Are any conditions required to be fulfilled if repatriation of sale proceeds is desired?
• Applications for repatriation of sale proceeds are considered provided the sale takes place after three years from the date of final purchase deed or from the date of payment of final instalment of consideration amount, whichever is later. • What is the procedure for seeking such repatriation? • Applications for necessary permission for remittance of sale proceeds should be made in form IPI 8 to the Central Office of Reserve Bank at Mumbai within 90 days of the sale of the property. • Can foreign citizens of Indian origin acquire or dispose of residential property by way of gift? • Yes. Reserve Bank has granted general permission to foreign citizens of Indian origin to acquire or dispose of properties up to two houses by way of gift from or to a relative who may be an Indian citizen or a person of Indian origin whether resident in India or not,provided gift tax has been paid. • Can foreign citizens of Indian origin acquire commercial properties in India? • Yes. Under the general perm
