Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Is there any lock in period for sale of residential/commercial property purchased out of inward remittance/debit to NRE/FCNR(B) account?

April 26, 2017Commercial Debit FCNR for sale inward lock NRE period Property remittance Residential

0

Posted

Is there any lock in period for sale of residential/commercial property purchased out of inward remittance/debit to NRE/FCNR(B) account?

1 Answer

0

Posted

A.34. No lock in period is applicable for sale of such property. Q.35. Is there any restriction on repatriation of sale proceeds of residential property purchased by NRI/PIO out of funds remitted to India through normal banking channel or funds held in his NRE/FCNR (B) account? A.35. Yes. Repatriation of sale proceeds is restricted to not more than two residential properties.