Sale of Immovable Property

NRIs holding Indian passport has the permission to sell the property in India subject to certain conditions. He can transfer any immovable property to a person resident in India. The Non-Residents need to take prior approval of the RBI for sale of residential property in India acquired with specific permission of the RBI to a person resident in or outside India. .

NRIs have been allowed to repatriate original investment in equivalent foreign exchange in residential properties only after obtaining prior approval subject to a maximum of two houses under certain conditions..

Brokerage, legal fees and other expenses incurred in selling the property would be allowed as a deduction from the taxable capital gains.



*Disclaimer- Data provided above is strictly for informational purposes only. We do not make any claims on accuracy of information.