Can sale proceeds of any immovable property in India inherited, by a foreign national or non-Indian origin resident India, from a person resident in India be repatriated by him?
A. Yes. Amount not exceeding USD one million, per calendar year subject to production of documentary evidence in support of inheritance and tax clearance certificate/no objection certificate from the Income Tax authority to the authorized dealer for remittances. However, if a PIO is a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran he should seek prior approval of Reserve Bank with documentary evidence in support of inheritance and tax clearance/no objection certificate from the Income Tax authority. This remittance facility is not available to a citizen of Nepal or Bhutan. Q38. Can sale proceeds of any immovable property in India inherited, by a person resident outside India (i.e. NRI or PIO or foreign national of non-Indian origin resident outside India), from a person resident outside India be repatriated by him or his successor? A. No. He needs to seek prior approval of Reserve Bank with documentary evidence in support of inheritance and tax clearance
Related Questions
- Can sale proceeds of any immovable property in India inherited, by a foreign national of non-Indian origin resident outside India, from a person resident in India be repatriated by him ?
- Can sale proceeds of any immovable property in India inherited, by a foreign national or non-Indian origin resident India, from a person resident in India be repatriated by him?
- Can a foreign national of non-Indian origin resident outside India acquire any immovable property in India by way of purchase? Can they have the property on lease?
