How soon can one repatriate the dollar amount put in to buying a flat?
Question asked by Mathi Jay from Chennai, India:
I have procured a flat in Chennai, India. Paid 70% thru foreign remittance (for which have proof). Planning to sell the same, how soon can I repatriate the dollar amount I put in? If I submit the proof of the wire transfers, can I get them repatriated as soon as I sell? Also note my first dollar payment was in Jan 2007 and the last dollar payment in Sep 2008. If the sale proceeds were to be in Indian Rupees, what type of account should I put in to have it repatriated at the earliest? If I put it in a NRO in a foreign bank (e.g. citi), can I get them repatriated immediately if I produce certificates of foreign wire transfer?
Thanks
Mathi Jay
Veena Answers:
We are of the view that the money received from sales proceeds allowed for repatriation to any country subject to USD 1 million in a year. Proceeds exceeding 1 million can be repatriated in the subsequent years. The sales proceeds have to be deposited in NRO (rupee account). Further, the source of funding needs to be certified by a Chartered Accountant and copies of inflow to be provided for review of the chartered accountant. Any NRO account can be opened in any bank. However, if there is any tax liability on the sale proceeds, the same needs to be cleared or undertaking needs to be procured that such liability shall be cleared.
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