118. Repatriate Funds from Sale

of Property

Question: Dear Sir, I wonder if you can help me with some information regarding repatriation of funds from NRO accounts. I have an NRO account in Delhi but live and work in London. I sold my property last year and deposited the funds in SBI in an NRO account. I understand that I can repatriate upto 1M dollars of the sale proceeds and must complete formalities by way of a CA certificate and completion of a letter of undertaking. All taxes have been paid. Please could you explain in detail what the undertaking is? Who issues the form for undertaking and who fills it in? Is it on Judicial stamp paper? Please advise as the bank are being very unhelpful and do not see to know the process involved and my CA has not done this before. In fact no one seems to know any details about this process! Many thanks Haley Seresht Answer: The undertaking is given by the person sending the funds out and the CA issues the required certificate on the prescribed form. Repatriating funds from the sale of property held by NRIs has some conditions attached also. A lot depends on how the property was acquired initially, where the funds to buy the property were sent from, was the property acquired by inheritance etc. Even how long you have owned the property can make a difference when it comes to repatriation. Find an accountant who can advise you correctly on this topic. Update: Step by step information on how and where to get CA certificate to repatriate money is explained in an easy to read format on this website Nri Information. Here is a link to the article: http://www.nriinformation.com/nri_guide/transfer _funds.htm