Inward remittance and retpatriation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 November 2015 The NRI remits thro banking channel to his parents. The parents invest these remittances in immoveable property in the name of the NRI/After three years, the property is sold and the proceeds are being credited to NRO account including capital gains.

Can these proceeds be retransmitted to NRI in normal course

The parents are in possession of FIRC for the remittances received from their son.

Kindly clarify and give the procedure to be followed

Amol S Joglekar

Amol S Joglekar (Expert)
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29 November 2015 after the liberalisation process an amount of USD 250,000 per financial year can be GENERALLY transferred by the NRI. The permission is GENERALLY granted. (Means no specific permission is required to be taken.)

At the time of remittance the bank may ask for 15CA and 15 CB form.