Letting
out of
Immovable
Property
The RBI
has granted
general
permission
to NRI's and
foreign
citizens of
Indian
origin, to
let out
their
residential
properties
acquired for
their bona
fide
residential
purpose but
which on
account of
their
residence
abroad, are
not required
for their
immediate
residential
purpose.
However,
there are
restrictions
regarding
the
repatriation
of the
rental
income
earned from
such letting
out of the
property.
The rental
income is on
a
non-repatriation
basis. Thus
funds
(rental
income) must
be credited
to the NRO
Account/
Resident
Accounts in
India.
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