By way of inheritance from any a person resident in India or a person resident
outside India who had acquired such property in accordance with the provisions
of the foreign exchange law in force or FEMA regulations at the time of
acquisition of the property.
A PIO may transfer any immoveable property other than agricultural land /
Plantation property / farm house in India
a) By way of sale to a person resident in India.
b) By way of gift to PIO can sell property in India to person resident in India who is a citizen of India.
PIO can sell property in India to
i) a person resident in India.
ii) an NRI or
iii) a PIO - with the prior approval of Reserve Bank
If the immovable property was received as inheritance by the NRI/PIO
can he repatriate the sale proceeds?
A.28. Yes, general permission is available to the NRls/PIO to repatriate the sale
proceeds of the immovable property inherited from a person resident in India.
NRls/PIO may repatriate an amount not exceeding USD one million, per financial
year, on production of documentary evidence in support of acquisition /
inheritance of assets, an undertaking by the remitter and certificate by a
Chartered Accountant in the formats prescribed by the Central Board of Direct
Taxes vide their Circular No. 10/2002 dated October 9,2002. [cf. A P. (DIR
Series) Circular No.56 dated November 26, 2002].