Can the sales proceeds of residential / commercial premises be remitted out of India?
The repatriation of sale proceeds of immovable property other than agricultural land / farmhouse / plantation property may be remitted out of India on fulfilling the following conditions. The immovable property was acquired by the seller in accordance with the provisions of the foreign exchange law in force at the time of acquisition. The amount to be remitted does not exceed (a) the amount paid in foreign exchange for purchase of the immovable property received through normal banking channels or out of funds held in Foreign Currency Non-Resident account or (b) the foreign currency equivalent as on date of payment made for acquisition of property out of funds held in Non Resident External account. The remittance of sale proceeds in case of residential property is restricted only to two properties. Reserve Bank has further liberalised the provisions regarding remittance. Accordingly, Authorised Dealers may allow the repatriation of funds out of balances held by NRIs/PIOs in the Non-Resi
