434. OCI - Inherit Agricultural Land and Transfer money to USA

Questions: Hello sir, i along with my three daughters and wife are the joint owners of inherited ancestral farm land in Gujarat. My one daughter is married and now a u. s. citizen. She also has oci. I want to convert my agricultural land into non agricultural land and sale it. can this daughter be a part of the project and if yes is she required to get some sort of permission, can she remitt her share of money to u.s.a. I shall be obliged to get response Thanking you TusharDesai Answer: If your daughter is a joint owner by virtue of inheritance, then she is legally allowed to own land (including agricultural land) and can transfer the money she receives for the sale of her share of the land to USA, subject to payment of the appropriate taxes and a certificate from a chartered accountant. When it comes to inheriting property in India, whether a person of Indian origin, has OCI or not, does not matter. They can legally inherit property regardless of their citizenship. Only citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan are required to seek prior approval from the Reserve Bank of India to inherit immovable property in India. Your daughter does not need any permission from the Reserve Bank to transfer money to USA. She can repatriate sale proceeds of up to one million US$ per financial year. She would have to provide documentary proof of inheritance of the land and a certificate from a Chartered Accountant in the format prescribed by the Tax department in India. Consult a qualified accountant of your choice, I am sure they can help you sort out and complete the appropriate paper work.
Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail. © Copyright 2006 Nriinformation.com
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434. OCI - Inherit Agricultural

Land and Transfer money to USA

Questions: Hello sir, i along with my three daughters and wife are the joint owners of inherited ancestral farm land in Gujarat. My one daughter is married and now a u. s. citizen. She also has oci. I want to convert my agricultural land into non agricultural land and sale it. can this daughter be a part of the project and if yes is she required to get some sort of permission, can she remitt her share of money to u.s.a. I shall be obliged to get response Thanking you TusharDesai Answer: If your daughter is a joint owner by virtue of inheritance, then she is legally allowed to own land (including agricultural land) and can transfer the money she receives for the sale of her share of the land to USA, subject to payment of the appropriate taxes and a certificate from a chartered accountant. When it comes to inheriting property in India, whether a person of Indian origin, has OCI or not, does not matter. They can legally inherit property regardless of their citizenship. Only citizens of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal and Bhutan are required to seek prior approval from the Reserve Bank of India to inherit immovable property in India. Your daughter does not need any permission from the Reserve Bank to transfer money to USA. She can repatriate sale proceeds of up to one million US$ per financial year. She would have to provide documentary proof of inheritance of the land and a certificate from a Chartered Accountant in the format prescribed by the Tax department in India. Consult a qualified accountant of your choice, I am sure they can help you sort out and complete the appropriate paper work.
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Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail. © Copyright 2006 Nriinformation.com