My son is a permanent citizen of the United States and owns some flats and individual houses in Chennai. He wants to sell all his property here and take back the entire amount to the U.S. What is the procedure to transfer the money? Is there any limit on how much can be transferred at a time? What are the taxes to be paid to the government?
Reshmi.T
Chennai
Your son should be having an OCI or a PIO card. It is advisable that he obtains a PAN card as well, if not done already.
He can deal with immovable properties in India except agricultural lands.
For tax and repatriation related queries, please consult your chartered accountant.
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