Are there any limits for repatriation of proceeds from sale of immovable property in India?
RBI guidelines says as follows:
the amount to be repatriated should not exceed:
· the amount paid for acquisition of the immovable property in foreign exchange received through normal banking channels, or
· the amount paid out of funds held in Foreign Currency Non-Resident Account, or
· the foreign currency equivalent (as on the date of payment) of the amount paid where such payment was made from the funds held in Non-Resident External account for acquisition of the property;
So, does it meant that repatriation will be allowed only to the extent of consideration paid for acquiring that property? What about the sale proceeds received over and above the acquisition value? Please Help. Thanks