Connecting Businesses with Opportunities in India
Connecting Businesses with Opportunities in India

NRI/PIO/OCI - Repatriation of funds from Bank account & after sale of property

Submitted by Navin Pathak on Sun, 10/25/2015 - 5:16am.

Repatriation is very simple now which was difficult in the past, planning can probably make it very easier.

NRIs are permitted repatriation of funds up to USD one million, per financial year, from NRO account subject to tax compliance. The limit of US dollars 1 million includes sale proceeds of up to two immovable properties held by NRIs/PIO/OCI.

Planning steps:

  1. Consult CA before selling property in India for guidance as to how to accept money from the sale proceeds and what documentation to get.
  2. CA is the right Accounting professional who can prudently assist you in calculating as well as methodically paying taxes that may be due, on the sale of property.
  3. CA has to verify that taxes have been paid on 'Form 15CB'

Private money transfer, known as 'Hawala' is an illegal method of remittance which involves a great risk and possibly, you may lose your money.
Documentary proof evidencing source of money is required when transferring money abroad which must first be deposited in an NRO bank account and tax compliance is must before repatriation. If you have an ordinary account opened before you became NRI/PIO/OCI, please issue necessary instructions to your banker to convert the same into NRO account.

By - Bhagwan Dass Ahuja, LLM EsqIndian Attorney & Counselor at Law / Supreme Court of New York Licensed Legal Consultant.

Comments

Repatriation process

Hello Sir,

I recently opened an NRO Rupee Checking account with Citibank. I am a NRI reside in CT.

Due to inheretence, I received a sum of money which is in a bank account managed by my sister.

I need some help towards executing the appropriate repatriation process in order transfer it to my US based bank.

I believe i need to fill up some forms.

Contact 732-672-2556

dchanda9596@gmail.com

 

Thanks 

 

Dhiman Chanda

     
Going to become NRI

I m a resident of india.I have sold a house in india in Oct 2015, paid capital gains and have received Assessment order for last 2 years.The proceeds are available in a domestic savings a/c.Now, I m planning for higher education in USA for Fall 2017 and will become an NRI.Can the proceeds available in this resident savings a/c be converted to NRE a/c?Is the facility to transfer from NRO to NRE a/c at the discretion of the banks?I see Citibank india does NOT permit to transfer from NRO to NRE.

     
NRI legal Services - legal or non-legal issues back home in Indi

Dear Sirs or Madams;

You will all be glad to know that being licensed by and admitted to the Supreme Court of the State of New York as Legal Consultant and Indian Attorney & Counselor at Law, in good standing and also an Advocate enrollled under the Indian Advocates Act, 1961 (IAA) may represent NRIs in respect of their any legal issues back home in India to defend them through all courts including the Supreme Court of India. 

Being an Indian Attorney & Counselor at Law in New York having been licensed by and admitted to the Supreme Court of the State of New York, I may as an accredited Indian Attorney represent clients in USCIS / U.S Embassy in India by filing form G-28 I for all kinds of consular processing for immigrant and non-immigrant visa services.

The NRI clients may contact me for their legal issues back home in India by calling me at 212-863-9214 for their issues no matter whether the issues are legal or non-legal, we can protect their legal rights.

Best regards

 

Bhagwan Dass Ahuja

 

 

 

     
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Repatriation with Citibank NRO account to USA

Dear Mr. Ahuja,

When you apply to Citibank for Repatriation of proceeds of inherited property, they accept a 'probated will' only. I heard that there is a CASE LAW precedent in Delhi Court not requiring a probated will as part of the India Succession Act of 1925 for Repatriation purposes.

Is that correct? Have you dealt with this issue with Citibank India?

I am age 70, and would appreciate your reply to my specific point of law.

 

 

     
Remittance of property sales proceeds from India to USA

Dear Mr. Ahuja,

I am planning to sell my apartment in Dwarka, New Delhi and transfer money to USA. I bought this apartment in 2003 (society started by us in 1995) when I was a resident Indian and working in New Delhi. 

Looking forward to receiving your guidance/advice on how to prepare for paying tax and transferring the full balance of sale proceeds to USA?  

Regards,

Amitabha

     
Repatriation of sale of agriculture land

Dear Mr. Ahuja,
In 1994 my Indian citizen parents bought agriculture land in India with their own funds in their three children's name along with their names. At the time children were Indian citizens living in USA, who are now US citizens.

Now the land is sold, money is deposited in NRO account, and due taxes are paid in full on proceeds, and the on the investment appreciation of the proceeds, and 15CB and 15 CA submitted.

The Bank in India is saying that agriculture land proceeds can not be repatriated. What are our options - seek permission from RBI?

Thanks,
Ram

     

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