161. Sell House in India -

Transfer money to Canada

Q: Hello Sir/Madam, I have few questions. I would really appreciate if you could help me with my doubts. I tried to call Indian high commission here, but nobody picks up the phone. My Status: I am a Canadian citizen now, originally from India, but also holding OCI now. There are my questions: 1. I have a house in India still (It was purchased before I became a Canadian citizen). Can I sell this house now or 10 years later and bring back money to Canada? 2. My Mother bought a 1 acre farm land (Tea estate) in India June 2010. She wants to write a "will" saying that after her death, the land will come to me. Is it alright? Should I be concerned? 3. I want to start a business in India with my friend (Not a real estate business). Am I allow to do? Should I get a PAN card? 4. I want to put some money in Bajaj allianze (Pension fund). Can I do it? Should I get a PAN card for it? Please help me. I don't know who to ask? Thanks Raj A. Regarding your questions: 1. In case property was paid for in Rupees then you can repatriate if property is sold after at least ten years of ownership. Check Repatriation of sale proceeds of property sold in India on this website. Step by Step repatriation of money received from property sold in India by Nri’s is also shown in my recent book ‘THE NRI GUIDE 2012/2013’ 2. You can acquire land by inheritance as long as proper will is made. Get legal advice when making will to avoid complications later. 3. You can start a business in India with or without partnership as long as it is legal and you follow the same rules and regulations as Indian citizens such as acquiring sales tax number, business registration etc. . . . I try and avoid answering questions regarding any particular investment company or scheme. If you wish to conduct financial transactions in India and/or setup a business in India, you require a PAN.