How to repatriate money

By | 11 months ago

How to repatriate money ?

Let’s understand what is repatriate money ? Repatriation, in terms of finance, is the process of converting a foreign currency into the currency of one’s own country.repatriate money refers to a return to a country of origin.The amount of currency depending upon exchange rate between two currencies.Indians returning from the America repatriate money by U.S. dollars back to Indian rupees.

foreign exchange risk is available until Indian citizens repatriate money back to Indian rupees. For corporations,  typically there is a very heavy tax.

Almost every NRI is having assets in India which they had purchased when they were lived in India.It is very difficult to manage these assets when they have no plan to return to or visit India.NRIs from other countries are coming to India to sell their inherited or purchased real estate after they get citizenship in these countries.Holding on to real estate is not always feasible if one is unable to manage them.The task of paying property tax, maintenance and society dues are the burden for NRIs.Selling such real estate is usually not the biggest challenge.

Repatriation

An NRI can sell his/her any type of property in India to anyone a resident Indian or NRI.NRIs can get general permissions for repatriate the sale proceeds of property inherited from an Indian resident, subject to certain conditions.If conditions for repatriate money are fulfilled, the NRI need not pursue the RBI’s permission.The conditions for repatriation of money are not really complicated.The RBI allows NRIs to transfer money from NRO to NRE account after applicable taxes have been paid.

The bank that the NRI deals with will allow repatriation of money obtained from the sale of property provided a few conditions are met. Any type of money that was brought from outside countries for the purchase of the property can be repatriated.If the NRI had taken a home loan to purchase the property, his/her bank will allow him to repatriate money equivalent to what he brought in from abroad to repay the loan.

NRIs must pay attention to the income tax indications in their country of residence.Whenever money is being repatriated by an NRI, Form 15CA has to be submitted online at the income tax department’s website. In repatriate process, the NRI must provide documentary evidence supporting his obtainment or inheritance of the property.

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Note: We have used various online resources to collect information, we might be wrong at some information provided by us. So please consult your financial advisor before any deals. If you have any issue/question feel free to contact us or comment here.

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