How soon can one repatriate the dollar amount put in to buying a flat?

Question asked from Mathi Jay from Chennai, India:

I have procured a flat in Chennai, India. Paid 70% thru foreign remittance (for which have proof). Planning to sell the same, how soon can I repatriate the dollar amount I put in? If I submit the proof of the wire transfers, can I get them repatriated as soon as I sell? Also note my first dollar payment was in Jan 2007 and the last dollar payment in Sep 2008. If the sale proceeds were to be in Indian Rupees, what type of account should I put in to have it repatriated at the earliest? If I put it in a NRO in a foreign bank (e.g. citi), can I get them repatriated immediately if I produce certificates of foreign wire transfer?

Thanks
Mathi Jay

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Can one repatriate money back to US if in case he has not registered the property in his name?

Question asked by Karan Chandran from USA:

Hello, I am an NRI(Indian Citizen – US Green Card Holder) living in the United States. I am in the process of buying a flat with a builder in Bangalore. I have paid about 80% of the flat’s price so far. The price of the flat is around 58 Lakhs + Registration (around 5 lakhs) + Car Park + misc. The Builder has not registered the flat in my name yet, so I have not paid the registration fees yet. I have sent all the money for the purchase from United States through a Citibank NRE account. Here are my 3 questions:
1. Can I sell the flat to someone now without registering it? My plan is to register it in their name directly. This way I will avoid the Registration fees and can sell it for a lower price thereby both the buyer and myself will gain.
2. If I can sell it, what taxes will I have to pay to the Indian Government? Will it be a percentage of the capital gains (the difference between the sales price and the price I purchased it at)?
3. Will I be able to repatriate the money back to US in this case since I have not registered the property in my name? If so, how long can I keep the money in rupees in an account before I repatriate it? (The dollar value is pretty high now and I would like to repatriate it when it is a little lower)
I greatly appreciate any insight you can provide to my questions. Also, please let me know if there is a way for me to consult with you via phone for about 1/2 hour regarding this and what your charges would be.
Thank you
Karan

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What are the latest Indian rules for repatriation and what is the procedure to follow?

Question asked by Mr. Shiva Badruswamy
from New York, USA:

Hello there:
Thank you for being very informative about real estate Indian laws. I am about to inherit a property in India worth roughly $1 million. I am a US Citizen of Indian Origin. I want to sell the property and bring the cash over to the US or buy another property in another country or invest in any security. What are the latest rules and what is the procedure to follow?
Best wishes,
Shiva Badruswamy

New York, NY, USA

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What Are The Legal Issues Associated With A NRI Having A British Passport Buying A Business Property In India?

Question asked by Sheena Thomas :

Dear Ms Vatsala Dhananjaya,
Can you please advise on the legal issues with a NRI with a British passport buying a business property in India. The person in question has all family (parents etc) all indians born and settled in India. Also, if a business property is bought in India by the NRI, if he were to sell the property, could he transfer any profit made to an account in the UK.
Thanks in advance for your help.
Sheena Thomas

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