"If the property was purchased using foreign currency funds from NRE /FCNR account, the maximum amount of repatriation could be the foreign currency equivalent of the amount paid for the purchase". What is the logic of not allowing repatriation of whole sale proceeds and limiting to just amount invested in foreign currency? Moreover, how the remaining balance sale proceeds can be repatriated in following future years?
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Repartriation of Sale Proceeds of Immovable Property
Replies (1)
The restriction exists because the "gain" portion of your sale proceeds is treated as domestic Indian income, which falls under the USD 1 million annual repatriation cap for NRO accounts. Any amount exceeding this limit can be repatriated in subsequent financial years (up to USD 1 million per year) after submitting the required CA certificates and tax documentation.
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