All the documents can be submitted to the New York branch. Once the documents reach New York, I will be communicating with you for any discrepancies to be resolved.
Types of Income
a.Immovable Property Purchased through NRO / Domestic Source (Non Repatriable Source)
b.Immovable Property Purchased through NRE / FCY Source (Repatriable Source)
c.Immovable Property Inherited Property
Category - Sale Of Property
A] Immovable Property Purchased through NRO / Domestic Source (Non Repatriable Source)
1. Repatriation Application Form
-> Filled / Signed application form - Citibank Format Available
2. Form A2 & FEMA declaration
3. 2 originals of 15 CA and CB each required signed by the Chartered Accountant (15CB) and the remitter (15CA)
4. Purchase Deed of Property (In English language or translated by an approved translator)
-> Purchase deed should be registered with applicable stamp duty duly paid.
-> Purchaser as per the purchase deed should be the holder in NRO account who is repatriating the funds
5. Sale Deed of Property (In English language or translated by an approved translator)
-> Sale deed should be registered with applicable stamp duty duly paid
-> Seller as per the purchase deed should be the holder in NRO account who is repatriating the funds
-> The property description given in the purchase deed and sale deed should be the same unless the property is sold in part
6. Proof of Credit into Account
-> Sale deed will carry the cheque details through which the buyer has settled the funds to seller and the same should match
with the cheque proceeds credited into NRO account
-> In case the Sale deed does not state the payment details (like cheque no.) then CA certificate required to ascertain that
the funds credited to the account pertain to the sale proceeds of the transaction
7. Computation of Income by the CA / Copy of the ITR filed
-> Computation of income should be certified by Chartered Accountant. Signature and stamp of the CA firm should be available
-> The Purchase Cost mentioned in computation of income or IT Return Copy should match with the purchase consideration of the property as mentioned in the Purchase Deed. Any indexation arrived at should be clearly shown clearly.
-> The Sale Consideration mentioned in computation of income or IT Return Copy should match with the same as mentioned in the Sale Deed
-> ITR / Computation of Income should be of the same period in which the property is sold
-> If customer has invested the capital gain amount in capital gain tax saver bonds and the same is exempted from tax, then the same should be specified by CA in computation of income
-> In such case, proof of investment in respective capital gain tax saver bonds in respective period for mentioned amount is required
8. Proof of tax payment if any / Copy of the ITR filed.
-> In case if customer has not filed returns, proof of tax payment (Challan Copy) to be submitted by customer which should match with
the applicable tax as certified in the Computation of Income by CA
-> Form 16A issued by the buyer would act as a proof of tax payment if tax was estimated and deducted at source.
Such tax deducted as given in Form 16A should be as per the applicable tax arrived through computation of income by CA.
If TDS was deducted for lesser amount, then Challan Copy required for the balance tax paid as self assessment tax.
9. Other than Agricultural land or, plantation property or farm house
-> A NRI is not permitted to acquire any property in India which is an Agricultural land or, plantation property or farm house
So sale proceeds of such a property purchased by NRI should not be allowed for repatriation
10. Nationality of Remitter / Seller of property
-> A citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan, whether resident in India or outside India,
cannot acquire or transfer immovable property in India, without the prior permission of the Reserve Bank.
B] Immovable Property Purchased through NRE / FCY Source (Repatriable Source)
1. Repatriation Application Form
-> Filled / Signed application form - Citibank Format Available
2. Form A2 & FEMA declaration
3. 2 originals of 15 CA and CB each required signed by the Chartered Accountant (15CB) and the remitter (15CA)
4. Purchase Deed of Property (In English language or translated by an approved translator)
-> Purchase deed should be registeredwith applicable stamp duty paid.
-> Purchaser as per the purchase deed should be the holder in NRO account who is repatriating the funds
5. Sale Deed of Property. (In English language or translated by an approved translator)
-> Sale deed should be registered with applicable stamp duty paid.
