Can sale proceeds of such property if and when sold be remitted out of India?
For residential properties purchased on or after 26 May 1993, the Reserve Bank considers applications for repatriation of sale proceeds. Approval is usually granted for up to the consideration amount remitted in foreign exchange in acquiring the property for a maximum of two such properties. The balance amount of sale proceeds, if any, or sale proceeds for properties purchased prior to 26 May 1993, will have to be credited to the ordinary non-resident rupee account of the owner of the property.
In respect of residential properties purchased on or after 26th May,1993, Reserve Bank considers applications for repatriation of sale proceeds up to the consideration amount remitted in foreign exchange for the acquisition of the property for two such properties. The balance amount of sale proceeds if any or sale proceeds in respect of properties purchased prior to 26th May, 1993, will have to be credited to the ordinary non-resident rupee account of the owner of the property.
Ans In respect of residential properties purchased on or after 26th May 1993, Reserve Bank considers applications for repatriation of sale proceeds up to the consideration amount remitted in foreign exchange for the acquisition of the property for two such properties. The balance amount of sale proceeds if any or sale proceeds in respect of properties purchased prior to 26th May 1993, will have to be credited to the ordinary non-resident rupee account of the owner of the property.
For residential properties purchased on or after 26 May 1993, the Reserve Bank considers applications for repatriation of sale proceeds. Approval is usually granted for up to the consideration amount remitted in foreign exchange in acquiring the property for a maximum of two such properties. The balance amount of sale proceeds, if any, or sale proceeds for properties purchased prior to 26 May 1993, will have to be credited to the ordinary non- resident rupee account of the owner of the property.
