Hello member!
As per Indian laws, PIOs are not entitled for exemptions on capital gains. I’m afraid you’ve to pay the tax some 22.26% as it comes under the bracket of long term capital gains; coz you hold the land for more than 36 months.
Also since you purchased the land by foreign funds, you can repatriate the same, however the limit to repatriation of the capital gains made over the sale is restricted to US$ 1 million, under the Foreign Exchange Management Act.
Hope this information will help you some ways.
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Regards,
Vikram
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