Tax would not arise merely on account of transfer of money into India. However, you would need to check your residential status for the tax year(s) concerned to determine any tax liability.
- Do we need RBI permission to seek repatriation of rupees into dollars for sale proceeds of Indian property?
No, but only if the repatriation of sale proceeds of Indian Property, is complying with the conditions set out in January 13, 2003 circular. For these conditions, you may approach banker remitting such sale proceeds.
- Does the $1 million USD per year permission now mean that you still need to get permission from RBI to repatriate your sale proceeds if they are $100,000 to $1 million per year?
- No. If the remitter strictly complies with the requirements and conditions of January 13, 2003 circular.