Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Can the house occupied by NRIs be let out?

April 26, 2017House let NRIs occupied

0

Posted

Can the house occupied by NRIs be let out?

1 Answer

0

Posted

The RBI has granted general permission to NRI’s and foreign citizens of India origin, to let out their residential properties acquired for their bonafide residential purpose but which on account of their residence abroad, are not required for their immediate residential purpose. However, there are restrictions on the repatriation of the rental income earned from letting out of the property. The rental income is on a non-repatriation basis. Thus funds (rental income) must be credited to the NRO Account/Residential Accounts in India.