LEGAL EAGLE Property Plus

Transferring money overseas

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.

Send in your questions to propertyplus@thehindu.co.in. All questions must have a full name and address.

The replies here are general and readers are requested to seek independent legal advice.

The Hindu or RANK will not be responsible for consequences of actions taken by the readers pursuant to this column.


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Printable version | Oct 23, 2021 4:16:38 AM | https://www.thehindu.com/features/homes-and-gardens/transferring-money-overseas/article7210666.ece

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