![]() ![]() It is best to seek an expert advice while drafting a WILL as well as while applying for Probate. Proof of inheritance must be submitted, and the total repatriation amount must not exceed 1 million US dollars in a financial year. Permission applies only to those properties that are inherited from persons who are non- residents themselves. If these rules are followed, then there is no need to obtain permission from the RBI. There are some restrictions on the repatriation of sale proceeds of inherited property. Repatriation of proceeds from the sale of Inherited property: So, if the property in question was acquired without obtaining permission from the Reserve Bank of India, when the permission was required to be obtained, such property cannot be inherited by the NRI or PIO, without specific permission of the RBI. It is important to note that the person from whom the NRI inherits the property, should have acquired the property being bequeathed, in accordance with the provisions of law relating to foreign exchange, prevalent at the relevant time. The RBI’s permission is necessary, if the inheritance results in favour of a citizen of a foreign state, who is a resident outside India. The NRI or PIO can inherit property in India even from another NRI or PIO, subject to certain conditions. An NRI can inherit the property from anyone including his relatives. They can even inherit agricultural land or a farmhouse, which they are otherwise not entitled to acquire by way of purchase. A non-resident Indian (NRI) or person of Indian origin (PIO), can inherit any immovable property in India, whether it is residential or commercial. Financial Planning, Financial Advisory, Retirement Planning, Wealth Management, Financial Analysis, and Life Insurance See all details Business Info Services offered Financial Planning Financial. But while inheriting an immovable asset there could be certain conditions that need to be fulfilled. There is no much restriction or challenge while inheriting a movable asset. They may have a limited time as they need to return to their residing countryĪn NRI can inherit movable and immovable assets.The succession certificate or probate process could be time consuming.They may not be aware of the legal process.If his parent has executed a Will, then the child will have to apply to the court for Probate. NRIs should be prepared to spend some time in India as presence is normally required and helpful for clearing matters of property inheritance. Property purchase and registration documents, etc. This involves submitting documents to the court such as death certificate of the departed, birth certificate of the successor. Now, if he leaves these assets without writing a Will (which means he dies intestate) then the child will have to obtain succession certificate from the Indian Courts. Let’s see what happens when Indian Parent leaves behind certain assets for his NRI child. Inheritance via a Will or Intestate succession: ![]()
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