—Guide
Repatriating Money From India as an NRI: USD 1 Million Limit and Documentation
How NRIs can move money out of India legally — what's freely repatriable, the USD 1 million annual NRO limit, property sale proceeds, and the Form 15CA/15CB documentation banks need.
NRIs often have money in India they want to move abroad — sale proceeds, inheritances, savings or rent. FEMA sets rules on how much can be moved and how. This guide explains them.
Freely Repatriable
- Balances in NRE accounts and FCNR deposits.
- Current income in NRO accounts — rent, dividends, interest and pension — after tax.
The USD 1 Million Limit
NRIs and OCIs can remit up to USD 1 million per financial year from NRO balances, including proceeds from selling assets and inheritances, after paying applicable tax. Amounts above that need RBI approval.
Property Sale Proceeds
Where the property was bought as an NRI with foreign exchange — from inward remittances or NRE/FCNR funds, including home loan repayments from those sources — sale proceeds up to the amount originally paid in foreign exchange can be repatriated, for up to two residential properties. The rest goes through the USD 1 million route. Property bought while resident, or inherited, goes through the USD 1 million route.
Documentation
- Form 15CA — an online declaration by the remitter.
- Form 15CB — a chartered accountant's certificate on the tax position, needed for larger taxable remittances.
- Source documents — sale deed, TDS certificates, inheritance documents.
- The bank's own forms and KYC.
Tax First
Banks won't remit capital amounts until tax has been paid or TDS deducted. Plan the tax — for example, by obtaining a lower deduction certificate on a property sale — before the remittance.
Common Issues
- Holding funds in a resident account instead of NRO.
- Missing proof of the original foreign exchange used for a purchase.
- Exceeding the annual limit without planning across years.
Getting Help
Think Filing plans repatriation, issues Form 15CB, and coordinates with banks.