-> Seller as per the purchase deed should be the holder in NRO account who is repatriating the funds
-> The property description given in the purchase deed and sale deed should be the same unless the property is sold in part
6. Proof of Credit into Account
-> Sale deed will carry the cheque details through which the buyer has settled the funds to seller and the same should match
with the cheque proceeds credited into NRO account
-> In case the Sale deed does not state the payment details (like cheque no.) then CA certificate required to ascertain that
the funds credited to the account pertain to the sale proceeds of the transaction
7. Computation of Income by the CA / Copy of the ITR filed
-> Computation of income should be certified by Chartered Accountant. Signature and stamp of the CA firm should be available
-> The Purchase Cost mentioned in computation of income or IT Return Copy should match with the purchase consideration of
the property as mentioned in the Purchase Deed. Any indexation arrived at should be clearly shown clearly.
-> The Sale Consideration mentioned in computation of income or IT Return Copy should match with the same as mentioned
in the Sale Deed
-> ITR / Computation of Income should be of the same period in which the property is sold
-> If customer has invested the capital gain amount in capital gain tax saver bonds and the same is excepted from tax, then the
same should be specified by CA in computation of income
-> In such case, proof of investment in respective capital gain tax saver bonds in respective period for mentioned amount is required
8. Proof of tax payment if any / Copy of the ITR filed
-> In case if customer has not filed returns, proof of tax payment (Challan Copy) to be submitted by customer which should match with
the applicable tax as certified in the Computation of Income by CA
-> Form 16A issued by the buyer would act as a proof of tax payment if tax was estimated and deducted at source.
Such tax deducted as given in Form 16A should be as per the applicable tax arrived through computation of income by CA.
If TDS was deducted for lesser amount, then Challan Copy required for the balance tax paid as self assessment tax.
9. Declaration from Customer stating -
-> The sales proceeds under repatriation are not exceeding the sale of 2 residential properties (OR)
-> The sale is of commercial property and that there is no limit to the number of properties
(This Declaration is required for restriction on Repatriation of Properties purchased through NRE Source)
10. Other than Agricultural land or, plantation property or farm house
-> A NRI is not permitted to acquire any property in India which is an Agricultural land or, plantation property or farm house
So sale proceeds of such a property purchased by NRI should not be allowed for repatriation
11. Nationality of Remitter / Seller of property
-> A citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan, whether resident in India or outside India,
cannot acquire or transfer immovable property in India, without the prior permission of the Reserve Bank.
C] Immovable Property Inherited Property
1. Repatriation Application Form
-> Filled / Signed application form - Citibank Format Available
2. Form A2 & FEMA declaration
3. 2 originals of 15 CA and CB each required signed by the Chartered Accountant (15CB) and the remitter (15CA)
4. Probated Will (by Indian Court) (In English language or translated by an approved translator)
-> Probated will is required. In absence of Will, the customer should get a Letter of Administration or Succession Certificate issued by
the Indian Court giving details of assets of the deceased person from whom the property was inherited.
-> If there are multiple inheritors for the property, then customer's share should be clearly mentioned in the docs mentioned above
-> Incase of property held under local development authority, NOC/ Mutation letter from Development Authoritywith clear details of the
ownership and share of the customer and such cases to be referred for review on case to case basis.
4. Notorised Death Certificate (In English language or translated by an approved translator)
-> Death certificate of the person from whom property is inherited is required as per the will and other docs submitted
5. Sale Deed of Property, with applicable Stamp Duty duly paid (In English language or translated by an approved translator)
-> Sale deed should be registered
-> Seller as per the purchase deed should be the holder in NRO account who is repatriating the funds
-> The property description given in the purchase deed and sale deed should be the same unless the property is sold in part
...
