I have sold / am in the process of selling my immovable property in India. Can I have the sale proceeds repatriated to USA?
A. 25: Yes you can. Sale proceeds not exceeding US$ 1 million per calendar year (Jan to Dec) can be repatriated subject to production of documentary evidence of inheritance / purchase of property accompanied by a chartered accountant’s certificate to the effect that all taxes including capital gains tax have been paid. Prior permission of the Reserve Bank of India would be required for citizens of Pakistan, Bangladesh , Sri Lanka, Afghanistan , China or Iran. This facility is not available for citizens of Nepal & Bhutan. We recommend that you seek advice from a tax advisor regarding the US Federal Income Tax regulations relating to the sale of property if you are a permanent resident of the US .
Related Questions
- I have sold / am in the process of selling my immovable property in India. Can I have the sale proceeds repatriated to USA?
- Can the sale proceeds of such property (if and when sold) be remitted / repatriated out of India?
- How can an NRI repatriate the sale proceeds of their immovable property sold in India?
