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How can sale proceed of residential/commercial property received by way of inheritance by NRI/PIO be remitted abroad? And what is the quantum?

April 26, 2017abroad Commercial Inheritance NRI PIO proceed Property received remitted Residential sale

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How can sale proceed of residential/commercial property received by way of inheritance by NRI/PIO be remitted abroad? And what is the quantum?

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Ans. Yes, sale proceed of residential/commercial property received by way of inheritance by NRI/PIO be remitted abroad. Such amount should not exceed USD one million, per calendar year, only on furnishing of: (i) documentary evidence in support of inheritance and (ii)Tax clearance certificate/ no objection certificate from Income Tax authority to authorised dealer for remittances Provided, a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran shall seek prior approval of Reserve Bank with: (i) documentary evidence in support of inheritance and (ii)Tax clearance certificate/ no objection certificate from Income Tax authority Such amount can not be remitted by a citizen of Nepal or Bhutan.