Converting the indian rupees funds into foreign currency on

Originally posted by : Ashokkumar
	i am retired person. My son who is US Citizen, wants me and my wife to  migrate  to US and spend remaining days of our life with him.I have a daughter and she is in Singapore.Besides these two ,I do not have any other child..  I have my own house and some in vestment in MF and FD.  1. can I sale my house and liquidiate my investments and convert in foreign Exchange  and  take it to USA? 2. What will be treatment from income Tax point of View? Thanks

You can sale them its your property no one will obstruct you.

Now for exchange money go to bank who have foreign exchange facility,but don't forget to disclose PAN,TAN properly

and yes tax liability will be Capital Gain TAX only.

Its important from US side not from INDIA side...so ask to your son to consult their bank(US) for details. for details read follows....

The Reserve Bank today tightened reporting norms for the Liberalised Remittance Scheme (LRS) under which an individual can transfer up to USD 2,50,000 abroad in a year.

The LRS transactions are currently permitted by banks based on the declaration made by the remitter.

The monitoring of adherence to the limit is confined to obtaining such a declaration without independent verification, in the absence of a reliable source of information.

"In order to improve monitoring and also to ensure compliance with the LRS limits, it has been decided to put in place a daily reporting system by AD banks of transactions undertaken by individuals under LRS, which will be accessible to all the other ADs," the RBI said in a notification.