Q662. RBI rule on Lock-in period to sell property for repatriation removed

Question: Dear Sir,

I have a question regarding repatriation of funds after selling a non-inherited property by an NRI which was bought using rupee

funds.

Does the 10 year lock-in period from date of buying property still valid before money can be repatriated?

I think RBI website does not mention this lock-in as per latest notification.

Please advise.

thanks

Robert Goveas

Answer: The 10 year lock-in period rule has been removed. Now up-to one million dollars can be repatriated subject to payment of taxes and certification from a CA. A sample of the RBI notification is available by clicking HERE
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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Q662. RBI rule on Lock-in period

to sell property for repatriation

removed

Question: Dear Sir, I have a question regarding repatriation of funds after selling a non-inherited property by an NRI which was bought using rupee funds. Does the 10 year lock-in period from date of buying property still valid before money can be repatriated? I think RBI website does not mention this lock-in as per latest notification. Please advise. thanks Robert Goveas Answer: The 10 year lock-in period rule has been removed. Now up-to one million dollars can be repatriated subject to payment of taxes and certification from a CA. A sample of the RBI notification is available by clicking HERE
N
RI Information
Informing educating and connecting Indians across the globe
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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