property by Non-resident Indians/ Person of Indian origin, resident outside India ?
Ans.Repatriation outside India, including credit to RFC, NRE or FCNR account, of sale proceeds of any immovable property situated in India, requires prior permission of the Reserve Bank except in the following circumstances: In the event of sale of immovable property other than agricultural land/ farm house/ plantation property in India by a person resident outside India, who is a citizen of India, or a person of Indian origin, the authorized dealer may allow repatriation of the sale proceeds outside India, provided all the following conditions are satisfied the immovable property was acquired by the seller in accordance with the provisions of the foreign exchange law in force at the time of acquisition by him or the provisions of Regulations under FEMA the amount to be repatriated does not exceed • the amount paid for acquisition of the immovable property in foreign exchange received through normal banking channels or out of funds held in Foreign Currency Non-Resident account or • the
Ans. Repatriation outside India, including credit to RFC, NRE or FCNR account, of sale proceeds of any immovable property situated in India, requires prior permission of the Reserve Bank except in the following circumstances: In the event of sale of immovable property other than agricultural land/ farm house/ plantation property in India by a person resident outside India, who is a citizen of India, or a person of Indian origin, the authorized dealer may allow repatriation of the sale proceeds outside India, provided all the following conditions are satisfied • the immovable property was acquired by the seller in accordance with the provisions of the foreign exchange law in force at the time of acquisition by him or the provisions of Regulations under FEMA • the amount to be repatriated does not exceed • the amount paid for acquisition of the immovable property in foreign exchange received through normal banking channels or out of funds held in Foreign Currency Non-Resident account or
Related Questions
- XI Remittance of sale proceeds of immovable property inherited by a person resident outside India Q.37. Can sale proceeds of any immovable property inherited by NRI/PIO from a person resident in India be remitted abroad?
- Do non-resident Indians require permission to transfer any immovable property to a person of Indian origin resident outside India / Non-resident Indian ?
- What are the provisions for remittance of sale of proceeds of any immovable property by Non-resident Indians/ Person of Indian origin, resident outside India ?
