Nitesh Painter (Service) (78 Points)
10 November 2011IF THE PERSON CITIZEN OF INDIA CURRENTLY RESIDING IN US SELLS ITS FLAT IN MUMBAI & HAVE PAID THE LONG TERM CAPITAL GAIN TAX ON IT ? CAN HE ELEGIBLE TO REPATRIETE ENTIRE PROCEEDS TO USA ? OR THERE IS ANY RESTRICTION ON IT UNDER FEMA? THANKS IN ADVANCE
CA. Anuj Gupta
(Practices in NRI Int.Tax FEMA TP FDI/FIPB & FCRA)
(7019 Points)
Replied 10 November 2011
Yes, the NRI can repatriate upto USD 1 million(Rs.5 crore appx.) after the payment of taxes in India.
That income shall also be taxable in US but NRI can get benifit of TDS deducted in India.
Anuj
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