236. Hold property acquired

before moving abroad?

Q. Dear Sir, I bought a flat in India when I was an Indian Citizen, but after that I have come and settled in UK. I have a British Citizenship now. Can you please help to understand what happens in this case? Do I need to leave the Indian apartment as it is or do I need to go through legal procedures to update my status of citizenship. What happens when I sell the flat? Can I bring the money to UK (including profits)? I also have a savings account how do I bring the money in the account to UK? Kind Regards Karthik A. You can continue to hold property you acquired in India before becoming an NRI. When you sell your flat you may be able to transfer money from the sale proceeds depending on how long you held the property and after paying capital gains and taxes applicable at the time of the sale. The bank saving account you currently have should be converted to a NRO account. Let you bank know about the change in your citizenship and they will do the needful. When you sell your flat the money from the sale proceeds would have to be deposited to your NRO account before you can move it abroad.