Repatriation of Assets from India for NRIs | Savlana Init

Cross-Border · Remittance of Assets

Repatriation of Assets — Out of India, Cleanly.

Sale proceeds, inheritances, rental income and NRO balances can be remitted abroad — within limits, with the right certificates, and only once the tax position is settled.

Repatriation is where tax law and exchange control meet, and a transaction that is fine under one can be blocked by the other. On the exchange control side, funds in a Non-Resident (External) account or an FCNR deposit are freely repatriable without limit, because they represent foreign earnings brought into India. Rupee funds in a Non-Resident Ordinary account are different: they represent Indian-source income and assets, and they may be remitted only within the limit prescribed under the Foreign Exchange Management (Remittance of Assets) Regulations — currently one million United States dollars per financial year, per person, aggregated across all sources.

That limit covers a broad range of remittances: balances in NRO accounts, sale proceeds of assets in India, assets acquired by way of inheritance, legacy or settlement, and assets acquired out of rupee funds. Sale proceeds of immovable property have their own rule — where the property was acquired in accordance with the exchange control law and paid for through foreign currency or NRE or FCNR funds, repatriation of the proceeds of up to two residential properties is permitted outside the annual cap; in other cases the proceeds fall within the one-million-dollar limit.

The tax side has its own gate. Section 195 of the Income Tax Act read with Rule 37BB requires that before any remittance chargeable to tax is made, the remitter files Form 15CA, and in most substantive cases furnishes Form 15CB — a certificate from a chartered accountant confirming the nature of the remittance, its taxability, the treaty provision relied on and the tax deducted. Banks will not process the outward remittance without these. The practical consequence is that the tax position must be settled, and often the tax actually paid, before the money can leave. We handle both sides together — computation, certification, documentation and bank coordination.

Our Repatriation Services

Repatriation Eligibility Assessment

Determination of how much you may remit in the financial year, from which sources, and which of the exchange control routes applies to each asset.

Form 15CB Certification

Chartered accountant certification of the nature, taxability and treaty treatment of the remittance, with the tax deducted or paid confirmed.

Form 15CA Filing

Filing of the applicable part of Form 15CA on the e-filing portal, matched to the certificate, ahead of the bank’s processing of the remittance.

Property Sale Proceeds Repatriation

Handling of remittance of sale proceeds of Indian immovable property, including the two-residential-property route and the acquisition-source documentation.

Inheritance and Legacy Remittance

Remittance of assets received by inheritance, legacy or settlement, including the succession documents, valuation and undertakings the bank will require.

NRO Balance Repatriation

Structuring of NRO account remittances within the annual limit, with the source of each credit documented to the bank’s satisfaction.

Section 197 Lower Deduction Certificate

Application for a lower or nil deduction certificate before a sale, so that deduction is limited to the real gain rather than the gross consideration.

Bank and Authorised Dealer Coordination

Preparation of the complete remittance file — Form A2, declarations, certificates and undertakings — and liaison with the authorised dealer bank.

Our Process

Source and Eligibility Review

We trace the source of the funds — sale proceeds, inheritance, rent, dividends, accumulated income — and establish which repatriation route and limit applies.

Tax Position Determination

Taxability of the underlying income is computed under domestic law and the applicable treaty, and any tax due is quantified and paid before certification.

Documentation Assembly

Sale deeds, succession certificates, purchase evidence, bank statements, Tax Residency Certificate and Form 10F are assembled into a single remittance file.

Certification and Filing

Form 15CB is issued and the corresponding Form 15CA is filed on the portal, so the bank has a matched and complete set before processing.

Remittance Execution

The file is submitted to the authorised dealer with Form A2, queries are answered, and the remittance is followed through to credit abroad.

Why It Matters

✓Correct route identified — free repatriation or the annual limit

✓The two-residential-property route used where it is available

✓Form 15CB issued by the chartered accountant who computed the tax

✓Form 15CA matched to the certificate, avoiding bank rejection

✓Section 197 certificate obtained before sale, freeing blocked funds

✓Inheritance remittances supported by proper succession documentation

✓Annual limit tracked across all sources and family members

✓A complete file that authorised dealers accept without repeated queries

Frequently Asked Questions

Funds in NRE accounts and FCNR deposits are freely repatriable without limit. For rupee assets — NRO balances, sale proceeds of assets, and assets acquired by inheritance, legacy or settlement — the limit under the Remittance of Assets Regulations is currently one million United States dollars per financial year per person. The limit is aggregated across all sources for the individual, not applied separately to each.

Form 15CA is required for remittances chargeable to tax, in the part appropriate to the amount and nature of the payment. Form 15CB, the chartered accountant’s certificate, is required where the remittance is chargeable to tax and exceeds the prescribed threshold in the year and no certificate or order has been obtained from the assessing officer. A specified list of remittances is exempt from both. Banks will not release funds without whatever is applicable.

Yes. Where the property was acquired in accordance with the exchange control law and paid for from foreign currency or NRE or FCNR funds, repatriation of the sale proceeds of up to two residential properties is permitted. Where those conditions are not met — property bought with rupee funds, or a third property — the proceeds are remitted within the annual one-million-dollar limit. In all cases the tax on the capital gain must be settled first.

Yes, within the annual one-million-dollar limit. The bank will require evidence of the inheritance — a will, probate, succession certificate or legal heir certificate as applicable — together with a declaration confirming that the assets were acquired by way of inheritance and an undertaking regarding tax compliance. Where the estate is large, remittance is spread across financial years.

Repatriation is not a taxable event. Tax attaches to the underlying income — the capital gain on the asset sold, the rental income earned, the interest credited — and it must be discharged before the remittance is certified. Where tax deducted at source exceeds the true liability, the excess is not recovered at the remittance stage; it is recovered by filing a return for the year.

Where documentation is complete and no tax certificate is required, certification and filing can be completed quickly and the bank typically processes the remittance within a few working days. Where a Section 197 lower deduction certificate is needed, or where succession documents must be obtained, the timeline extends considerably — which is why property sales in particular should be planned well before the buyer is ready to pay.

Need to move funds out of India?

Tell us the source and the amount. We will confirm the route and the limit, settle the tax position, issue Form 15CB, file Form 15CA and take it through your bank.