Real Estate India: Repatriation by an NRI of All Proceeds from Sale of Residential Real Property in India, Purchased With Foreign Exchange
Question asked by Mr Suphal Agrawal from USA: Gentlemen, I was referred to your site by one of my relatives in India. I am a male of Indian origin, now a U.S. Citizen for several years. I am interested in purchasing residential real property near Mumbai with a goal to sell it later on (time not definite yet, but could be anytime after a year or so, depending upon the local market situation and my own financial plans) and then buy something else, but eventually I intend to repatriate all proceeds -- my original investment and all gains -- back into the U.S. Based on my extensive search on this topic, here is what I understand: 1) I am classified as an NRI due to having held an Indian passport previously, and due to both my parents being Indian 2) As such, I can buy residential real property in India without any specific permissions; I can pay for it via wire transfer from my US bank to the seller's bank in India; later, I can sell it to an Indian citizen or another NRI but must hold...