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Q: Can sale proceeds of such property if and when sold be remitted out of India?

A: In respect of residential properties purchased on or after May 26, 1993, the Reserve bank of India considers applications for repatriation of sale proceeds up to the consideration amount remitted...

Q: What is the procedure for seeking repatriation of sale proceeds?

A: Application for necessary permission for remittance of sale proceeds should be made in Form IPI 8 to the Central Office of the Reserve Bank of India at Mumbai within 90 days of the sale of the...

Q: Can the rental income from the residential property be remitted outside India?

A: No. Such income cannot be remitted abroad and will have to be credited to the ordinary non-resident rupee account of the owner of the property. Restricted remittances are, however, now permitted.

Q: What are the conditions required to be fulfilled for repatriation of sale proceeds?

A: Applications for repatriation of sale proceeds are considered provided the sale takes place after three years from the date of final purchase deed or from the date of payment of final of...

Q: What are the RBI rules to repatriate rental income from property?

A: The rental income, being a current account transaction, is repatriable, subject to the appropriate deduction of tax and the certification thereof by a Chartered Accountant in practice. Repatriation...

Q: If an Indian Resident die and his executor in India transfer his money (3 crs) to an NRI who is grandson of deceased, whether RBI permission require for transfer of money from deceased or executor account to NRI (USA) in his NRO account in India. Deceased has made will and WILL is probated in Court.

A: Yes, an NRI/PIO can receive a gift from a resident relative. However, the amount cannot exceed the limit prescribed under LRS, i.e., $250,000 per financial year The account can be credited with...

Q: What is the position of capital gains on the sale of residential property?

A: The owner of the property is liable to pay tax on income from house property. The term "owner" also include deemed owner. One house property self-occupied by the owner for residential purpose, then...

Q: How to find other person passport number by his name?

A: Passport is an important identification document which is highly encrypted for security. Hence, it is not possible to get passport details using the passport number. The status of the passport or...

Q: How should the purchase consideration for acquiring immovable property in India, be met?

A: The purchase consideration should be met either out of inward remittances in foreign exchange or through normal banking channels or out of funds from NRI accounts maintained with banks in India.

Q: Can an NRI purchase property in India through an agent or through the Power of Attorney?

A: NRIs who are staying abroad may give authority to their relatives/ agents by executing POA in their favor as it is not possible for them to be present for completing the formalities of the...