Legal Question in Real Estate Law in India
NRI inheritance of flat and sale
I am NRI in USA. I inherited a flat in Mumbai when my father expired in September 2002. Value is under Rs. 5 lakhs. There was no will made as I am legal heir and inherited property based on nomination. I wish to sell this flat. My question is, can I repartiate money received from sale of flat. If yes, what are the procedures and requirements? If no, what are my other options? Can a lawyer handle this and what would be the fees?
2 Answers from Attorneys
Re: NRI inheritance of flat and sale
In addition to the advice of Mr.Shrichand Nahar, the querist should obtain succession certificate from competent civil court, thereafter only he would be entitled to sell the flat.
Re: NRI inheritance of flat and sale
Repatriation is not possible as the flat was not purchased out of foreign currency funds brought in to India with permission of R.B.I. in that behalf. Therefore, you have to keep the sale proceeds after meeting with the expenses, income tax etc. in India. You may avail exemption from Income Tax on the Capital Gains, if proceeds less expenses are invested in specified securities for a term of 3 years.
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