Remittance of capital assets in India held by a person whether resident in or outside India would require approval of the RBI except to the extent provided in the Foreign Exchange Management Act, 1999 (FEMA) or Rules or Regulations made under the Act.
Remittance of assets by NRI/PIO
NRIs and PIOs are permitted to remit upto $1, 00,000
per year from their Non Resident (Ordinary) account/sale proceeds
of assets (inclusive of inheritance/settlement).
Repatriation of Sale Proceeds of Residential Property
purchased by NRIs/PIO out of foreign exchange
There is no lock-in period for sale of residential property purchased
by NRI/PIO out of foreign exchange. However, repatriation of sale
proceeds of residential property purchased by NRI/PIO out of foreign
exchange is restricted to not more than two such properties.
Remittance representing refund of application/earnest money on
account of non allotment is permitted together with interest if
the original payment was made out of NRE/FCNR account of the account
holder or the remittance was from outside India through normal