REPATRIATION
Government Repatriation Policy
Once the money has been received in the Non-Resident Ordinary (NRO) account, we facilitate the repatriation of the money in accordance with the Foreign Exchange Management Act (FEMA).
The Reserve Bank of India has delegated powers to authorized dealers of foreign exchange (usually banks) to process applications and effect repatriation as per guidelines.
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.
In case the property was purchased out of Rupee resources, then the money from the sale of property can be credited to the NRO account of the Non-resident Indian (NRI).
NRIs are allowed to repatriate an amount up to USD one million, per financial year, from their NRO account. Such transfers are allowed, subject to tax compliance. The limit of US dollars 1 million includes sale proceeds of up to two immovable properties held by NRIs.
Documentation
The repatriation process requires following documentation:
1. Form 15CA.
2. Form 15CB in duplicate signed by the Chartered Accountant
3. Form A2
In addition to these, banks may verify documentary proof such as:
1. Copy of the sale document of the property.
2. If the property had been inherited then copy of the Will, legal heir certificate, death certificate on whose death the property has been inherited.
Repatriation Procedure
In order to effectuate remittance outside India, the remitter has to obtain a certificate from a practicing Chartered Accountant (CA) in the Form 15CB. This form has to be uploaded on the Income Tax Website by the Chartered Accountant under his digital signature.
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The contents of this form are verified to indicate that the money has been acquired from legal sources such as from sale of property and the taxes due thereon have been duly paid.
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Based on Form 15CB, the remitter has to fill Form 15CA and Form A2 and submit them to the banker. The bank will transfer the funds from your NRO account to the designated account abroad.
Our associate Chartered Accountants are aptly complying with the banks' aforesaid requirements.