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isg1997

Newbie
Oct 24, 2010
2
0
As I found the following post from June this year very helpful (on NRE accounts), I am writing with a similar question:
I am in the process of selling a flat in India that I bought long before I became an NRI, with income earned in India. I wish to transfer the proceeds of the sale less Capital Gains Tax to my account in the UK.

My questions relate to the modalities:

1. Is the transfer at all possible under existing Indian laws, as I was an Indian national at the time of purchase and now (at the time of sale) am not?
2. If it is at all possible, I presume I need to set up an NRE account first? Or would it have to be an NRO account?
3. Is it then possible to transfer the proceeds, less tax, to my UK account?
4. Are there any restrictions I ought to watch out for?

Many thanks for your help!
 
Why would you want to ask this question in a Canadian Immigration forum? ???
 
How would it affect the answer to your question if you had Canadian PR instead of the UK and wanted to sell property and bring those funds to Canada? I am intrigued.