Remittance of money to NRI
30 September 2020 My client (NRI) has given land in India for Development and he got 8 apartments as his share for the land. Now he is selling the apartments on by one and take the money. Recently I came to know that remittance of money is restricted to only 2 residential properties. Please give me your suggestions on how the sale proceeds of 8 apartments can be remitted to USA. It may be noted here that the sale proceeds of all the 8 apartments put together will be less than 1 million US $ as prescribed in LRS. I am not able to understand why the restriction is on number when there is a thresh hold limit of 1 M $. Please clarify whether this restriction of 2 residential properties is per annum or for the life time.