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- So if a NRI was to sell property in India and then transfer
money to his/her home country and use this money to purchase
a house in the home country then no tax is due on the money
Then how do you get a tax clearance certificate in the
first place to transfer the money.CommentQuote0Flag
- Is it possiable to buy primary residence in US and save tax in India
We(me and my husband ) live in United States as PIO’s(Persons of Indian origin) holding US citizenship and in the process of getting dual citizenship.
We purchased(Joint ownership ) residential land in Hyderabad, A.P. in 2001 with foreign funds. Since we do not own a house in the united states and India and want to sell the property and purchase a primary residence in USA with those sale proceedings.
We would like to know how much of that sale proceedings to be repatriated without tax on captial gains, since we are buying a house for ourselves. There are some instances, got the RBI permission to do so without any tax obligation. We would like to to know how much money we can repatriate without capital gains tax to buy primary residence in USA within 12 monthsCommentQuote0Flag
- Hi Rashmi ,
This rule applies to PIO's also . I really appreciated if you can get back to me
- Hi Savithri,
Going by the article that Rashmi has posted, the RBI allows an Indian resident or an NRI to repatriate up to $1,00,000 per annum for investment abroad,which includes investment in property.
And in any case, as a non-resident Indian, you are entitled to repatriate the entire proceeds from the sale of your property in India, if the property was bought entirely from foreign funds! So go ahead and buy your new home in the US, but do check with your lawyer first!CommentQuote0Flag