Types of Income
a
Immovable Property Purchased through NRO / Domestic Source (Non Repatriable Source)
b
Immovable Property Purchased through NRE / FCY Source (Repatriable Source)
c
Immovable Property Inherited Property
Category - Sale Of Property
A] Immovable Property Purchased through NRO / Domestic Source (Non Repatriable Source)
1. Repatriation Application Form
-> Filled / Signed application form - Citibank Format Available
2. Form A2 & FEMA declaration
3. 2 originals of 15 CA and CB each required signed by the Chartered Accountant (15CB) and the remitter (15CA)
4. Purchase Deed of Property (In English language or translated by an approved translator)
-> Purchase deed should be registered with applicable stamp duty duly paid.
-> Purchaser as per the purchase deed should be the holder in NRO account who is repatriating the funds
5. Sale Deed of Property (In English language or translated by an approved translator)
-> Sale deed should be registered with applicable stamp duty duly paid
-> Seller as per the purchase deed should be the holder in NRO account who is repatriating the funds
-> The property description given in the purchase deed and sale deed should be the same unless the property is sold in part
6. Proof of Credit into Account
-> Sale deed will carry the cheque details through which the buyer has settled the funds to seller and the same should match
with the cheque proceeds credited into NRO account
-> In case the Sale deed does not state the payment details (like cheque no.) then CA certificate required to ascertain that
the funds credited to the account pertain to the sale proceeds of the transaction
7. Computation of Income by the CA / Copy of the ITR filed
-> Computation of income should be certified by Chartered Accountant. Signature and stamp of the CA firm should be available
-> The Purchase Cost mentioned in computation of income or IT Return Copy should match with the purchase consideration of
the property as mentioned in the Purchase Deed. Any indexation arrived at should be clearly shown clearly.
-> The Sale Consideration mentioned in computation of income or IT Return Copy should match with the same as mentioned
in the Sale Deed
-> ITR / Computation of Income should be of the same period in which the property is sold
-> If customer has invested the capital gain amount in capital gain tax saver bonds and the same is exempted from tax, then the
same should be specified by CA in computation of income
-> In such case, proof of investment in respective capital gain tax saver bonds in respective period for mentioned amount is required
8. Proof of tax payment if any / Copy of the ITR filed.
-> In case if customer has not filed returns, proof of tax payment (Challan Copy) to be submitted by customer which should match with
the applicable tax as certified in the Computation of Income by CA
-> Form 16A issued by the buyer would act as a proof of tax payment if tax was estimated and deducted at source.
Such tax deducted as given in Form 16A should be as per the applicable tax arrived through computation of income by CA.
If TDS was deducted for lesser amount, then Challan Copy required for the balance tax paid as self assessment tax.
9. Other than Agricultural land or, plantation property or farm house
-> A NRI is not permitted to acquire any property in India which is an Agricultural land or, plantation property or farm house
So sale proceeds of such a property purchased by NRI should not be allowed for repatriation
10. Nationality of Remitter / Seller of property
-> A citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan, whether resident in India or outside India,
cannot acquire or transfer immovable property in India, without the prior permission of the Reserve Bank.
B] Immovable Property Purchased through NRE / FCY Source (Repatriable Source)
1. Repatriation Application Form
-> Filled / Signed application form - Citibank Format Available
2. Form A2 & FEMA declaration
3. 2 originals of 15 CA and CB each required signed by the Chartered Accountant (15CB) and the remitter (15CA)
4. Purchase Deed of Property (In English language or translated by an approved translator)
-> Purchase deed should be registeredwith applicable stamp duty paid.
-> Purchaser as per the purchase deed should be the holder in NRO account who is repatriating the funds
5. Sale Deed of Property. (In English language or translated by an approved translator)
-> Sale deed should be registered with applicable stamp duty paid.
