Repatriating profit from indian property

T

thomsk

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I believe that Non-Indians cannot take out ( repatriate ) from India more money than they invested in Indian property.
For example, say a property in India was bought for €50,000 by an Irish person who lives in Ireland....
Lets suppose five years pass, and his Indian pad has doubled in value, now worth €100k.
From what I can gather, if he then sells it, he can only take back his original amount spent out of India, ie €50,000, and would be forced to keep the remaining €50,000 ( less 20% CGT ) in India.
Can anyone clarify whether or not this is true? Or, indeed, has anyone bought ( and sold ) Indian property?
 
I dont see how that can be the case. Simply request the buyer to transfer funds to you.

If you used a property company to get in, assuming you are indeed in, they should be able to advise
 
India used to have exchange controls that limited the money that could be taken out or even converted from rupees. I do not know if this is still the case. If it is, gold bars in your trousers may be your best bet.
 
You should respect the exchange control laws of any country you invest in, just as you should respect the Irish tax laws.

Brendan
 
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