Can an NRI repatriate funds from the sale of property in India?

An NRI can repatriate the funds from the sale of 2 residential properties in India.

The proceeds from the sale of these can be repatriated based on certain conditions driven by how the property was procured by the NRI.

• In case the property was procured in the capacity of resident Indians, the repatriation to the extent of USD 1 million per financial year is permissible. The condition is the property should have been in possession for 10 years. However, if the property is sold before 10 years the proceeds should be held in the NRO account till completion of 10 years post which repatriation can be allowed.
• In case the property was inherited by an NRI, an NRI is required to furnish inheritance proof for enabling the repatriation up to USD 1 million.
• In case the property was bought in the capacity of NRI, the repatriation to the extent of USD 1 million per financial year is permitted but cannot exceed the amount of foreign exchange remitted by NRI to India or funds paid through FCNR account/NRE account for purchasing the property.