NRI Repatriation of property purchased under parents' name

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.