Can such property be sold without the permission of Reserve Bank?
Yes. Reserve Bank has granted general permission for sale of such property. However, where another foreign citizen of Indian origin purchases the property, funds towards the purchase consideration should either be remitted to India or paid out of balances in non-resident accounts maintained with banks in India. • Can sale proceeds of such property if and when sold be remitted out of India? In the event of sale of immovable property other than agricultural land/farm house/plantation property in India by a NRI or PIO, the authorized dealer may allow repatriation of the sale proceeds outside India, provided all the following conditions are satisfied: – The immovable property was acquired by the seller in accordance with the provisions of the Exchange Control Rules/Regulations/Law in force at the time of acquisition, or the provisions of the Regulations framed under the Foreign Exchange Management Act, 1999; The amount to be repatriated does not exceed (a) the amount paid for acquisition o
Ans. Yes, such property can be sold a person resident in India, without the permission of Reserve bank. Transfers to other persons who are not resident in India may be made with the prior permission of Reserve Bank. Q. Can sale proceeds of such property if and when sold be remitted out of India? Ans. Yes, if certain conditions are fulfilled. (i) The property was acquired by the seller in accordance with the provisions of foreign exchange law in force at the time of acquisition or the provisions of FEM(Acquisition and transfer of Immovable Property in India) Regulations, 2000. (ii) Repatriation is permitted to the extent of consideration amount in foreign exchange received through normal banking channels or out of funds held in FCNR a/c, or foreign currency equivalent, as on date of payment, where payment is made out of NRE a/c, for acquisition of the immovable property sold. (iii) In case of sale of residential property, repatriation is allowed for maximum of two such properties.
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- Can such property be sold without the permission of Reserve Bank? Can sale proceeds of such property if and when sold be remitted out of India?
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