NRI Repatriation of property purchased under parents' name


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)

NRI (Non-Resident Indian) repatriation refers to the process of transferring funds or assets from India to another country. If an NRI has purchased a property in India under their parents' name, repatriation of the property's sale proceeds is subject to certain rules and regulations: 1. Reserve Bank of India (RBI) approval: Obtain permission from the RBI to repatriate the funds. 2. KYC compliance: Ensure the property's ownership is properly documented, and KYC (Know Your Customer) norms are met. 3. Tax compliance: Pay applicable taxes, including capital gains tax, and obtain a tax clearance certificate. 4. Repatriation limit: Repatriate up to $1 million per financial year, subject to conditions. 5. Documents required: Furnish necessary documents, such as the property deed, sale agreement, and tax clearance certificate. 6. Banking channel: Repatriate funds through a banking channel, ensuring compliance with FEMA (Foreign Exchange Management Act) regulations. Please consult with a financial advisor, tax consultant, or legal expert to ensure a smooth repatriation process. Additionally, verify the current regulations and procedures, as they are subject to change.

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