Can an NRI repatriate through remittance from abroad the sale proceeds of his property?
Yes, provided the amount repatriated is less than the amount paid for acquiring the property in the first place. The amount paid for acquisition must be received in foreign exchange through normal banking channels. In addition, this amount must be the foreign currency equivalent as on date of payment and paid by debit to the NRI account.
Yes, provided the amount repatriated is less than the amount paid for acquiring the property in the first place. The amount paid for acquisition must be received in foreign exchange through normal banking channels. In addition, this amount must be the foreign currency equivalent as on date of payment and paid by debit to the NRI account. 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.
