Legal Question in Real Estate Law in India
Dear Sir,
I am an NRI based in US employed in a software job. I have a residential property in India which I want to sell and repatriate the amount (after depositing tax accrued here in india) for buying a property in US. Please advise whether and how can I do it?
6 Answers from Attorneys
Yes you can sell your residential property and also repatriate the amount to USA. Do you have NRE or NRO account in India ? Please clarify.
You need to check whether property was purchased while you were not NRI and out of funds/income earned in India OR property was purchased out of earning abroad and invested in property with prior approval.
I forgot to ask you that are you on H1b Visa or a green card ? In all eventualities you can sell you property but to repatriate the amount to USA advice would be after getting answers to my queries.
Oops! I have a different opinion. One can repatriate the sale proceeds If and Only If the property was purchased with funds from abroad (or funds out of NRE account). There is no restriction on selling the property.
you can sell the property on the basis of GPA but for repatriation of funds would be done only after you satisfy RBI guidelines in this regard.
i too agree with Mr. Rajiv Gupta
RBI guidelines need to be fulfilled....