-> Seller as per the purchase deed should be the holder in NRO account who is repatriating the funds
-> The property description given in the purchase deed and sale deed should be the same unless the property is sold in part
6. Proof of Credit into Account
-> Sale deed will carry the cheque details through which the buyer has settled the funds to seller and the same should match
with the cheque proceeds credited into NRO account
-> In case the Sale deed does not state the payment details (like cheque no.) then CA certificate required to ascertain that
the funds credited to the account pertain to the sale proceeds of the transaction
7. Computation of Income by the CA / Copy of the ITR filed
-> Computation of income should be certified by Chartered Accountant. Signature and stamp of the CA firm should be available
-> The Purchase Cost mentioned in computation of income or IT Return Copy should match with the purchase consideration of
the property as mentioned in the Purchase Deed. Any indexation arrived at should be clearly shown clearly.
-> The Sale Consideration mentioned in computation of income or IT Return Copy should match with the same as mentioned
in the Sale Deed
-> ITR / Computation of Income should be of the same period in which the property is sold
-> If customer has invested the capital gain amount in capital gain tax saver bonds and the same is excepted from tax, then the
same should be specified by CA in computation of income
-> In such case, proof of investment in respective capital gain tax saver bonds in respective period for mentioned amount is required
8. Proof of tax payment if any / Copy of the ITR filed
-> In case if customer has not filed returns, proof of tax payment (Challan Copy) to be submitted by customer which should match with
the applicable tax as certified in the Computation of Income by CA
-> Form 16A issued by the buyer would act as a proof of tax payment if tax was estimated and deducted at source.
Such tax deducted as given in Form 16A should be as per the applicable tax arrived through computation of income by CA.
If TDS was deducted for lesser amount, then Challan Copy required for the balance tax paid as self assessment tax.
9. Declaration from Customer stating -
-> The sales proceeds under repatriation are not exceeding the sale of 2 residential properties (OR)
-> The sale is of commercial property and that there is no limit to the number of properties
(This Declaration is required for restriction on Repatriation of Properties purchased through NRE Source)
10. Other than Agricultural land or, plantation property or farm house
-> A NRI is not permitted to acquire any property in India which is an Agricultural land or, plantation property or farm house
So sale proceeds of such a property purchased by NRI should not be allowed for repatriation
11. Nationality of Remitter / Seller of property
-> A citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan, whether resident in India or outside India,
cannot acquire or transfer immovable property in India, without the prior permission of the Reserve Bank.
C] Immovable Property Inherited Property
1. Repatriation Application Form
-> Filled / Signed application form - Citibank Format Available
2. Form A2 & FEMA declaration
3. 2 originals of 15 CA and CB each required signed by the Chartered Accountant (15CB) and the remitter (15CA)
4. Probated Will (by Indian Court) (In English language or translated by an approved translator)
-> Probated will is required. In absence of Will, the customer should get a Letter of Administration or Succession Certificate issued by
the Indian Court giving details of assets of the deceased person from whom the property was inherited.
-> If there are multiple inheritors for the property, then customer's share should be clearly mentioned in the docs mentioned above
-> Incase of property held under local development authority, NOC/ Mutation letter from Development Authoritywith clear details of the
ownership and share of the customer and such cases to be referred for review on case to case basis.
4. Notorised Death Certificate (In English language or translated by an approved translator)
-> Death certificate of the person from whom property is inherited is required as per the will and other docs submitted
5. Sale Deed of Property, with applicable Stamp Duty duly paid (In English language or translated by an approved translator)
-> Sale deed should be registered
-> Seller as per the purchase deed should be the holder in NRO account who is repatriating the funds
-> The property description given in the purchase deed and sale deed should be the same unless the property is sold in part
6. Proof of Credit into Account
-> Sale deed will carry the cheque details through which the buyer has settled the funds to seller and the same should match
with the cheque proceeds credited into NRO Account
-> Customer's share of the property sale proceeds as in will and sale deed to be matched with the amount credited in NRO Account
-> In case the Sale deed does not state the payment details (like cheque no.) then CA certificate required to ascertain that
the funds credited to the account pertain to the sale proceeds of the transaction
Types of Income
a.Immovable Property Purchased through NRO / Domestic Source (Non Repatriable Source)
b.Immovable Property Purchased through NRE / FCY Source (Repatriable Source)
c.Immovable Property Inherited Property
Category - Sale Of Property
A] Immovable Property Purchased through NRO / Domestic Source (Non Repatriable Source)
1. Repatriation Application Form
-> Filled / Signed application form - Citibank Format Available
2. Form A2 & FEMA declaration
3. 2 originals of 15 CA and CB each required signed by the Chartered Accountant (15CB) and the remitter (15CA)
4. Purchase Deed of Property (In English language or translated by an approved translator)
-> Purchase deed should be registered with applicable stamp duty duly paid.
