Sold Your Mumbai Flat as an NRI? How to Take the Money Abroad, Step by Step

NRIs can repatriate up to USD 1 million a financial year from NRO balances, including flat sale proceeds, after tax. The two-property rule, Forms 145 and 146, and pitfalls.

Selling the flat is only half the job for an NRI. Getting the money to where you live, legally and without delays, is the other half. The rules are workable once you see them in order.

How much can an NRI repatriate from a property sale?

Sale proceeds generally land in your NRO account. From there, NRIs can remit up to USD 1 million per financial year, after taxes are paid (Holistic Investment, CalcGuru).

What if I bought the flat with money from abroad?

If the flat was bought with foreign remittances or from an NRE or FCNR account, repatriation of the sale proceeds is allowed up to the amount originally paid in foreign exchange, and this route is limited to two residential properties. Keep your inward remittance records and bank certificates from the purchase.

What about an inherited flat?

Proceeds from an inherited property can be repatriated within the USD 1 million a year limit, with proof of inheritance and tax payment. Our post on transferring a flat after a death covers the inheritance paperwork.

Which forms do I need to send money abroad?

Under the Income-tax Rules, 2026, the remittance forms were renumbered: Form 145 is the remitter's declaration (formerly Form 15CA) and Form 146 is the chartered accountant's certificate (formerly Form 15CB). Your bank will ask for them before sending the money.

Keep the purchase paperwork as carefully as the sale paperwork. The money you brought in decides how much you can take out.

Step by step: from sale to remittance

Before the sale: apply for a Form 128 lower TDS certificate so less is held back.
At the sale: receive payment into your NRO account and collect the buyer's TDS certificate.
After the sale: work out the capital gain with your CA and pay any balance tax.
Get Form 146 from your CA and file Form 145.
Ask your bank to remit, with the sale deed, TDS proof and purchase records.
File your Indian return to claim any refund of excess TDS.

Common mistakes

Having the buyer pay into a relative's account. It breaks the paper trail.
Losing the original purchase remittance records.
Trying to remit before the tax is settled.

What this means for you

NRI sellers: plan the timeline from listing to remittance before you sign. Our NRI buy and sell desk handles the India side.
Large sales: above USD 1 million, plan remittances across financial years.

Luxury residential tower with a patterned gold facade overlooking the Mumbai coastline — See our NRI property services for sales handled end to end.

Frequently asked questions

How much can an NRI repatriate from a property sale?

Up to USD 1 million per financial year from NRO balances, including sale proceeds, after taxes are paid.

Can I repatriate more if I bought the flat with foreign money?

Sale proceeds can be repatriated up to the amount originally paid in foreign exchange, limited to two residential properties.

Which forms are needed to remit sale proceeds?

Form 145 (formerly 15CA) and Form 146 (formerly 15CB), plus the documents your bank asks for.

Related reading

Planning to sell and move the money? Book a video call or WhatsApp me.

Warmly,
Yanik

General information, not tax or FEMA advice. Your bank and CA will confirm the documents for your case.

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