Inheritance / tax question for people living abroad

tvooz · Aug 19th, 2009, 13:10

My mother, who lived in India, recently passed away. My father is deceased. My siblings and I were left an apartment and various other assets in my mother’s last will and testament. We would like to sell the apartment and divide the proceeds among the siblings. While most of us are now citizens of the US and other countries (not Bangladesh or Pakistan), one of our siblings still retains an Indian passport. Could you please advise regarding the potential tax consequences of such a sale and distribution in India.

Nick-H · Aug 19th, 2009, 13:47

You want a fully-fledged legal opinion from a travel site?

Go get yourself a lawyer and a chartered accountant, and pay for their services, as, no doubt, you expect to be paid for your own.

As far as I know, Foreigners can inherit immovable property in India; I have no idea about taking the sale proceeds out of India. You can find the basics about all this on the Reserve Bank Of India's site -->here.

I hope that helps --- but you really need professional advice on these issues.

namaste_cat · Aug 19th, 2009, 21:29

Yes as Nick says, get some qualified expert help for sure. Even if someone has personal experience identical to yours, rules change, and there so many nuances to situations like this, you don't want to take a chance.

To the best of my understanding, the non-Indian citizens gave up their rights when they became US or other country's citizens. However, if any of you have PIO or OCI, you can inherit property (there are some rules there as well about agricultural vs other types of property/land).

Aug 19th, 2009, 13:10	#1
tvooz Member Join Date: Aug 2009 Location: Florida Posts: 1	Inheritance / tax question for people living abroad My mother, who lived in India, recently passed away. My father is deceased. My siblings and I were left an apartment and various other assets in my mother’s last will and testament. We would like to sell the apartment and divide the proceeds among the siblings. While most of us are now citizens of the US and other countries (not Bangladesh or Pakistan), one of our siblings still retains an Indian passport. Could you please advise regarding the potential tax consequences of such a sale and distribution in India.

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Aug 19th, 2009, 13:47	#2
Nick-H This is just a cameo appearance Join Date: Oct 2004 Location: Chennai, India Posts: 36,203	You want a fully-fledged legal opinion from a travel site? Go get yourself a lawyer and a chartered accountant, and pay for their services, as, no doubt, you expect to be paid for your own. As far as I know, Foreigners can inherit immovable property in India; I have no idea about taking the sale proceeds out of India. You can find the basics about all this on the Reserve Bank Of India's site -->here. I hope that helps --- but you really need professional advice on these issues.

Aug 19th, 2009, 21:29	#3
namaste_cat Kashmiri-Punjabi Sherni Join Date: Feb 2009 Location: Amreeka Posts: 941	Yes as Nick says, get some qualified expert help for sure. Even if someone has personal experience identical to yours, rules change, and there so many nuances to situations like this, you don't want to take a chance. To the best of my understanding, the non-Indian citizens gave up their rights when they became US or other country's citizens. However, if any of you have PIO or OCI, you can inherit property (there are some rules there as well about agricultural vs other types of property/land).