Can the sale proceed of the property be repatriated?
A. Yes. In case the property was acquired by the seller in accordance with the provision of foreign exchange law in force at the time of acquisition, the proceed of sale can be repatriated. The repatriation shall, however, not exceed the amount paid in foreign exchange received through inward remittance from abroad or out of funds in FCNR account or foreign exchange equivalent of amount paid out of NRE Account. The excess sale consideration over the amount paid in foreign exchange (profit) can be remitted out of NRO account subject to USD 1 million per financial year per person. In case of repatriation of sale proceed of residential property, it is limited to sale proceed of two such properties.
