chrisjolly

Does anyone know the current situation for transferring funds from the sale of a property in Goa from India to UK? thanks

a_f_d

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-)#

AndyD 8-)#

chrisjolly

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.

erinsgirl

Please pm me on this topic

old man

A subject which should be kept to pm's/

DaveShaw

a_f_d

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.

AndyD 8-)₹

pennylessinindia

if the money is legally obtained why does it have to be PMd and not posted?

a_f_d

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.

AndyD 8-)#