Originally Posted by chrisjolly
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.