Repatriate from India Tax free to invest in US real estate

angrau · Post by **angrau** » Tue Mar 15, 2016 10:16 pm

Hi irsragu, even I plan to sell some assets in india and buy in US. Pls let me know if you got any feedback from CA's in india? Thank you!

indian · Post by **indian** » Wed Apr 27, 2016 10:14 pm

I am also interested to know answer to this thread

annakieu541 · Post by **annakieu541** » Fri Aug 03, 2018 8:51 am

General permission is available to NRIs and PIOs to repatriate the sale proceeds of property inherited from an Indian resident, subject to certain conditions. If those conditions are fulfilled, the NRI need not seek the RBI's permission. However, if the NRI has inherited the property from a person residing outside India, he or she must seek specific permission from the RBI.

i2d2 · Post by **i2d2** » Fri Aug 03, 2018 9:04 am

Sale proceeds from selling property in India can be repatriated, but you don't get any tax credit for reinvesting outside India (ex: buying property in US). I went through the same question in the past, I was told this is not possible. I paid taxes in India and then repatriated through standard route 15CA/15CB....pretty simple.

RAJESH H DHRUVA · Post by **RAJESH H DHRUVA** » Fri Aug 03, 2018 11:10 am

Dear annakieu541

1. Under Foreign Exchange Management Act 1999 and relevant rules an NRI being an Indian citizen or overseas citizen of Indian origin can remit out of Indian NRO avcoint any legitimate amount upto usd$ 1 million every financial year subject to payment of applicable taxes.

2. As such sale proceeds of immovable property or any other assets inhe from an overseas citizen of Indian origin can be remitted abroad or transferred to NRE a Account at par with inheritance from an Indian Resident or Ondian citizen NRI.

3. Since a couple of months an NRI should have PIO or OCI possport to purchase or sell property in India.

Best wishes
RAJESH H DHRUVA
femaonline.com

annakieu541;678777General permission is available to NRIs and PIOs to repatriate the sale proceeds of property inherited from an Indian resident, subject to certain conditions. If those conditions are fulfilled, the NRI need not seek the RBI's permission. However, if the NRI has inherited the property from a person residing outside India, he or she must seek specific permission from the RBI.

RAJESH H DHRUVA · Post by **RAJESH H DHRUVA** » Fri Aug 03, 2018 11:23 am

Dear Friends

Couple of years back Income Tax Law has been amended specifically mentioning that the residential property being purchased to set off taxes should be in India.

Best wishes
Rajesh H Dhruva
femaonline.com