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Can sale proceeds from the sale of a commercial property owned by a foreign citizen of Indian origin be remitted out of India?

Yes, sale proceeds from the sale of a commercial property owned by a foreign citizen of Indian origin can be repatriated out of India.

08 Dec 2008

Yes, sale proceeds from the sale of a commercial property owned by a foreign citizen of Indian origin can be repatriated out of India.

In case of property purchased on or after 26th May 1993, repatriation is limited to the original investment on purchase of the property. Such repatriation is allowed provided the property is sold after a period of three years from the date of the final purchase deed or from the date of payment of final installment of consideration amount, whichever is later.

Applications for the purpose need to be to the Central Office of Reserve Bank within 90 days of the sale of property in Form IPI 7.



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