|QUERY:||My wife expired in 2006, left certain gold ornaments & jewellery for my son, who is Indian Origin, U. S. Citizen. Please inform how much worth ornaments can be taken outside India?
|ANSWER:||From the fact, it is clear that querist’s son is Indian origin, U. S. Citizen, who has inherited certain gold ornaments and jewellery from his mother.
As per sub-regulation (2) of regulation 4 of Foreign Exchange Management (Remittance of Assets) Regulations, 2000, a Non-Resident Indian (NRI) / Person of Indian Origin (PIO), may remit an amount, not exceeding US $ 2 million per calendar year, out of the balance held in NRO accounts / sale proceeds of assets / the assets in India acquired by him by way of inheritance / legacy, on production of:
a) Documentary evidence in support of acquisition of assets by the remitter,
b) A Tax clearance or no objection certificate from the Income-tax authority for remittance and
c) Confirmation from the applicant that no legal proceedings in any Court in India are pending and there is no legal impediment to the remittance.
– Further, where the remittance is made more than one installment, the remittance of all installments shall be made through the same authorised dealer.
– Remittance exceeding US $ 2 million per calendar year requires prior permission of RBI.
|EXPERT:||CA. H. N. Motiwalla|
|SECTION(S):||6 of Hindu Succession Act|
|CATCH WORDS:||HUF, impartible estate|
Opinion Of Eminent Legal Luminaries On Controversial Issues
What Is The Value Of Ornaments That Can Be Taken Outside India?
Credit: Several of the queries and answers are reproduced with permission from the AIFTP Journal. We thank AIFTP for generously allowing us to host their research material.
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