Repatriation of funds from India to UK
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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Re: Repatriation of funds from India to UK
Originally Posted by chrisjolly
(Post 9079388)
Does anyone know the current situation for transferring funds from the sale of a property in Goa from India to UK? thanks
- 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-)# |
Re: Repatriation of funds from India to UK
Originally Posted by a_f_d
(Post 9079521)
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-)# |
Re: Repatriation of funds from India to UK
Originally Posted by chrisjolly
(Post 9080578)
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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Re: Repatriation of funds from India to UK
Originally Posted by erinsgirl
(Post 9091657)
Please pm me on this topic
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Re: Repatriation of funds from India to UK
:thumbup:
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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.
AndyD 8-)₹ |
Re: Repatriation of funds from India to UK
if the money is legally obtained why does it have to be PMd and not posted?:confused:
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Re: Repatriation of funds from India to UK
Originally Posted by pennylessinindia
(Post 9980147)
if the money is legally obtained why does it have to be PMd and not posted?:confused:
Legally transferred funds just need an Accountant's Certificate to prove all taxes have been paid - so that's no problem. AndyD 8-)# |
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