What are the provisions governing remittance of assets by a foreign national of non-Indian origin?
A foreign national of non-Indian origin who has retired from an employment in India or has inherited assets from a person resident in India or who is a widow of an Indian citizen who was a resident in India, may remit an amount not exceeding USD one million, per financial year, on production of documentary evidence in support of acquisition / inheritance of assets, an undertaking by the remitter and certificate by Chartered Accountant in the formats prescribed by Central Board of Direct Taxes.
Related Questions
- Can sale proceeds of any immovable property in India inherited, by a foreign national or non-Indian origin resident India, from a person resident in India be repatriated by him?
- Can a foreign national of non-Indian origin resident outside India acquire any immovable property in India by way of purchase? Can they have the property on lease?
- Can a name of a foreign national of non-Indian origin be added as a second holder to a residential or commercial property purchased by NRI/PIO?
