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Repatriation of funds
Can a POI being resident in India as per income tax act & non resident as per FEMA as he is settling abroad. Is it possible to repatriate money from NRO a/c upto 1million USD simply by form 15ca part D or is there any requirement like first to get Income tax clearance certificate.
Replies (2)
The below information is from RBI website:
Repatriation of NRO funds
- Authorised Dealers(ADs) can allow remittance/s upto USD 1 million(approx Rs 7.4 crore), of balances in NRO accounts/of sale proceeds of assets on production of an undertaking by the remitter together with a certificate issued by a Chartered Accountant in Annexure A and B as prescribed by the Central Board of Direct axes (CBDT). In the case of repatriation of sale proceeds of immovable property by NRIs/PIOs, ADs can allow repatriation thereof even if the immovable property was held by the NRIs/PIOs for less than 10 years provided the cumulative period of holding of the immovable property in India and retention of the sale proceeds of the property in the NRO Account is not less than 10 years.
Agree with above
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