Quick Read about Remittance of assets inside/outside India, Sale of Residential Property outside or inside India by NRI/PIO or Purchase of Residential Property outside/inside India by NRI/PIO, and circumstances under which Repatriation of sale of immovable property is allowed
What is the remittance of Assets?
It means Remittance of assets Inside/Outside India of any funds which will be held as a deposit with a bank/firm/company.
How much the Remittance out of the balances held in the NRO account allowed?
A Non-Resident Indian (NRI) or a Person Indian Origin (PIO) may remit an average amount up to USD one million, per financial year, out of the balances held in his Non-Resident (ordinary) rupee (NRO) account/sale proceeds of assets only for the bonafide purpose subject to the approval of authorized dealer.
Read Also:- Acquisition and Transfer of Immovable Property in India
How can Remittances of sale proceeds of asset acquired by the way of inheritance or legacy or settlement be done?
Since there is no lock-in period hence under this remittance NRI/PIO may submit documentary evidence here in support of inheritance or legacy of assets along with the documentary evidences that taxes have been paid by him in India at the time of remittances.
How can we do Repatriation of sale proceeds of residential property purchased by NRIs/PIO out of the foreign exchange?
There is no lock-in-period for the sale of any residential property which is purchased by NRI/PIO out of foreign exchange but however, there will be a restriction on the same when the NRI/POI purchase more than 2 properties.
Under what circumstances Repatriation of sale of immovable property is allowed?
If the property is received by way of settlement without retaining the life interest of the settler it would be considered as a remittance by the way of gift and such remittance would be guided on the parameters of the balance account that will be left in the NRO account.
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