Mixed Insurance Banners Health Insurance for Visitors to USA

Announcement

Collapse
No announcement yet.

Property Sale and Repatriation of Funds, PAN card Requirement for OCI

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Property Sale and Repatriation of Funds, PAN card Requirement for OCI

    What is the process for repatriating funds back here after property sale? Has anyone gone through this as an PIO/OCI card holder?
    Are we required to ontain PAN card for repatriating these funds?
    Where is the Tax on capital gain collected?

    Other question (if someone knows) is very basic:
    If I (as an OCI) transfer funds to NRE account in India and withdraw all there in India....but use only some, looks like I cannot bring it back here (since its now withdrawn from the NRE account). So do we leave there?

  • #2
    1. You have to deposit the money in your NRO account. You need to pay capital gains tax first. You need to file income tax return and for all that, you need PAN card. After that, you may be able to repartiate the money.
    2. That's correct. You can't deposit Rupees in NRE account. Therefore, withdraw as you need. If appropriate, use credit card or debit card for expenses. Otherwise, you will have to deposit left over money in your NRO account. If the left over money is Rs. 4 lakh or above, there are more forms and complications to fill out. In any case, don't withdraw Rs. 10 Lakh or more in cash. Otherwise, you will have to give accounting to the bank regarding what you did with it.
    Immihelp Support
    No legal advice. Use at your own risk.

    Visa and Greencard Tracker

    Visitor Medical Insurance for your visiting relatives.

    Comment

    {{modal[0].title}}

    X

    {{modal[0].content}}

    {{promo.content}}

    Working...
    X