-> Purchaser as per the purchase deed should be the holder in NRO account who is repatriating the funds
5. Sale Deed of Property (In English language or translated by an approved translator)
-> Sale deed should be registered with applicable stamp duty duly paid
-> Seller as per the purchase deed should be the holder in NRO account who is repatriating the funds
-> The property description given in the purchase deed and sale deed should be the same unless the property is sold in part
6. Proof of Credit into Account
-> Sale deed will carry the cheque details through which the buyer has settled the funds to seller and the same should match
with the cheque proceeds credited into NRO account
-> In case the Sale deed does not state the payment details (like cheque no.) then CA certificate required to ascertain that
the funds credited to the account pertain to the sale proceeds of the transaction
7. Computation of Income by the CA / Copy of the ITR filed
-> Computation of income should be certified by Chartered Accountant. Signature and stamp of the CA firm should be available
-> The Purchase Cost mentioned in computation of income or IT Return Copy should match with the purchase consideration of the property as mentioned in the Purchase Deed. Any indexation arrived at should be clearly shown clearly.
-> The Sale Consideration mentioned in computation of income or IT Return Copy should match with the same as mentioned in the Sale Deed
-> ITR / Computation of Income should be of the same period in which the property is sold
-> If customer has invested the capital gain amount in capital gain tax saver bonds and the same is exempted from tax, then the same should be specified by CA in computation of income
-> In such case, proof of investment in respective capital gain tax saver bonds in respective period for mentioned amount is required
8. Proof of tax payment if any / Copy of the ITR filed.
-> In case if customer has not filed returns, proof of tax payment (Challan Copy) to be submitted by customer which should match with
the applicable tax as certified in the Computation of Income by CA
-> Form 16A issued by the buyer would act as a proof of tax payment if tax was estimated and deducted at source.
Such tax deducted as given in Form 16A should be as per the applicable tax arrived through computation of income by CA.
If TDS was deducted for lesser amount, then Challan Copy required for the balance tax paid as self assessment tax.
9. Other than Agricultural land or, plantation property or farm house
-> A NRI is not permitted to acquire any property in India which is an Agricultural land or, plantation property or farm house
So sale proceeds of such a property purchased by NRI should not be allowed for repatriation
10. Nationality of Remitter / Seller of property
-> A citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan, whether resident in India or outside India,
cannot acquire or transfer immovable property in India, without the prior permission of the Reserve Bank.
B] Immovable Property Purchased through NRE / FCY Source (Repatriable Source)
1. Repatriation Application Form
-> Filled / Signed application form - Citibank Format Available
2. Form A2 & FEMA declaration
3. 2 originals of 15 CA and CB each required signed by the Chartered Accountant (15CB) and the remitter (15CA)
4. Purchase Deed of Property (In English language or translated by an approved translator)
-> Purchase deed should be registeredwith applicable stamp duty paid.
-> Purchaser as per the purchase deed should be the holder in NRO account who is repatriating the funds
5. Sale Deed of Property. (In English language or translated by an approved translator)
-> Sale deed should be registered with applicable stamp duty paid.
