REPATRIATION OF AGRICULTURE INCOME IN INDIA OF NRI/PIO RECEIVED IN NRO ACCOUNT

This query is : Resolved

SUNIL KUMAR JAIN (Querist)
Follow

21 November 2024 1. A US CITIZEN WHO IS PERSON OF INDIAN ORIGIN (POI) HAD INHERITED AGRICULTURAL LAND IN INDIA AFTER DEATH OF HIS FATHER. HIS AGRICULTURAL INCOME IN INDIA RECEIVED FROM YEAR TO YEAR IS CREDITED TO HIS NRO ACCOUNT AND ALSO DECLARED IN HIS INCOME TAX RETURN AS EXEMPT INCOME. CAN THE POI TRANSFER THE ACCUMULATED AGRICULTURAL INCOME IN NRO ACCOUNT FROM NRO ACCOUNT TO HIS NRE ACCOUNT.
CA SUNIL JAIN

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

21 November 2024 Yes, RBI allows for transfers from an NRO to an NRE account as long as the transfer is below the currency equivalent of $1 million US dollars per calendar year.
Form 15CA & 15CB will be required for the transfer.