NARAINS CORP - Real Estate for NRi's (Non Residential Indians), Frequently Asked Questions for NRI's.

Repatriation Facilities

NRIs / PIOs can freely repatriate all current income, such as, rent, dividend, pension, interest, etc. Repatriation of all these is subject only to payment of taxes.

NRIs / PIOs can also repatriate :

An amount of upto US$ 1 million, for any purpose per calendar year from the balances in NRO account. The repatriation is subject only to payment of application taxes.

Within this annual limit of US$ 1 million per year, NRIs / PIOs can also repatriate sale proceeds of immovable properties held by them for a period of 10 years.

In case a property is sold before holding it for 10 years, the NRI / PIO can keep the sale proceeds in his NRO account for the balance period and repatriate the money after 10 years,

However, if an NRI / PIO has acquired the immovable property from inward remittances, he can remit the amount originally brought in from abroad out of the sale proceeds without any lock-in period. He can do so for upto two residential properties.

Refund of (a) application / earnest money / purchase consideration made by house-building agencies / seller on account of non-allotment of flats / plots and (b) cancellation of booking / deals for purchase of residential / commercial properties, together with interest, net of taxes, provided original payment is made out of NRE / FCNR(B) account / inward remittances.

For any other queries regarding RBI / NRI rules, login to http://www.rbi.org.in/