Agricultural Land or Farm Proceeds
We assist NRIs in repatriating proceeds from the sale of agricultural land or farm properties in India, ensuring adherence to specific regulatory requirements.
Problem Addressed:
The sale and repatriation of agricultural property proceeds are subject to stringent regulations, including restrictions on buyers and repatriation limits, posing challenges for NRIs.
Process Flow:
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1. Eligibility Verification:
Confirm that the NRI is permitted to sell the agricultural property under Indian laws. -
2. Buyer Identification:
Ensure the buyer is an Indian resident, as NRIs can typically sell agricultural land only to resident Indians. -
3. Sale Agreement and Registration:
Draft and register the sale deed, ensuring all legal formalities are completed. -
4. Tax Compliance:
Calculate applicable capital gains tax and ensure payment -
5. Deposit of Sale Proceeds:
Ensure the proceeds are deposited into the NRO account. -
6. Repatriation Approval:
Since repatriation of proceeds from the sale of agricultural land may require specific RBI approval, assist in preparing and submitting the application. -
7. Documentation and Remittance:
Upon approval, prepare Form 15CA/CB and coordinate with authorized banks to transfer funds abroad, adhering to the USD 1 million per financial year limit.
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