r2i forum

I need money in USA due to an emergency. I am selling a flat in Banglore. I need to know how to transfer money from India legally. If anyone has any detailed knowledge about it and can share it with me, I really appriciate it.

Thanks.

Anupam

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Admin Note: Following threads also are on same subject

Transfering Money from India
How does a OCI, USC, RESIDENT in India transfer money to US?

Is it possible to repatriate the money from sale proceeds of a property held for less than 10 years, given that it was purchased out of funds from NRO account? These funds were channeled from US bank->NRE account->NRO account. However, the RBI guideline says that the property purchased from the NRO funds has to be held for 10 years to qualify for reptriation. Here's the relevant link:

http://www.rbi.org.in/scripts/FAQView.aspx?Id=33#9 (Question 32)

I dont think money from NRO will be repatriable.

This thread will be helpful.

[URL="http://groups.msn.com/R2INRIFinanceAndInvestments/general.msnw?action=get_message&ID_Message=45029"]Repatriating proceeds of property sale in India to US
[/URL]

#3:
I don't see any reptriation thread on that link. Can you point to the appropriate thread?

Try again. The link was misdirected. I have fixed it now.

Hi,

I am US citizen with OCI card.

1. If I inherit a land ( I am not sure if it comes under residential or agricultural ), will I be able to repatriate the sale amount to USA or is there 10 year holding time. ( I understand that 10 year holding time has been removed recently, but I am not sure for which type of properties it is removed )

2. Will the inherited property repatriation be included in the 2 max per person.

3. Is there any restriction to sell the inherited property ( or any other property ) to another NRI or PIO or OCI .

4. Is anyone aware of a good and reliable Indian CA in Chennai area, who has experience in NRI property sale tax and repatriation

Thanks,

Thanks for the responses. I have read thru the RBI website all the repatriation rules but I'm not sure if in the following case, money can be repatriated in less than 10 yerars:

1. Someone identifies a residential property in India and decides to take a loan from an Indian branch of multinational bank.
2. That bank offers him a Money saver loan scheme that requires him to deposit the entire loan money amount to an NRO account (as opposed to NRE). This option is good for those who have entire money to make the purchase but don't want to down pay all at once for various reasons and want to involve bank in the transaction. The advantage is that the bank charges 0% interest on the loan since all the money is sitting with them in an NRO account. They will deduct certain amount every month from the balance in NRO account. They insist on that being an NRO and not NRE as NRE would make the repatriation of the principal easy.

My question is:
If I funnel the money from US bank account->NRE->NRO and then bank deducts it from the NRO to meet the loan payments, does it fall under 10 years restriction or not? Given that the money was first transferred to NRE, I should be allowed to repatriate the money back whenever i decide to sell the property and not have to wait for 10 years.

Please answer this question ASAP as I'm only 1-2 days away from signing up the loan papers.

Appreciate any help in this matter!

RAJESH H DHRUVA;7286
Dear BrownUmriki,
1. Sale proceeds upto US$ 1mn. per Finacial Year are now repatriable.
2. This facility is available irrespective of the source of purchase.
3. There is a cap of 2 units in case of residential houses.

Best wishes.
RAJESH H DHRUVA

Thanks Rajesh.

Can you provide more details on how to repatriate funds? What approvals do we need? banking channel etc..

Has any member done this b4?