r2i forum

I am planning to buy property in India - I will convert my dollars and buy it in Rupees. If I decide to sell this property later on, how can I convert Rupees back to Dollars ? so I can it to USA?

Did any one have experience doing this ? I read online that you can do this using some new RBI guidelines but I am not sure how this works

Also, let me know how does this impact from Tax prospective

Any one ? Please share your experience

Copying text from other thread where a member posted this info.

I did a transaction recently with a hope that i can get funds back to USA after selling in future.
I tried sending money by choosing 'Foreign direct investment in to real estate' as reason but it was returned because the bank could not take money in to personal account (apparently receiving party should have a company of sort to use this code). Instead i wired money to seller putting reason as 'towards purchase of a plot @address' and saved all the transaction records for future reference. I believe i can use these wire details for future repatriation of proceeds of sale from real estate. It needs a good CA who knows this process and bank's help to get clearance from RBI.
The transaction clearly falls under allowed repatriation eligibility (possibly subject to annual limit of 1 million dollars or so) but only thing is paperwork is needed.


You wish to transfer funds held in your Non Resident Ordinary (NRO) to your Non Resident External (NRE) account.Please send or submit the following documents to the nearest NRI center for us to do the needful.1. Request Letter * Written instruction signed by the account holder is required. It can be either free format letter or fund transfer form. 2. Form A2 & FEMA declaration 3. Two originals of 15 CA and CB each are required. The forms must be signed by the Chartered Accountant (15CB) and the remitter (15CA).4) Supporting documents to evidence the source of funds.Note: Form 15CA will need to be uploaded and submitted on the NSDL site (www.tin-nsdl.com). Uploaded Form 15CA will thereafter be printed from the NSDL site, along with the system generated acknowledgement number and would need to be signed by you. Forms 15CA duly signed by the remitter and 15CB duly signed by a Chartered Accountant should be delivered in original to XXXbank. We have sent the form A2 to your email address maintained in our records.The list of our NRI Centers is available in our website www.xyz.com in the 'Contact Us' option under 'Customer Service' link.We would be glad to provide any further assistance or clarifications you may require.

thanks
kumar

why not just google it

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