Legal Question in Real Estate Law in India

Re: Transfer of proceeds from sale of property in India to USA?

The main point will be as to how and when have you acquired the property; whether by purchase by yourself or by inheritence. In case of self purchase out of funds remmitted by you through bank, it should not be a problem to transfer proceeds.In case of inheritence, you may need RBI permission.

Re: Transfer of proceeds from sale of property in India to USA?

Repatriaton of sale proceeds of any immovable property by a NRI OR PERSONS OF INDIAN ORIGIN CAN BE repatriated without permission of RBI if the following conditions are fulfilled:

The Property was acquired by the seller in accordance with the provisions of Foreign exchange law in force at the time of acquisition or the provisions of FEMA Regulations (foreign exchange management act).

Such sale takes place after 3 years from the date of acquisition or from the date of final instalment of consideration amount whichever is later;

Repatriation is permitted to the extent of consideration amount in foregin exchange received through normal banking channels or out of funds held in FCNR ACCOUNT or foreign currency equivalent as on the date of payment where payment is made out of NRE ACCOUNT, FOR ACUQISITON of the immovable property sold;

In case of sale of residential properties, repatriation shall be allowed for maximum of two such properties.

(2)WITH THE PERMISSION OF RESERVE BANK.

In the case of non-resident who had acquired any immovable property in india when he was resident in India, or inherited from a person resident in india, and in case of successor of a person aforesaid, sale proceeds of such immovable property can be repatriated with the prior permission of the Reserve Bank.

With regard to conversion the Cost of acquistion and expenditures made can be deducted and the balance will be liable to tax, this is done on the basis of conversion of sale consideration and the amount of investment made on the purchase of the property.

regards.

B.Balasubramanya.

No.27, girls school street,

seshadripuram,

Bangalore 560020.

phNo.3347196.

Re: Transfer of proceeds from sale of property in India to USA?

As per exchange contrl manual you need to feel up various forms, indicating how you received or inherited property, and value of the same, duration of holding etc. You will need a professional help to do all this. You may take assistance of a local professional where property is situate.

Re: Transfer of proceeds from sale of property in India to USA?

You will require RBI permission tho transfer funds from India in Dollars.if yoy like we can handle all the procedures.You can contact me on 020-5434569