new in blog said:
I have to sell my flats in india & transfer money to canada,show me way pl.
You can transfer money to Canada if the following terms are applicable as per Indian Government rules:
Repatriation of Immovable Property by an NRI
The sale proceeds of the property is permitted for repatriation as under:
Exempted from RBI permission
Property held for more than 10 years: NRIs/PIOs are permitted to repatriate the funds held in their NRO A/c up to US$ 100,000 a year where sale proceeds of immovable property held by them for period of not less than 10 years is subject to payment of taxes.
The property was acquired by the seller in accordance with the provisions of foreign exchange law in force at the time of acquisition.
If the property is sold after 3 years of date of Purchase Deed or final payment of Purchase consideration which ever is later. However, the above lock in period of 3 years is not applicable in case of such property sold by NRI/PIO on or after 19.08.2002
Further exemption from RBI permission comes only up to the value of purchase consideration paid in Foreign Exchange.
RBI permission essential
For NRI who had acquired immovable property in India, and who is not eligible under clause I above. Sale proceeds of such immovable property can be repatriated by obtaining special permission of the RBI on the ground of adversity.
