Repatriation outside India â€“ It means buying or drawing of foreign exchange from an authorized dealer in India and remitting it outside India through normal banking channels or crediting it to an account denominated in foreign currency or to an account in Indian currency maintained with an authorized dealer from which it can be converted in foreign exchange.
Most of the NRI or PIO (Person of Indian Origin) have query regarding investment in property within India or outside India. Tax Mantra will try to provide an easy and hassle free solution to this common query of NRI / PIO.
Repatriation of Sale Proceeds by NRI outside India
Repatriation of sale proceeds outside India in case of sale of immovable property other than agricultural land/ farm house/ plantation property in India by NRI or PIO are allowed by an authorized dealer, if the following conditions are satisfied:
1)Â 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 by him or the provisions of these Regulations.
2)Â The amount to be repatriated should not exceed:
- The amount paid out of funds held in Foreign Currency Non – Resident Account.
- The amount paid for acquisition of the immovable property in foreign exchange received through normal banking channels;
- The foreign currency equivalent (as on the date of payment) of the amount paid where such payment was made from the funds held in Non – Resident External account for acquisition of property.
3) In case of residential property, the repatriation of sale proceeds is restricted to not more than two such properties.
For More Clarification â€“
- PIO (Person of Indian Origin) â€“ A person resident outside India, not considered a citizen of India. A Person of Indian Origin (PIO) is usually a person of Indian origin who is not a citizen of India.
- NRI (Non- Resident Indian) â€“ A person resident outside India who is a citizen of India. Non – Resident Indian is an Indian Citizen who stays outside India for an uncertain period of time.