Fema

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CA Tejas Andharia (Querist)
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07 May 2012 One person who is originally the citizen of India has now got the citizenship of USA and going to settle there forever.

He has sold his agricultural Land in India, the gain of which is not taxable as the agricultural land in india is not capital asset.

The only question in this case is - Whether that person can repatriate such sales proceeds to outside India? How?

Vishal D Shah

Vishal D Shah (Expert)
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08 May 2012 Get the proceeds credited to nro account. Remit upto 1 MN usd per financial year.
Assumption made is assessee is Nri, purchased property in inr and property sold to resident Indian.

Cavishalshah@gmail.com

Mihir Doshi

Mihir Doshi (Expert)
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08 May 2012 Agree with expert

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CA Tejas Andharia

CA Tejas Andharia (Querist)
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08 May 2012 I want to clarify that he is the person of Indian Origin (PIO). In fact he was Indian Citizen and afterwards he got greencard. I think earlier there was a lock in period of 10 years which has been dispensed with by Govt.
Right?