How can NRIs Repatriate Funds outside India?
Oct 26, 2017 Home Trading Steps
There are no restrictions towards the number of properties that the NRIs can hold in India but there certainly some rules and regulations which are applicable to the transfer of immovable property and repatriation of the funds outside India.
We discuss everything you need to know about transferring your property to someone in your family or if you want to repatriate the funds to the country where you are residing.
An NRI is free to transfer his property whether it is commercial or residential, to any other NRI or Person of Indian Origin (PIO), except the agricultural land, farmhouse or plantation property. It can only be transferred to anyone who is the resident of India.
Conditions for the remittance outside India:
NRIs and PIOs can remit the funds acquired by transferring the property, other than the agricultural land, farmhouse or plantation property.
There are few conditions for the same as well:
•The property being sold was brought as per the foreign exchange regulations that were applicable during the time of purchase.
•The amount being repatriated cannot exceed the sale amount from the property.
•One of the most important things to keep in mind is that only the amount acquired from the sale of two properties can be repatriated.
•The maximum amount of fund that one can repatriate from the Non resident ordinary (NRO) account if $1 million per financial year.
•All the remittance must be done after paying all the applicable taxes and charges.
•If you have received the property as a gift, then the fund shall be first transferred to the NRO account.
•If you are wondering what an NRI can do about the rental property in India. Well, there are no restrictions for the repatriations of the rental income given the income is still $1 million per year.
If NRIs wish to invest in the real estate in India, they can do so by making payments only through the bank channels including NRO, non resident external (NRE) or foreign currency non- resident (FCNR) accounts.
NRIs should keep in mind to never make any payments through traveler’s cheques or foreign currency.
We discuss everything you need to know about transferring your property to someone in your family or if you want to repatriate the funds to the country where you are residing.
An NRI is free to transfer his property whether it is commercial or residential, to any other NRI or Person of Indian Origin (PIO), except the agricultural land, farmhouse or plantation property. It can only be transferred to anyone who is the resident of India.
Conditions for the remittance outside India:
NRIs and PIOs can remit the funds acquired by transferring the property, other than the agricultural land, farmhouse or plantation property.
There are few conditions for the same as well:
•The property being sold was brought as per the foreign exchange regulations that were applicable during the time of purchase.
•The amount being repatriated cannot exceed the sale amount from the property.
•One of the most important things to keep in mind is that only the amount acquired from the sale of two properties can be repatriated.
•The maximum amount of fund that one can repatriate from the Non resident ordinary (NRO) account if $1 million per financial year.
•All the remittance must be done after paying all the applicable taxes and charges.
•If you have received the property as a gift, then the fund shall be first transferred to the NRO account.
•If you are wondering what an NRI can do about the rental property in India. Well, there are no restrictions for the repatriations of the rental income given the income is still $1 million per year.
If NRIs wish to invest in the real estate in India, they can do so by making payments only through the bank channels including NRO, non resident external (NRE) or foreign currency non- resident (FCNR) accounts.
NRIs should keep in mind to never make any payments through traveler’s cheques or foreign currency.
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