Can sale proceeds of commercial property acquired by foreign citizens of Indian Origin be remitted out of India?
Yes. Repatriation of original investment in respect of properties purchased by foreign citizens of Indian origin on or after 26th May 1993 will be allowed to be remitted up to the consideration amount originally remitted from abroad provided the property is sold after a period of three years from the date of the final purchase deed or from the date of payment of final installment of consideration amount, whichever is later. An application should be made to the Central Office of Reserve Bank within 90 days of the sale of property in form IPI 8.
Related Questions
- 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?
- How should the purchase consideration for the residential immovable property be paid by foreign citizens of Indian origin under the general permission?
- Can sale proceeds of commercial property acquired by foreign citizens of Indian Origin be remitted out of India?
