NRI Repatriation of Property Sale Proceeds
You are an NRI who sold a property in India. Now you want to send the money to your account abroad. This is called repatriation. It is allowed, but there are rules on how much you can send and what paperwork you need. Get one step wrong and the bank will hold the transfer. This guide explains the limits, the account to use, and the forms step by step.
Quick summary
- Sale proceeds first go into your NRO account in India.
- You can repatriate up to USD 1 million per financial year from the NRO account.
- This covers sale of up to two residential properties for principal repatriation.
- You need Form 15CA (your declaration) and Form 15CB (a CA certificate) for the transfer.
- Tax must be paid or deducted before the money can be sent out.
Step 1: Money goes to your NRO account
When you sell property in India, the buyer pays you in India. The proceeds must be credited to your NRO (Non-Resident Ordinary) account. You cannot directly receive the sale amount abroad. The NRO account is the holding point from which repatriation happens. If the buyer deducted TDS, that is handled first. See our guide on TDS on buying property from an NRI.
Step 2: The USD 1 million limit
From the NRO account, you can send abroad up to USD 1 million in one financial year. This limit covers all your NRO remittances in that year, not property alone. If your sale proceeds are larger, you can split the transfer across financial years. Under the current FEMA rules, this USD 1 million route covers repatriation of principal from the sale of up to two residential properties.
Step 3: Pay the tax first
You cannot repatriate money on which tax is pending. The capital gains tax must be paid, or the buyer's TDS must be deducted and deposited. The CA who signs your Form 15CB will check this. If you reinvest the gain under Section 54 or 54EC, keep those proofs ready. Our guide on how to save capital gains tax covers the options.
Step 4: Form 15CA and 15CB
These two forms are the heart of the process.
| Form | Who files it | What it does |
|---|---|---|
| Form 15CB | A Chartered Accountant | Certifies the amount, that tax is paid, and that the transfer follows FEMA |
| Form 15CA | You (or your representative) | Your online declaration, filed on the income tax portal using the 15CB details |
The order matters. The CA issues Form 15CB first. You then file Form 15CA online quoting the 15CB number. The bank needs both before it releases the funds.
Step 5: Submit to your bank
Take Form 15CA, Form 15CB, the sale deed, proof of tax paid, and your account details to the bank. The bank checks the papers and transfers the money to your overseas account. Keep copies of everything for your records.
Documents you will need
- Sale deed and purchase deed of the property.
- Proof of TDS deducted or capital gains tax paid.
- Form 15CA and Form 15CB.
- NRO account details and bank request form.
- PAN card and passport or OCI card.
Special cases
If the property was inherited, you also need proof of inheritance, like a will or legal heir certificate, and the source of funds of the original owner. If you originally bought the property while you were a resident, or with NRE or FCNR funds, the repatriation rules can differ slightly. A CA can confirm the right route for your case.
Frequently asked questions
How much can an NRI repatriate from property sale?
Up to USD 1 million per financial year from the NRO account, after tax. Larger amounts can be split across years.
Which account should the sale money go into?
Your NRO account. Sale proceeds in India are credited there before repatriation.
What are Form 15CA and 15CB?
Form 15CB is a CA's certificate that tax is paid and the transfer follows FEMA. Form 15CA is your online declaration based on it. Both are needed.
Do I need to pay tax before repatriating?
Yes. Capital gains tax must be paid or the buyer's TDS deducted and deposited. The CA verifies this before signing Form 15CB.
Can I repatriate proceeds from more than two properties?
The USD 1 million route covers principal repatriation from up to two residential properties. For more, or for other cases, take specific advice.
Can I repatriate money from an inherited property?
Yes, within the USD 1 million limit, with proof of inheritance and that tax is settled.
Is the USD 1 million limit per person?
Yes, it is per person per financial year. A couple who each own a share may each use their own limit.
Can I send the money to any country?
You can remit to your overseas bank account through normal banking channels, following FEMA and your bank's process.
What if the buyer did not deduct TDS?
The buyer is required to deduct TDS under Section 195. If not done, it can cause problems at repatriation. Sort out the tax before you transfer.
Do I need a CA for this?
Yes. Form 15CB must be signed by a Chartered Accountant. It is the key document your bank relies on.
Repatriation is a paperwork job more than anything else. Keep the NRO route, the USD 1 million limit, and the two forms in mind, and settle the tax first. For the full sale process, read NRI selling property in India.
