r2i forum

Recently I sold some property and got about Rs. 40 lakhs. I want to transfer this money to US in dollars so that I can use it here.
From the inquires I made with the bank, only way to do this is to do 'Outward Remittance'. There is also a limit to transfer and need to get a CA certificate. Does anyone done this before. How easy is to do this.

Is there any other legal way to transfer money from India to US (not interested in hawala).

Thanks in advance

If the property was in your name and you have all the papers, then go to a CA. There are specific forms to pay taxes on the profit, and get US$ DD. 40lakhs is well within the $1million limit. A friend of mine did this last year to buy a home in the US. I found this link, but does not indicate the exact forms that need to be filled out. Its better to go to a CA.
http://www.nritaxservices.com/repat.htm#ten

Thanks Prasadee. The link was useful. I am planning to consult a CA as well. The problem is not many CA aware of the NRI rules. If any one who had done this , share their experience it will be great.

I'm currently in the process of doing exactly this. Worked with a CA in Chennai to prepare 15CA and 15CB forms that are mandatory. Check out the links at http://tin.nsdl.com/ to complete the eFurnish process for 15CA, but you need to work with an auditor before you get started on this process. It appears pretty straightforward, I will be able to say only after the banks acknowledge this and the funds are in my account over here.

Thanks for sharing ootyguy. Good to know that it is a straight forward process.

I will be doing this from Chennai as well. If you dont mind, could you please point to CA who can handle this type of work in Chennai.(or PM me)

civic;279155Thanks for sharing ootyguy. Good to know that it is a straight forward process.

I will be doing this from Chennai as well. If you dont mind, could you please point to CA who can handle this type of work in Chennai.(or PM me)

I will check with him if it's okay and let you know tomorrow. Send me a PM with your email ID and I'll mail you his contact info.

If a GC holder sells a property in India and bring it to US, will we have to pay taxes on the capital gains in both the countries??

OotyGuy;279158I will check with him if it's okay and let you know tomorrow. Send me a PM with your email ID and I'll mail you his contact info.

I dont see the PM option when I click on your name. Here is my email. sraja_s at hotmail dot com

Vid_Bangalore;279162If a GC holder sells a property in India and bring it to US, will we have to pay taxes on the capital gains in both the countries??

Potentially yes, and can probably take advantage of Double Taxation Treaty.

duplicated due to server vagaries.