Can a non resident repatriate the sale proceeds of immovable property in India?

Can foreign nationals sell property in India?

NRIs and PIOs can freely sell / gift any residential or commercial property held by them in India to a person resident in India or NRI or PIO. Foreign Nationals of non-Indian origin have to obtain the approval of RBI for selling of property in India.

How can immovable property be acquired outside India by resident?

Answer: Immovable property can be acquired outside India: … As an inheritance/ gift from a person (i) referred to in sec 6(4) of FEMA; or (ii) who has acquired it prior to July 8, 1947 (iii) who has acquired such property in accordance with the foreign exchange provisions in force at the time of such acquisition.

Can NRI transfer property in India?

A NRI may transfer any immovable property in India to a person resident in India. He may transfer any immovable property (other than agricultural land or plantation property or farm house) to an Indian Citizen resident outside India or a PIO resident outside India.

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Can NRI sell property in India without RBI permission?

The Supreme Court on Wednesday held that a foreigner can not sell or mortgage a property without the prior permission of the Reserve Bank of India.

How can I repatriate money from the sale of property in India?

How can I repatriate money from the sale of property in India? NRIs or PIOs are allowed to repatriate the sale proceeds of immovable property in India through their NRO Accounts. There are certain documents required to certify that all the taxes are paid on the proceeds.

Who can purchase immovable property in India?

1 Under the general permission available, the following categories can freely purchase immovable property in India: i) Non-Resident Indian (NRI)- that is a citizen of India resident outside India ii) Person of Indian Origin (PIO)- that is an individual (not being a citizen of Pakistan or Bangladesh or Sri Lanka or …

What is immovable property under Transfer of property Act?

“immovable property” includes land, buildings, hereditary allowances, rights to ways, lights, ferries, fisheries or any other benefit to arise out of the land, and things attached to the earth or permanently fastened to anything which is attached to the earth, but not standing timber, growing crops nor grass.

How can I repatriate money from India?

We will require the following documents for repatriation:

  1. Repatriation Application Form.
  2. Guidance to fill Repatriation Form.
  3. FEMA Declaration (this form is also referred to as A2 Form)
  4. Guidance to fill A2 Form.
  5. One Original copy of Form 15 CB (this form is to be provided by your Chartered Accountant)
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How can I get money from India to USA after selling property?

Yes, you can bring the proceedings to the US. It is recommended that you get the payment of the property through proper banking channels. Documenting proof is required for transferring money on sale of property. The first step is to get a certificate from a Chartered Accountant (CA) in India.

Can property be sold on basis of registered will?

1. The property can simply be transferred on the basis of the WILL and ONLY THEREAFTER, you can sell /transfer /gift /mortgage /whatever…. with the property, without any further reference to anybody. 2. There is no stamp duty or any other charges that needs to be paid for transferring the property as per the will..

Can NRI sell inherited property in India?

Foreign nationals of non-Indian origin, who have acquired immovable property in India by way of inheritance, with the specific approval of the RBI, cannot sell or transfer such property, without prior permission of the RBI.

Is land a immovable property?

“Immovable Property includes land, building, hereditary allowances, rights to ways, lights, ferries, fisheries or any other benefit to arise out of the land, and things attached to the earth or permanently fastened to anything which in turn is attached to the earth except standing timber, growing crops nor grass”.