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Repat. from Gift, Inheritance

Legal method to repatriate money from India

The Reserve Bank of India has delegated powers, to authorized dealers of foreign exchange to process applications and effect repatriation. There are certain guidelines that need to be followed, when it comes to transferring money that is received from the sale of property abroad. In case the property was purchased, with money received from inward remittance or debit to NRE/FCNR/NRO account, then the principal amount can be repatriated outside India.

How to repatriate money from sale of property

To be able to transfer money, received in India from the sale of your property, it is important that the payment for the property is accepted through legal banking channels. Documentary proof showing source of money will be required when transferring money abroad. In order to transfer the money it must first be deposited in an NRO bank account.

Plan repatriation of funds

While the repatriation procedure is fairly simple, with some planning you can probably make it much easier. 1. It might be prudent, for non-residents, to consult a CA before selling their property in India. They can guide you how to accept money from the sale proceeds and what documentation to get. 2. CA can help in calculating as well as methodically paying any taxes that may be due, on the sale of your property. Remember, your CA has to verify that taxes have been paid on 'Form 15CB'.

Getting an Inheritance or Gift

In India, the property inherited is fully exempted from gift tax. However, the amount on the sale of the asset is taxable under capital gains. Calculation of capital gains from an inherited property is the sales proceed less the original cost of purchase of the bequeathor. It may be short term or long term, depending much on the period for which the property or asset was held. In the US, there is an inheritance or estate tax levied at the time of inheritance. But this is only levied if the bequeathor or the deceased individual was a US citizen, resident, or Green Card holder.

Investments in Financial Instruments

Another way for NRIs or PIOs to bring money from India to the US is to invest in financial instruments like debt investment and equity investment. For debt instrument investment, NRIs and PIOs can invest in a non-resident ordinary (NRO) fixed deposit or a non-resident external (NRE) fixed deposit. Many NRIs and PIOs are attracted to these financial instruments, what with the relatively high rates of 8-9 percent.

REPATRIATION OF SALE PROCEEDS OF IMMOVABLE PROPERTY -​

The repatriation of proceeds of residential property by NRI/PIO is limited to two such properties. The repatriation of proceeds of agricultural land or plantation property or farm house is not allowed.

HOW IT WORKS

1

SELECT A PACKAGE

  • Select a service that you require
  • Choose a suitable Package or Plan depending on the Work involved the Services required
2

REGISTER

  • Submit or eMail your Contact details or provide the Client Registration Form
  • Provide basic documents (relevant KYC)
  • Make payment (Gateway, NEFT, Cheque, or Cash)
3

DOCUMENTATION

  • Speak to our Advisor
  • Submit your remaining documents / details by any of the following modes:
    • eMail to info@TaxAssist.in
    • Courier to HelpDesk
    • Visit to our Branches
    • or even WhatsApp
4

FINALIZATION

  • Once we have finalised, we will send you the Draft for Approval
  • Once approved & submissions made, you will receive Final Documents from us by eMail, courier or visit.

DOCUMENTS

To initiate the process, we will request you to provide us the following basic documents:
(We donot require any original documents. The documents can either be Emailed, Couriered, Physically delivered to our branches or even Whatsapped to us)

    Resident (Individuals)
  • PAN
  • Passport
  • PIO, OCI (if applicable)
  • Aadhaar Card
    Resident (Corporates)
  • PAN
  • TAN, VAT, GST
  • MOA, AOA
  • Incorporation Certificate
    NRI's & Expats
  • PAN
  • Passport
  • PIO, OCI, CDC (if applicable)
  • Aadhaar Card


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