The USD 1 million repatriation limit: how much property money you can bring to the U.S. each year
Under India's foreign exchange rules (FEMA), an NRI or OCI can send up to USD 1 million per financial year out of an NRO account to the U.S. That includes the proceeds of selling property in India, inherited property included. India's financial year runs April 1 to March 31.
For most families the limit is never an issue. For larger estates, or several properties sold in one year, it decides when the money can come home.
How the limit works
- It's per person. Each NRI account holder has their own USD 1 million a year. Where siblings inherit and sell jointly, each sibling's share goes to their own NRO account and counts against their own limit.
- It's per financial year, April through March, not the calendar year.
- It's an overall cap on money leaving your NRO account. It isn't just for property. Rent, interest, pension or other NRO balances you send abroad in the same year count toward the same USD 1 million.
- It needs the tax paperwork. Each transfer needs Form 145 and, usually, a CA-certified Form 146, formerly Forms 15CA and 15CB. See Form 15CA & 15CB explained.
- It goes through your bank. Transfers are made by an RBI-authorized dealer bank, usually the one holding your NRO account.
What if your share is more than USD 1 million?
You have three options:
- Split across financial years. Send up to USD 1 million before March 31, and the rest after April 1. A sale that closes in February or March can be wired in two tranches only weeks apart.
- Hold the balance in India in your NRO account or an NRO fixed deposit until the next year's limit opens. Interest on NRO deposits is taxable in India and reportable in the U.S.
- Ask the RBI for permission to send more, through your bank. Expect this to take longer and to need a clear paper trail.
A different route: property bought with foreign money
If you bought the property with money brought in from abroad, through an NRE or FCNR account or a direct inward remittance, a separate route can apply. You may be able to repatriate up to the amount you originally paid in foreign currency, for up to two residential properties. Inherited and ancestral property doesn't normally qualify, because it wasn't bought with your foreign funds. For those properties, the USD 1 million NRO route is the standard path.
What your bank will typically ask for
- Its own outward remittance request form
- Form 145 acknowledgement and, if required, Form 146
- The registered sale deed
- Proof of how you acquired the property: a will or probate, a legal heir or succession certificate, or a partition or gift deed
- Proof of tax: the buyer's TDS certificate and challan, and any lower TDS certificate
- NRO account statement showing the sale proceeds arriving
If the person you inherited from lived outside India, or the property was received in another unusual way, the bank may ask for more. Ask early.
Planning tips
- Line up the bank before the sale closes. Ask exactly which documents it wants, so the money doesn't sit idle afterward.
- Time the closing with the April 1 reset in mind when your share is near or over the limit.
- Keep the numbers consistent. The sale deed, TDS certificate, Forms 145 and 146, and the remittance request should all reconcile.
- Think about the U.S. side before the money lands. Large foreign accounts and transfers carry U.S. reporting, including the FBAR and possibly Form 8938 and Form 3520.
Frequently asked questions
Is the USD 1 million limit per person or per family?
Per person. Each NRI or OCI account holder can remit up to USD 1 million per financial year from their own NRO account.
Does the USD 1 million limit reset in January?
No. It follows India's financial year, April 1 to March 31, so it resets on April 1.
Does the limit apply to inherited property?
Yes. Proceeds from selling inherited or ancestral property are normally remitted through the NRO account under the USD 1 million per financial year facility, with proof of inheritance and the required tax forms.
Can I send more than USD 1 million in one year?
Only with specific approval from the Reserve Bank of India, applied for through your bank. Most families instead split the transfer across two financial years.
Large estate or several properties? Roots & Return plans the sale and transfer timeline with the Indian CA and the bank, so the money moves in as few steps as possible.
Related guides: TDS on NRI property sales · Form 15CA & 15CB (now 145 & 146) explained · Selling inherited property in India from the U.S.
General educational information, current as of November 2026. It is not legal, tax or financial advice. FEMA rules and bank procedures change; confirm the current position with your authorized dealer bank and a licensed Indian Chartered Accountant. Roots & Return coordinates independently licensed professionals; we do not prepare filings, give legal or tax opinions, or hold or transfer client funds.