Can the sale proceeds of immovable property in India be repatriated?
The sale proceeds of an immovable property in India can be repatriated if following conditions are fulfilled: The immovable property was acquired by the seller in accordance with the law of foreign exchange in force at the time of acquisition; • The amount to be repatriated does not exceed the amount paid for acquisition of the immovable property in foreign exchange received through normal banking channels or out of funds held in FCNR A/c, or the foreign exchange equivalent, as on the date of payment, where the amount paid of out of NRE A/c. • In case of residential property, the repatriation of sale proceeds restricted to not more than two such properties. • In case a non-resident person acquired an immovable property in India when he was resident or inherited it from a resident person, repatriation of sale proceeds of such property shall be allowed only with the permission of Reserve Bank. Similar restriction shall apply in case of successor of the aforesaid persons. • No permission
