Response to this Question

    NRIs can acquire assets by way of inheritance and continue to hold them without RBI permission. Further sale proceeds of assets can be repatriated abroad up to USD 1 million per calendar year without RBI permission. Repatriation in excess of the abovementioned limit requires prior RBI approval. Tax will be payable by the legal heirs on the income accruing from such asset after the date of death as also on gains from the sale of assets.

Date : 23-Nov-2019 

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