Can sale proceeds of such property if and when sold be repatriate out of India?
RBI has given general permission to a NRIs to repatriate the sale proceeds of Immovable property other provided the following conditions are satisfied, namely: (i) the immovable property was acquired by the seller in accordance with the provisions of the foreign exchange law in force at the time of acquisition by him or the provisions of these Regulations; (ii) the amount to be repatriated does not exceed (a) the amount paid for acquisition of the immovable property in foreign exchange received through normal banking channels or out of funds held in Foreign Currency Non Resident account or (b) the foreign currency equivalent, as on the date of payment, of the amount paid where held in Non-Resident External account for acquisition of the property; (iii) in the case of residential property, the repatriation of sale proceeds is restricted to not more than two such properties.
