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Old Jan 5th 2011, 2:45 pm   #1
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Does anyone know the current situation for transferring funds from the sale of a property in Goa from India to UK? thanks
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Old Jan 5th 2011, 3:41 pm   #2
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Default Re: Repatriation of funds from India to UK

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Does anyone know the current situation for transferring funds from the sale of a property in Goa from India to UK? thanks
This is a very murky area, did you have deeds or just Agreement for Sale, are you PIO/NRI, how long have you 'owned' the property, how were you paid, do/did you have a business, are you currently Resident as per FEMA???
- at the last meeting with BHCI they suggested that you can only repatriate the original purchase price (which is the rule for non-resident PIO/NRI's). On the ground people have reported that RBI require a statement of tax etc. from a Chartered Accountant. The current RBI rules say that a person resident in India can remit up to US$ 1,000,000 in any tax year for any purpose (and if you are an Indian Citizen then you probably can, which may also be true if the Indian Citizen in question is buying property in Goa~~~~~~).
If you did everything 110% legit and are prepared to pay CGT etc. then your best bet is to visit the RBI.

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Old Jan 5th 2011, 11:58 pm   #3
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Smile Re: Repatriation of funds from India to UK

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This is a very murky area, did you have deeds or just Agreement for Sale, are you PIO/NRI, how long have you 'owned' the property, how were you paid, do/did you have a business, are you currently Resident as per FEMA???
- at the last meeting with BHCI they suggested that you can only repatriate the original purchase price (which is the rule for non-resident PIO/NRI's). On the ground people have reported that RBI require a statement of tax etc. from a Chartered Accountant. The current RBI rules say that a person resident in India can remit up to US$ 1,000,000 in any tax year for any purpose (and if you are an Indian Citizen then you probably can, which may also be true if the Indian Citizen in question is buying property in Goa~~~~~~).
If you did everything 110% legit and are prepared to pay CGT etc. then your best bet is to visit the RBI.

AndyD 8-)#

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Thanks Andy, have heard conflicting views on this subject recently and as a UK citizen on a tourist visa without the deeds but a lease agreement am wondering what the situation is at the moment. Will take your advice and speak to RBI.
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Old Jan 10th 2011, 8:02 pm   #4
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Thanks Andy, have heard conflicting views on this subject recently and as a UK citizen on a tourist visa without the deeds but a lease agreement am wondering what the situation is at the moment. Will take your advice and speak to RBI.
Please pm me on this topic
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Old Jan 11th 2011, 4:10 pm   #5
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Please pm me on this topic
A subject which should be kept to pm's/
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Old Oct 17th 2011, 10:46 pm   #6
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Old Mar 25th 2012, 7:53 am   #7
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Default Re: Repatriation of funds from India to UK

Indian residents can legally transfer money through banking channels - haven't checked the figure lately, it was 1 or 2 million US$ per year. That's for white money of course; black money is much harder to manage in the UK than it is in India.

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Old Mar 30th 2012, 12:56 pm   #8
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if the money is legally obtained why does it have to be PMd and not posted?
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Old Mar 30th 2012, 1:04 pm   #9
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if the money is legally obtained why does it have to be PMd and not posted?
cos' it's not that easy to prove that you're a Resident even if you are?
Legally transferred funds just need an Accountant's Certificate to prove all taxes have been paid - so that's no problem.

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