12.11
- Document type
- Manual
- Dated
- Category
- Exchange Management Manual
Sale/Transfer of Immovable Properties
Reserve Bank will permit, on application, any person/firm/company holding immovable property abroad to sell it, provided Reserve Bank is satisfied that the property is being sold at the best possible price and the seller has undertaken to repatriate sale proceeds to India through an authorised dealer. Reinvestment abroad of sale proceeds of a property will not be permitted. Sale of immovable property held abroad to another resident in India is also not permitted. Transfer of property by gift, settlement, lease (for a period exceeding five years), etc. in favour of any person will require prior permission of Reserve Bank [Also see paragraph 12.9(ii) in regard to sale/transfer of properties held abroad by persons eligible for general exemption].