335. No limit on what can be

acquired by way of inheritance

Q. Dear Sir, My daughter recently acquired US citizenship. She is also OCI holder. I have following questions. 1.Can OCI holder inherit, from parents, a) Residential property(flats) ? If yes any restrictions to number of flats or value that can be inherited? b) Equity shares- any restrictions as to the value of shares or the number of public limited companies whose shares can be inherited. c) Can OCI holder sell these flats & equity shares to Indian citizens? d) Will OCI holder have to pay tax on the sales proceeds? If yes, how much tax? e) How much money in a year can OCI holder remit to her/him in USA, from the sales proceeds? Request you to reply. Thanking you Dilip Kaji A. Yes, OCI holder can inherit from parents. No restrictions on the number of flats that can be inherited, although your daughter will be allowed to repatriate the money from the sale of only two flats in India. 1. To answer your question on 'value that can be inherited' there is no limit. 2. No restrictions on inheriting or selling any types of shares to Indian citizens 3. Inheritance tax in India is usually referred to as Estate Tax/Duty and was introduced in 1953. However this tax was abolished in 1985. 4. However capital gains will have to be paid when your daughter sells the inherited flats. 5. Up to USD 1 million per financial year can be transferred from the sale proceeds.