NRI can send abroad up to $1 million from the sale of property
An NRI/PIO is allowed to send abroad up to $1 million from the sale of property in any one financial year.This amount should be the sale proceeds of property inherited by him out of rupee funds. The $1 million remittance can also be made from the balances held in Non Resident Ordinary Rupee (NRO) Accounts.
The prices of ancestral properties left in India by emigrating non-resident Indians (NRIs) have escalated beyond their belief. In the last few years, the ancestral homes in India are valued in crores. So these amounts become very attractive for NRIs to claim and remit. In the recent past, the Reserve Bank of India (RBI) has revised the maximum amount that can be sent abroad without special permissions. However, these properties should not be agricultural land, a farm house or a plantation.
An NRI/PIO is allowed to send abroad up to $1 million from the sale of property in any one financial year.This transfer is subject to production of documentary evidence in support of acquisition, inheritance or legacy of assets by the NRI, and a tax clearance or a no objection certificate from the Income Tax Authority.
NRIs face many legal tangles about their properties in India. These relate to the purchase, transfer and ownership of property, power of attorney, management and eviction of tenants, remittance of the sale proceeds, illegal grabbing of their properties and other related issues. If an NRI is fighting a case with a resident Indian, he is at a disadvantage because the Indian is in no hurry while the NRI has limited time to attend to his case during his visit to India or make special trips for court appearances. Thus, NRIs have demanded the establishment of fast track courts in different parts of India to deal with their property cases — a demand the government has been considering for some years. This issue will no doubt resurface in the forthcoming Pravasi Bharatiya Divas (PBD) next month when NRIs are cajoled to invest in India.
Special committees have been formed by GOPIO – Global Organisation of Persons of Indian Origin - to deal with property problems. This committee has prepared and presented many proposals to ease the suffering of NRIs at the hands of real estate developers, buyers, sellers and tenants and has a database of thousands of such cases on their records. This year, PBD discussed NRI property related issues and institutional arrangements to safeguard their properties in India as well as the modalities for credible investment avenues in the real estate sector. The problems have been highlighted, now action is awaited.
Source: Sify.com
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