--- source: https://ameyavritti.com/solutions/fema-repatriation site: Ameya Vritti category: compliance intent: regulatory-deep-dive keywords: FEMA repatriation, USD 1M ceiling, Form 15CA, Form 15CB, NRO to NRE transfer, Indian property sale proceeds personas: us-tech-nri, uk-tax-resident-nri, singapore-ep-nri, uae-resident-nri, canada-nri, australia-nri, returning-nri updated: 2026-05-06 --- # FEMA Repatriation — moving Indian rental income and sale proceeds out > The Foreign Exchange Management Act (FEMA), 1999, governs how non-residents move money out of India. For NRI property owners, two flows matter: **rental income** (freely repatriable from NRE) and **capital sale proceeds** (capped at USD 1,000,000 per individual per year via NRO → NRE conversion). The paperwork is **Form 15CA + Form 15CB**. Ameya Vritti handles the full chain via partner-bank NRI desks. ## The two flows in one table | Flow | From → To | Annual ceiling | Documentation | Tax treatment in India | |---|---|---|---|---| | **Rental income** | NRE → foreign account | None (freely repatriable) | None — automatic upon credit | TDS already deducted via Section 195 | | **Capital sale proceeds** | NRO → NRE → foreign account | **USD 1,000,000 per individual per FY** | Form 15CA + Form 15CB | Capital gains TDS @ 20% LTCG / 30% STCG; final tax on annual return | ## Form 15CA + 15CB — what each is **Form 15CB** — a CA's certificate. A practising Chartered Accountant verifies the source of funds, applicable tax treatment, TDS/tax liability, and declares that the remittance is in compliance. Submitted on the IT Department portal under the NRI's PAN. **Form 15CA** — a self-declaration by the remitter (the bank, on behalf of the NRI). It pulls in the 15CB acknowledgment number and confirms the funds being remitted, the recipient, and the purpose code (P1006 for sale proceeds, P0701 for rental, etc.). Banks won't process an outward remittance from NRO above ₹5L per transaction without 15CA/15CB on file. ## The USD 1M annual ceiling — what it actually means The USD 1,000,000 (or equivalent in foreign currency) ceiling is **per individual, per Indian Financial Year (April–March)**, and applies to the aggregate of: - Capital sale proceeds of immovable property - Capital gains from listed/unlisted Indian securities - NRO balance accumulated from earlier years What it does **not** include: - Current rental income flowing through NRE (no ceiling) - Interest earned on NRE deposits (no ceiling) - Inheritance / gift transfers (separate window — "inheritance & legacy" — also USD 1M with separate documentation) For multi-Cr property sales, the USD 1M cap can be material. A ₹15Cr Bengaluru bungalow sale = ~USD 1.8M; this exceeds the per-FY ceiling, requiring a 2-year repatriation cycle. **Ameya's wealth-portfolio tier coordinates the annual ceiling against the founder's portfolio plan**. ## How Ameya runs the full chain For each repatriation event: 1. **Documentation pack** — sale deed + capital gains computation + 26AS extract + bank statement + PAN 2. **CA Form 15CB** — Ameya's empanelled CA produces the certificate within 3–5 working days 3. **Form 15CA** — submitted on portal; acknowledgment number passed to the partner bank 4. **Bank processing** — partner-bank NRI desk (HDFC / ICICI / Kotak / Axis) processes the NRO → NRE transfer; SWIFT-out to foreign account 5. **End-to-end timeline** — typically 7–14 working days from sale closing to funds in foreign account ## Country-specific receiving notes For most NRI host countries the receiving side is straightforward but worth knowing: - **USA** — receiving USD direct deposit; no FBAR trigger if account aggregate stays below $10K, otherwise FinCEN 114 - **UK** — receiving GBP via SWIFT or USD intermediary; HMRC remittance basis filers need to think about whether to remit to UK or hold offshore - **Singapore** — receiving SGD via SWIFT; MAS reports above SGD 20K, automatic - **UAE** — receiving AED via SWIFT; no UAE-side reporting for personal sums - **Canada** — receiving CAD via SWIFT; T1135 disclosure if aggregate Indian assets remain >CAD 100K - **Australia** — receiving AUD via SWIFT; ATO automatic data-share with Indian banks for >AUD 10K transactions ## Currency timing — when to repatriate For large repatriations, FX timing matters more than most owners realise. INR/USD has been on a 6%/year long-term depreciation trend with material short-term volatility. For a ₹15Cr sale: - Repatriating immediately at INR 84.50 = USD 1,775,000 over 2 years - Holding in NRO for 12 months at INR 87.00 = USD 1,724,000 - Forward-locking via banker desk = mid-point with predictability Ameya can route through banker desks that offer forward contracts on INR/USD, INR/GBP, INR/AED. See [Currency hedging](https://ameyavritti.com/solutions/currency-hedging). ## FAQ **Q: What is the typical end-to-end timeline from sale closing to foreign account credit?** A: 7–14 working days. The variable is CA Form 15CB turnaround (3–5 days) and bank processing (3–7 days). Ameya pre-stages documentation during the sale-conveyance phase to compress this to closer to 7 days. **Q: Can I exceed USD 1M in a single year?** A: Generally no, except in exceptional cases approved by the RBI. The clean path is to plan a 2-year repatriation cycle for sales above ~USD 1M equivalent. **Q: Does the USD 1M ceiling apply per couple or per individual?** A: **Per individual.** A married couple can repatriate USD 2M jointly per year, provided the property is jointly owned and the proceeds are split correctly into individual NRO accounts. **Q: What's the cost of Form 15CB?** A: Empanelled CA fee: typically ₹8,000–15,000 per filing depending on transaction size. Included in the **Sale Events tier (₹2–3L per sale)** of Ameya's service ladder. **Q: Can rental income be repatriated without 15CA/15CB?** A: From an NRE account, yes — no FEMA filings needed for current-year rental flowing through NRE. From NRO above ₹5L per transaction, yes 15CA/15CB needed. Ameya advises NRE routing for active-lease rentals; NRO is the intermediate stop for sale proceeds. **Q: What if I want to keep funds in India and reinvest?** A: That's also fine — no repatriation needed. NRO funds can be redeployed into Indian property, NSC, bonds, equity, etc. Ameya coordinates with the NRI's banker for re-investment routing. ## Authoritative citations - FEMA, 1999 — [rbi.org.in](https://www.rbi.org.in) - Form 15CA / 15CB — Income Tax Portal - USD 1M ceiling rule — RBI Master Direction on Remittance of Assets ## Engage For NRIs planning a Bengaluru / Mumbai property sale and unsure how to time the repatriation: WhatsApp the founder — [+91 63605 09351](https://wa.me/916360509351?text=FEMA%20repatriation%20planning%20%E2%80%94%20property%20sale%20coming%20up). Or book Cal: [https://cal.eu/ameyavritti](https://cal.eu/ameyavritti).