-> Seller as per the purchase deed should be the holder in NRO account who is repatriating the funds
-> The property description given in the purchase deed and sale deed should be the same unless the property is sold in part
6. Proof of Credit into Account
-> Sale deed will carry the cheque details through which the buyer has settled the funds to seller and the same should match
with the cheque proceeds credited into NRO account
-> In case the Sale deed does not state the payment details (like cheque no.) then CA certificate required to ascertain that
the funds credited to the account pertain to the sale proceeds of the transaction
7. Computation of Income by the CA / Copy of the ITR filed
-> Computation of income should be certified by Chartered Accountant. Signature and stamp of the CA firm should be available
-> The Purchase Cost mentioned in computation of income or IT Return Copy should match with the purchase consideration of
the property as mentioned in the Purchase Deed. Any indexation arrived at should be clearly shown clearly.
-> The Sale Consideration mentioned in computation of income or IT Return Copy should match with the same as mentioned
in the Sale Deed
-> ITR / Computation of Income should be of the same period in which the property is sold
-> If customer has invested the capital gain amount in capital gain tax saver bonds and the same is excepted from tax, then the
same should be specified by CA in computation of income
-> In such case, proof of investment in respective capital gain tax saver bonds in respective period for mentioned amount is required
8. Proof of tax payment if any / Copy of the ITR filed
-> In case if customer has not filed returns, proof of tax payment (Challan Copy) to be submitted by customer which should match with
the applicable tax as certified in the Computation of Income by CA
-> Form 16A issued by the buyer would act as a proof of tax payment if tax was estimated and deducted at source.
Such tax deducted as given in Form 16A should be as per the applicable tax arrived through computation of income by CA.
If TDS was deducted for lesser amount, then Challan Copy required for the balance tax paid as self assessment tax.
9. Declaration from Customer stating -
-> The sales proceeds under repatriation are not exceeding the sale of 2 residential properties (OR)
-> The sale is of commercial property and that there is no limit to the number of properties
(This Declaration is required for restriction on Repatriation of Properties purchased through NRE Source)
10. Other than Agricultural land or, plantation property or farm house
-> A NRI is not permitted to acquire any property in India which is an Agricultural land or, plantation property or farm house
So sale proceeds of such a property purchased by NRI should not be allowed for repatriation
11. Nationality of Remitter / Seller of property
-> A citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan, whether resident in India or outside India,
cannot acquire or transfer immovable property in India, without the prior permission of the Reserve Bank.
C] Immovable Property Inherited Property
1. Repatriation Application Form
-> Filled / Signed application form - Citibank Format Available
2. Form A2 & FEMA declaration
3. 2 originals of 15 CA and CB each required signed by the Chartered Accountant (15CB) and the remitter (15CA)
4. Probated Will (by Indian Court) (In English language or translated by an approved translator)
-> Probated will is required. In absence of Will, the customer should get a Letter of Administration or Succession Certificate issued by
the Indian Court giving details of assets of the deceased person from whom the property was inherited.
-> If there are multiple inheritors for the property, then customer's share should be clearly mentioned in the docs mentioned above
-> Incase of property held under local development authority, NOC/ Mutation letter from Development Authoritywith clear details of the
ownership and share of the customer and such cases to be referred for review on case to case basis.
4. Notorised Death Certificate (In English language or translated by an approved translator)
-> Death certificate of the person from whom property is inherited is required as per the will and other docs submitted
5. Sale Deed of Property, with applicable Stamp Duty duly paid (In English language or translated by an approved translator)
-> Sale deed should be registered
-> Seller as per the purchase deed should be the holder in NRO account who is repatriating the funds
-> The property description given in the purchase deed and sale deed should be the same unless the property is sold in part
...
