Can the house occupied by NRI be let out?
The RBI has granted general permission to NRI’s and foreign citizens of Indian origin, to let out their residential properties acquired for their bonafied residential purpose but which on account of their residence abroad, are not required for their immediate residential purpose. However, there are restrictions regarding the repatriation of the rental income earned from such letting out of the property. The rental income is on a non-repatriations basis. Thus funds ( rental income ) must be credited to the NRO account/ resident accounts in India.
The RBI has granted general permission to NRI’s and foreign citizens of Indian origin, to let out their residential properties acquired for their bonafied residential purpose but which on account of their residence abroad, are not required for their immediate residential purpose. The rental income cannot be repartriated. Thus rental income must be credited to the NRO account / resident accounts in India.
