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Yes, There exist a liability to file Income Tax Return and pay due taxes, if any, arising out of Sale of Immovable property in India. Further, other Income like Interest, rent, dividend, if any, arising in India will also be…
Read moreYes, From the balance in the NRO account, NRI/PIO/OCI may remit up to USD one million, per financial year, subject to the satisfaction of Authorised Dealer and payment of applicable taxes.
Read moreYes, A person who had bought the residential / commercial property / agricultural land/ plantation property / farm house in India when he was a resident, can continue to hold the immovable property without the approval of the Reserve Bank…
Read moreYes, NRI/PIO/OCI can rent out the property without the approval of the Reserve Bank. The rent received can be credited to NRO / NRE account or remitted abroad. Powers have been delegated to the Authorised Dealers to allow repatriation of…
Read moreThe sale proceeds of immovable property acquired by way of gift should be credited to NRO account only. From the balance in the NRO account, NRI/PIO/OCI may remit up to USD one million, per financial year, subject to the satisfaction…
Read moreNRI/PIO/OCI may repatriate up to USD one million per financial year (April-March) from their NRO account which would also include the sale proceeds of immovable property. There is no lock in period for sale of immovable property and repatriation of…
Read moreIn the event of sale of immovable property other than agricultural land / farm house / plantation property in India by a NRI / PIO/OCI, the Authorised Dealer may allow repatriation of the sale proceeds outside India, provided the following…
Read morePayment can be made by NRI/PIO/OCI out of: funds remitted to India through normal banking channels or funds held in NRE / FCNR (B) / NRO account maintained in India Loan from a Financial Institution in India No payment can…
Read moreA NRI-/ PIO/OCI can gift an agricultural land / a plantation property / a farm house in India only to a person resident in India who is a citizen of India. A foreign national of non-Indian origin would require the…
Read moreYes. A NRI / PIO /OCI may gift residential / commercial property to – person resident in India or an NRI or PIO /OCI A foreign national of non-Indian origin requires the prior approval of the Reserve Bank for gifting the…
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