Types of Income
a
Immovable Property Purchased through NRO / Domestic Source (Non Repatriable Source)
b
Immovable Property Purchased through NRE / FCY Source (Repatriable Source)
c
Immovable Property Inherited Property
Category - Sale Of Property
A] Immovable Property Purchased through NRO / Domestic Source (Non Repatriable Source)
1. Repatriation Application Form
-> Filled / Signed application form - Citibank Format Available
2. Form A2 & FEMA declaration
3. 2 originals of 15 CA and CB each required signed by the Chartered Accountant (15CB) and the remitter (15CA)
4. Purchase Deed of Property (In English language or translated by an approved translator)
-> Purchase deed should be registered with applicable stamp duty duly paid.
-> Purchaser as per the purchase deed should be the holder in NRO account who is repatriating the funds
5. Sale Deed of Property (In English language or translated by an approved translator)
-> Sale deed should be registered with applicable stamp duty duly paid
-> Seller as per the purchase deed should be the holder in NRO account who is repatriating the funds
-> The property description given in the purchase deed and sale deed should be the same unless the property is sold in part
6. Proof of Credit into Account
-> Sale deed will carry the cheque details through which the buyer has settled the funds to seller and the same should match
with the cheque proceeds credited into NRO account
-> In case the Sale deed does not state the payment details (like cheque no.) then CA certificate required to ascertain that
the funds credited to the account pertain to the sale proceeds of the transaction
7. Computation of Income by the CA / Copy of the ITR filed
-> Computation of income should be certified by Chartered Accountant. Signature and stamp of the CA firm should be available
-> The Purchase Cost mentioned in computation of income or IT Return Copy should match with the purchase consideration of
the property as mentioned in the Purchase Deed. Any indexation arrived at should be clearly shown clearly.
-> The Sale Consideration mentioned in computation of income or IT Return Copy should match with the same as mentioned
in the Sale Deed
-> ITR / Computation of Income should be of the same period in which the property is sold
-> If customer has invested the capital gain amount in capital gain tax saver bonds and the same is exempted from tax, then the
same should be specified by CA in computation of income
-> In such case, proof of investment in respective capital gain tax saver bonds in respective period for mentioned amount is required
8. Proof of tax payment if any / Copy of the ITR filed.
-> In case if customer has not filed returns, proof of tax payment (Challan Copy) to be submitted by customer which should match with
the applicable tax as certified in the Computation of Income by CA
-> Form 16A issued by the buyer would act as a proof of tax payment if tax was estimated and deducted at source.
Such tax deducted as given in Form 16A should be as per the applicable tax arrived through computation of income by CA.
If TDS was deducted for lesser amount, then Challan Copy required for the balance tax paid as self assessment tax.
9. Other than Agricultural land or, plantation property or farm house
-> A NRI is not permitted to acquire any property in India which is an Agricultural land or, plantation property or farm house
So sale proceeds of such a property purchased by NRI should not be allowed for repatriation
10. Nationality of Remitter / Seller of property
-> A citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan, whether resident in India or outside India,
cannot acquire or transfer immovable property in India, without the prior permission of the Reserve Bank.
B] Immovable Property Purchased through NRE / FCY Source (Repatriable Source)
1. Repatriation Application Form
-> Filled / Signed application form - Citibank Format Available
2. Form A2 & FEMA declaration
3. 2 originals of 15 CA and CB each required signed by the Chartered Accountant (15CB) and the remitter (15CA)
4. Purchase Deed of Property (In English language or translated by an approved translator)
-> Purchase deed should be registeredwith applicable stamp duty paid.
-> Purchaser as per the purchase deed should be the holder in NRO account who is repatriating the funds
5. Sale Deed of Property. (In English language or translated by an approved translator)
-> Sale deed should be registered with applicable stamp duty paid.
