Results for #PIO
Legal
#pio#immovable#property#rbi#permission
A PIO acquired immovable property in 1983 under FERA section 31 with RBI approval. RBI issued a notification (FERA 152/93-RB 26.05.1993) granting general permission with certain conditions. Over a period, foreign exchange regulations changed. Also, section 31 is no longer in existence. Therefore, can a PIO dispose by way of sale of a residential flat(acquired in 83) to a resident Indian without obtaining special approval of RBI as required by Section 31?
A PIO acquired immovable property in 1983 under FERA section 31 with RBI approval. RBI issued a notification (FERA 152/93-RB 26.05.1993) granting general permission with certain conditions. Over a period, foreign exchange regulations changed. Also, section 31 is no longer in existence. Therefore, can a PIO dispose by way of sale of a residential flat(acquired in 83) to a resident Indian without obtaining special approval of RBI as required by Section 31?
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Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Yes, the PIO can sell the property acquired by him to a resident Indian. However, the repatriation of funds received from such sale to any place out of India would depend on the relevant rules and regulations in connection therewith.
NRI
#pio#immovable#property
Can an NRI or a PIO repatriate the proceeds from the sale of an immovable property? If so, what are the terms for the same?
Can an NRI or a PIO repatriate the proceeds from the sale of an immovable property? If so, what are the terms for the same?
Answered on November 08, 2017
1.From the balances of NRO account – subject to declaration
2. Sale proceeds of assets
3. Assets acquired from legacy/ inheritance/ deed of settlement
they can remit up to USD 1 Million in a financial year
