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| Remittance
of Sale Proceeds of Immovable Property |
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Remittance of capital assets in India
held by a person whether resident in or outside India would
require approval of the RBI except to the extent provided in
the Foreign Exchange Management Act, 1999 (FEMA) or Rules or
Regulations made under the Act.
Remittance of assets by NRI/PIO
NRIs and PIOs are permitted
to remit upto $1, 00,000 per year from their Non Resident
(Ordinary) account/sale proceeds of assets (inclusive of
inheritance/settlement). Repatriation of Sale Proceeds of
Residential Property purchased by NRIs/PIO out of foreign
exchange There is no lock-in period for sale of residential
property purchased by NRI/PIO out of foreign exchange.
However, repatriation of sale proceeds of residential property
purchased by NRI/PIO out of foreign exchange is restricted to
not more than two such properties. Remittance representing
refund of application/earnest money on account of non
allotment is permitted together with interest if the original
payment was made out of NRE/FCNR account of the account holder
or the remittance was from outside India through normal
banking channels. |
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