2

I am living in US for 17 years and became US citizen October 2015. My brother who is living in India gifted me the property in India, July 2015. He registered that property in my name in 2014, that time I was not an US citizen.

Now I want to sell that property in India and transfer the money to US bank. I have accounts with Citi and State Bank in US. Once I sell the property in India the buyer will give me the cash only, its worth of $50,000. I want to use that money for my daughters’ education.

Could you please advise me how to transfer the money from India to US bank? Can my brother send the money to my account? Since I am US citizen now, is any issue to sell the property in India?

Appreciate your feedback and response! Aruna

1

Please consult a CA as a certification is required.

Now I want to sell that property in India. Since I am US citizen now, is any issue to sell the property in India?

There is no issue in selling the property. This will create a tax event, you have to pay capital gains tax in India.

and transfer the money to US bank.

Under the Liberalized Remittance Scheme an Individual can repatriate funds upto USD 250,000 without any paperwork.

However most banks would be cautious and request for Form 15CA and Form 15CB if you are moving funds from NRO Account. Form 15 CA you would need to declare why you are moving the said funds. The Form 15 CB is to be filled by Chartered Account certifying that relevant taxes have been already paid in India to Income Tax Department.

the buyer will give me the cash only, its worth of $50,000

It is best to avoid cash for such transactions, consult a CA on formalities to be followed if this is cash. Is this same as what is declared in the sales deed.

Related questions: Money transfer from India to USA and How to bring my assets to US

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.