Repatriation of money

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pallav (Querist)
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30 October 2015 A NRI (presently in USA) having some ancestral property in India is now willing to sell the property.

My query is what is the process to repatriate money(sale proceeds)

Regards..

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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31 October 2015 Pay taxes due file 15CA and 15CB. Up to 1 million US dollars may be remitted per year. For higher remittance RBI permission is required.

pallav

pallav (Querist)
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31 October 2015 Sir,, The person has opened NRO Account in India,, can he send sale proceeds through this account?

please advice,,

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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31 October 2015 Yes it can be sent through this NRO account but tax payment and RBI limits has to be complied.

pallav

pallav (Querist)
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31 October 2015 sir he has sold some agricultural land in India..is it taxable for him?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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31 October 2015 If it is rural agricultural land situated 8 kms away from municipal limits no tax payable.