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Can NRI/PIO repatriate the sale proceeds of residential/commercial property in India acquired by way of inward remittance through normal banking channel or by debit to NRE/FCNR (B) account? If so, what is the quantum?

- by Prasanna Kumar, Bangalore

A NRI / PIO may repatriate the sale proceeds of residential/commercial property in India acquired by way of inward remittance through normal banking channel or by debit to NRE /FCNR (B) account. The amount to be repatriated should not exceed the amount paid for acquisition of residential/ commercial property (a) in foreign exchange received through normal banking channel or by debit to FCNR (B) account or (b) the foreign currency equivalent, as on the date of payment, of the amount paid by debit to NRE account. From out of balances in NRO A/c. he may remit up to USD one million per calendar year, eligible balances including the sale proceeds of immovable property if such property has been sold after being held for 10 years. If such a property was held for less than 10 years, remittance can be made if the sale proceeds were held for the balance period in NRO A/c. (Savings / Term Deposit) or any other eligible investment, provided, such investment is traced to the sale proceeds of the immovable property. (For details please refer Reg.4 (3) of FEMA 13 dated May 3,2000 as amended)

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These are all the legal questions answered by Advocate S.Selvakumar in various magazines, in various occasion including realestate reporter monthly.

QUESTIONS

Q:-
I am an Indian settled in the US.  I am planning to buy property in India, and for that I need to give a 'General Power of Attorney' to my father. For this

1. Do I need to get it attested by the Indian Embassy or is a notarized Power of Attorney enough?

2. I have downloaded the miscellaneous form from the embassy site which says signature of the applicant must be notarized. 

I would be sending that Form and a Notarized General Power of Attorney along with my photo. My sign on the GPA would be notarized. Do I need to notarize the signature on the form too?


Q:- I am an NRI (Non Resident Indian), looking to make a Power of Attorney to allow my brother to purchase a flat in I on my behalf.  My question is, can I make a single Power of Attorney in favour of my brother  for obtaining housing  loan from the bank and to deal with the property developers for purchase and registration of the flat on my behalf?

Q:- I am an NRI. My younger brother has forged my signature and created a fake power of attorney and has taken a loan from bank against my house and now he claims that the house belongs to him. What should I do under the circum-stances?

Q:- I am an overseas citizen of India.  I am looking to make a Power of Attorney to allow my brother to purchase a flat in my name and on my behalf.  I would get the Power of Attorney notarized and then validated by the Indian consulate. My question is can I make a single Power of Attorney for obtaining the loan from the bank and to authorize him to negotiate and deal with any property for purposes of purchase and registration of the property in my name? 

Q:- Can NRI/PIO repatriate the sale proceeds of residential/commercial property in India acquired by way of inward remittance through normal banking channel or by debit to NRE/FCNR (B) account? If so, what is the quantum?