XI Remittance of sale proceeds of immovable property inherited by a person resident outside India Q.37. Can sale proceeds of any immovable property inherited by NRI/PIO from a person resident in India be remitted abroad?

A. 37. Yes.

Amount not exceeding USD one million, per calendar year subject to production of documentary evidence in support of inheritance and Tax clearance certificate/no objection certificate from Income Tax authority to authorized dealer for remittances. However, if a PIO is a citizen of Pakistan or Bangladesh or Sri Lanka or Afghanistan or China or Iran he should seek prior approval of Reserve Bank with documentary evidence in support of inheritance and tax clearance/no objection certificate from Income Tax authority. This remittance facility is not available to a citizen of Nepal or Bhutan.

(Please refer to Regulation 4 (3) to Notification No. More.

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