Q24. If the immovable property was acquired by way of gift by the NRI/PIO/OCI, , can he repatriate abroad the funds from sale of such property?

The 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 of Authorised Dealer and payment of applicable taxes