srid_a said:
While/After moving to Canada, if I want to sell the property in India and use that money to buy a house in Canada, is it possible?
Will Indian Govt. allow money transfer out of India without any restrictions?
Has anybody done this before?
Thanks
If you are planning to Repatriate of Immovable Property, it is possible as per the rules applicable to 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.
