Can the proceeds from the sales of such property be remitted outside of India?
If the property was purchased on or after 26th May, 1993, the RBI considers applications for repatriation of sales proceeds up to the consideration amount originally remitted for the acquisition of the property or up to two properties. This is as long as, the property is not sold before a full three years has past since the final payment/completion of purchase occurred. The RBI need to be informed on form IPI 8, 90 days before sale.