-> Seller as per the purchase deed should be the holder in NRO account who is repatriating the funds
-> The property description given in the purchase deed and sale deed should be the same unless the property is sold in part
6. Proof of Credit into Account
-> Sale deed will carry the cheque details through which the buyer has settled the funds to seller and the same should match
with the cheque proceeds credited into NRO account
-> In case the Sale deed does not state the payment details (like cheque no.) then CA certificate required to ascertain that
the funds credited to the account pertain to the sale proceeds of the transaction
7. Computation of Income by the CA / Copy of the ITR filed
-> Computation of income should be certified by Chartered Accountant. Signature and stamp of the CA firm should be available
-> The Purchase Cost mentioned in computation of income or IT Return Copy should match with the purchase consideration of
the property as mentioned in the Purchase Deed. Any indexation arrived at should be clearly shown clearly.
-> The Sale Consideration mentioned in computation of income or IT Return Copy should match with the same as mentioned
in the Sale Deed
-> ITR / Computation of Income should be of the same period in which the property is sold
-> If customer has invested the capital gain amount in capital gain tax saver bonds and the same is excepted from tax, then the
same should be specified by CA in computation of income
-> In such case, proof of investment in respective capital gain tax saver bonds in respective period for mentioned amount is required
8. Proof of tax payment if any / Copy of the ITR filed
-> In case if customer has not filed returns, proof of tax payment (Challan Copy) to be submitted by customer which should match with
the applicable tax as certified in the Computation of Income by CA
-> Form 16A issued by the buyer would act as a proof of tax payment if tax was estimated and deducted at source.
Such tax deducted as given in Form 16A should be as per the applicable tax arrived through computation of income by CA.
If TDS was deducted for lesser amount, then Challan Copy required for the balance tax paid as self assessment tax.
9. Declaration from Customer stating -
-> The sales proceeds under repatriation are not exceeding the sale of 2 residential properties (OR)
-> The sale is of commercial property and that there is no limit to the number of properties
(This Declaration is required for restriction on Repatriation of Properties purchased through NRE Source)
10. Other than Agricultural land or, plantation property or farm house
-> A NRI is not permitted to acquire any property in India which is an Agricultural land or, plantation property or farm house
So sale proceeds of such a property purchased by NRI should not be allowed for repatriation
11. Nationality of Remitter / Seller of property
-> A citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Iran, Nepal or Bhutan, whether resident in India or outside India,
cannot acquire or transfer immovable property in India, without the prior permission of the Reserve Bank.
C] Immovable Property Inherited Property
1. Repatriation Application Form
-> Filled / Signed application form - Citibank Format Available
2. Form A2 & FEMA declaration
3. 2 originals of 15 CA and CB each required signed by the Chartered Accountant (15CB) and the remitter (15CA)
4. Probated Will (by Indian Court) (In English language or translated by an approved translator)
-> Probated will is required. In absence of Will, the customer should get a Letter of Administration or Succession Certificate issued by
the Indian Court giving details of assets of the deceased person from whom the property was inherited.
-> If there are multiple inheritors for the property, then customer's share should be clearly mentioned in the docs mentioned above
-> Incase of property held under local development authority, NOC/ Mutation letter from Development Authoritywith clear details of the
ownership and share of the customer and such cases to be referred for review on case to case basis.
4. Notorised Death Certificate (In English language or translated by an approved translator)
-> Death certificate of the person from whom property is inherited is required as per the will and other docs submitted
5. Sale Deed of Property, with applicable Stamp Duty duly paid (In English language or translated by an approved translator)
-> Sale deed should be registered
-> Seller as per the purchase deed should be the holder in NRO account who is repatriating the funds
-> The property description given in the purchase deed and sale deed should be the same unless the property is sold in part
6. Proof of Credit into Account
-> Sale deed will carry the cheque details through which the buyer has settled the funds to seller and the same should match
with the cheque proceeds credited into NRO Account
-> Customer's share of the property sale proceeds as in will and sale deed to be matched with the amount credited in NRO Account
-> In case the Sale deed does not state the payment details (like cheque no.) then CA certificate required to ascertain that
the funds credited to the account pertain to the sale proceeds of the transaction