Can an NRI freely repatriate the sale proceeds of immovable property?
The facility to remit the sale proceeds of immovable property is not available to a citizen of Pakistan, Bangladesh, Sri Lanka, China, Afghanistan, Iran, Nepal and Bhutan. The following conditions apply for repatriation of immovable property: • Immovable property acquired through foreign exchange: • Acquisition should be in accordance with the existing Foreign exchange laws; • The purchase price is met out of Foreign Exchange Inward Remittance or NRE / FCNR (B) account; • Repatriation is restricted to a maximum of two properties in the case of residential properties. Such restrictions do not apply to commercial or industrial properties. • The amount of repatriation is restricted to the foreign exchange equivalent of the purchase price. • Immovable property acquired through local funds: NRIs/PIOs are allowed to repatriate funds held in their NRO account up to US $1 million per financial year. The limit includes sale proceeds of immovable property also • Immovable property acquired throu
