NRI Repatriation of property

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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.

Replies (1)

Capital gain tax liability will arise on owner (your parents).

The can gift you the amount (after paying tax as per filed ITR) under LTS scheme.


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