I had purchased a two apartments in India a few years ago using funds earned abroad under my parent name. At that point i was living in Canada.
Later the apartments were transferred to me a few years ago by the parent as settlement.
Once again I transferred the same apartments back to my parent as gift. Now the apartments are being sold by my parent, and they want to send me this amount. But currently I am residing in Australia.
Is repatriation possible in such a scenario? If so, what is procedure for repatriating the funds back to a different country? If repatriation is not possible then what are the tax implications?
I thank in advance for your kind response.
CAclubindia
