FEMA, 1999
This query is : Open
CA Tejas Andharia
(Querist)
21 November 2008
Can the Fixed Deposites got opened under NRO A/c. be repatriated back to outside india? As far as I know it can not. Yes, i want to confirm.
CA.ViVeK M ACA
(Expert)
21 November 2008
Once you deposited under NRO account you cannot repartriated.
Ravikumar.G
(Expert)
22 November 2008
Further:
What are the conditions regarding repatriation of balances in NRO accounts?
Ans:
1) Repatriation is allowed up to US dollars 1 million per calendar year for any purpose from the balances in NRO accounts subject to payment of applicable taxes.
2) The limit of US dollars 1 million includes sale proceeds of immovable properties held by NRIs/PIOs for a period of 10 years.
3) In case a property is sold after being held for less than 10 years, remittance can be made if the sale proceeds have been held by the NRI/PIO for the balance period.
What are the conditions regarding repatriation of balances in NRO accounts?
Ans:
1) Repatriation is allowed up to US dollars 1 million per calendar year for any purpose from the balances in NRO accounts subject to payment of applicable taxes.
2) The limit of US dollars 1 million includes sale proceeds of immovable properties held by NRIs/PIOs for a period of 10 years.
3) In case a property is sold after being held for less than 10 years, remittance can be made if the sale proceeds have been held by the NRI/PIO for the balance period.
CA Tejas Andharia
(Querist)
22 November 2008
Thanks Mr. Ravikumar.
But r u confirmed that the limit of 1 million repatriation includes FDR amounts also?
But r u confirmed that the limit of 1 million repatriation includes FDR amounts also?
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